Key Questions to Ask When Searching for a New Home
Thursday Nov 23rd, 2023
Whether you are buying a home for the first time or have dealt with real estate before, it is important to ask some crucial questions during this process.
The answers will help you make the most informed decision in your upcoming real estate transaction.
Questions to Ask Before Scheduling a Property Viewing:
How long has the property been on the market?
If the house has been on the market for an extended period, the usual reason is an excessively high price. However, there could also be issues with the house that hinder its sale.
If the seller's agent has an inspector's report highlighting these problems, such as mold in the house or previous marijuana cultivation, the agent is obligated to provide this information.
If the house has just been listed, try to prepare your offer as soon as possible, of course, if there is such an opportunity and the seller does not set a specific date for considering offers.
What are the prices in this neighborhood?
Your real estate agent should know the housing prices in the area you are interested in and provide you with information about what the house is worth.
It's useful to review a list of recent transactions so you can be sure the houses you are looking at are priced correctly.
It's important to know if the house is in a flood zone.
Has the house experienced any flooding?
Is there a homeowners' association?
While a homeowners' association can offer many benefits, such as a sense of community and ensuring the aesthetic beauty of the area, there are rules and regulations that homeowners must follow, including restrictions on what you can and cannot do with the property.
Additionally, you will have an additional monthly payment for shared expenses of the association.
Questions to Ask During the Home Inspection:
What is included in the price?
What you see in the house when you view it does not necessarily mean it will be there when the seller vacates.
There are some items that the seller may take with them, so it's important to understand what will remain.
While fixtures and equipment usually stay, it's important to clarify this point. Other items, such as light fixtures, window curtains, appliances, and playsets, may be removed by the seller.
When was the roof last replaced, and what is the condition of the heating and cooling system?
Replacing the roof and the heating, ventilation, and air conditioning (HVAC) system requires significant expenses. It's helpful to know this information before signing your offer.
How will you live in the house?
Pay attention to airflow, natural lighting, lighting options, layout, bedroom size, and the location of the existing laundry room. This is much more important than cosmetic work like painting walls or replacing countertops.
Questions to Ask After Seeing the House:
Have there been any offers on this house?
When preparing a purchase agreement and negotiating with the seller, you should know if the seller has offers from other buyers to be as competitive as possible.
What are the seller's timelines?
The sooner the seller needs to sell, the more advantage you have. A seller with urgent timelines may be more flexible regarding the price and more inclined to negotiate. If the seller has no critical timelines, they may wait for a more favorable offer.
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