Purchasing a home is one of the most significant financial decisions that you will ever make in your life. When buying a house, there are a number of questions that you will want to ask before submitting an offer and signing the papers to purchase it. These questions will allow you to get more vital information about the home, the process, and what you can expect once owning it.
1. What is My Total Budget?
Before shopping for a house, it is a good idea to know your budget. You will need to factor in how much the home is worth, its price and also the amount you have in savings. It is also important to know if you can afford the mortgage as well. Since the mortgage is going to be the highest expense of your home, it is important to make sure that it is one that you can comfortably afford.
2. Do you have the right Real Estate Agent?
According to a National Association of Realtors report, 89% of buyers recently purchased their home through a real estate agent or broker. The task of picking who you to take along this journey can be a daunting task. Even purchasing a new home is a giant mountain of a task. Where do you even start? How do you know if they are the right one to help you in this journey?
As long as you know what you want from an agent then you can start your search for the agent that matches all of your desires in a home.
3. How much have Homes sold for around the neighborhood?
This will help you get a better understanding of the current neighborhood market. Understanding the current local market will help you determine whether the home you are looking at is priced at a target price or if it was priced too high. Your agent is able to pull measurable data with similar houses that are in the market and that have sold within the last 6 months so that you will be able to analyze the price comparison.
4 . How Long Has the House Been on the Market?
Another good question that you will want to ask before buying a home is how long has the house been on the market. In most cases, a house will usually sell within 3 months. However, if it hasn’t been sold within that time period and is still on sale, there might be a few reasons why. You will want to find out if the house is overpriced or if it has some major defects that need to be addressed. Knowing the length of time the house has been on the market will help you determine whether it is a good idea to buy the home.
5. What Are the Previous Selling Prices?
As well as finding out how long a house has been on the market, you will also benefit by finding out what the previous selling prices are. As stated earlier, a seller may be asking for too much and therefore it is still on the market. You also want to make sure that the price of a home is being sold at market value.
6. Any Repairs or Renovations Necessary?
During the process of shopping for a home, it is also important to ask if any repairs or renovations are necessary. Sometimes the seller won’t know but it is still a good idea to ask so that you are not forced to cover any unexpected costs shortly after buying the house. You will want to ask if there are any problems with the house such as damage to any structures, pests or any necessary replacements for fixtures. Knowing about current problems can help you avoid future costs when buying the home.
7. Are There Any Health or Safety Hazards?
As a shopper for a new home, you will want to ask if there are any health or safety hazards with the house. You want to make sure that you will be moving into a safe home after buying it.
- Mold
- Mold is a dominant air pollutant that can be spread by floating through the air and can be harmful if you are exposed to a serious amount. There are many health effects that can be caused by having mold. Some of them are asthma attacks, respiratory issues, and some people may have an allergic reaction.
- Foundation or structural problems
- There are many common foundational problems that can be found in homes. It can be a simple crack or a fracture on a structure, doors that do not open and close properly, gaps around windows and doors, uneven flooring, and these are just naming a few.
- Electrical system issues
- You don’t want to move into a house with electrical issues. The last thing you’ll need is for a light not to turn on or electricity not working properly. While you’re taking a look at the house, examine the outlets, and check for flickering lights.
8. How Old Are the Major Appliances That Come With the Home?
Whenever you are shopping for a new home, it is a good idea to find out the age of the major appliances. This will help you determine if any of them need to be replaced in the near future.
9. What is Included in the Sale?
While in the process of buying a home, it is beneficial to know what is included in the sale. You will want to find out if there is any furniture or any appliances that you will receive once buying the home. Simply because the house looks nice does not always mean it will come with everything inside of the house itself.
10. How Much Are Homes Sold in the Neighborhood?
Anytime you are in the market for buying a home, you will also benefit by asking how much the homes are sold in the neighborhood. This will allow you to determine if the house is being sold for its true value.
It is good to be prepared to ask your agent these questions. If you have any others write them down in case you forget them later. When the time comes you might be overwhelmed with everything you are looking at and might forget to ask a question you wanted to ask.
