Looking for a new home can be a time consuming challenge, especially if you are working while you are looking. You have to be able to narrow down your options because you have limited time to review and check each home. So, you do what most people do which is go online and narrow your search down to certain prices and areas. You may throw other conditions in like having a pool or a certain number of rooms.
Your goal is to get your list of hundreds of properties down to a dozen or less. Those dozen or less homes are going to be the first batch you visit. Each one has the potential to be the right property for you, but it takes more than just a great home to qualify. You need to know you’re a good match with the owners, like everything you’re seeing and that this home meets both your short and long-term needs.
Questions To Ask When Buying A Home
When you get an opportunity to look at a home, more than likely you will be meeting with the seller’s realtor. Take this time to ask them questions and learn as much as you can about the property. Here are some questions to ask.
- What work has been done since the home was built? If the home was built 100 years ago or 10, you want to know what has been done since. What repairs, upgrades and changes have been made over the years?
- Were there permits pulled on that work? Your realtor or you can research all kinds of information about a property you are interested in. Let’s start with permits because you do not want to buy a home because you love the kitchen only to find out that the previous owner did the work themselves and never had the work inspected. You want to see permits and approved work, not fancy DIY efforts.
- Is there an HOA? Yes, there are some advantages to HOA’s but they are not for every type of buyer. If you do not want your neighbors in your yard measuring the size of your plants, maybe an HOA is not for you. No, they are not all that bad but some are and you have to remember that the HOA has a lot of power over their properties.
- What areas need work? Every property needs work and you need to determine what parts of the property need work and what that’s going to look like. A new roof for example, would be a major expense and task for you to take on, especially if you just purchased the property.
- Is everything up to code for insurance purposes? Along with the permits, you want to make sure that everything is updated. For example, the insurance company you plan on using may not approve a property that has the type of windows you have or the electrical box. You want to know this before you sign the agreement.
- Are there any financial options or advantages? Does the current owner have an assumable mortgage? That would possibly give you some major advantages when it comes to covering the costs.
- What is the owner looking for? Beyond asking price, what else do they want from a buyer? It’s a fair question to ask, especially if the house needs work.
- What will your taxes be on the property? Whatever the current owners taxes currently are, yours will probably be higher. Be aware of that, especially if you will be on a budget the first several years.
Your realtor can also coach you on what your options are, what questions to ask and what information they can gather for you. Grab your own information first and make sure you are using credible sources for your information like local governments and licensed businesses.
