If you are considering purchasing a website, you will need to check the website to see how easy it is to navigate. Check to be sure that all of the links and buttons are working. Are there errors on the site that will need to be corrected? Who maintains the site and how often is it updated? Why is the seller willing to sell their website? It will be important to ask if they are planning another website that may be competitive. How long will they be available after the sale to answer questions or help to solve potential problems?
You also need to evaluate the website information. Is this website offering a valuable product or information that people need and want? How much competition is there? Is it going to continue to be valuable or is it on the way out? All of these factors will help to determine the price the seller will ask and the price the buyer is willing to pay.
Once you agree on the price for the website, be sure to nail down the terms. Get everything in writing. It is to the advantage of both the buyer and the seller to agree and note what they will each be responsible for. For instance, if the seller agrees to be available for assistance for a while after the sale, be specific on the contract. Is the assistance limited to questions and answers or changing and updating website function? How long will the seller be available? If it is not specified the seller may be thinking two weeks while the buyer is thinking two months.
Whether you are the buyer or the seller, you will need to do your research and be sure that you make an informed decision. As the seller, you do not want to undervalue your website. And as the buyer, you do not want to pay more than the website is worth or has the potential to be worth. You are both in this to make money, but you want to be fair. You want to avoid misunderstandings and make this purchase as painless and pleasant as possible. You need to keep in mind that you are both establishing reputations.
Some great advice here about selling websites. You raise all the questions that a buyer could ask. These questions will help people wishing to buy or sell a website evaluate what the website is worth.