What Questions Should I Be Asking When Buying a House? | The Realty Medics

What Questions Should I Be Asking When Buying a House?

Finding your dream home is an exciting experience! But there’s no shortage of things to consider.

Asking specific questions about the home’s condition, history and location can help you feel more prepared to go through with an offer and settle on the home of your dreams with peace of mind.

Here are 6 very important questions to ask a seller when buying a house:

1. What is this property worth?

It’s crucial to have a good idea of what the home is worth that way you are able to make an offer that you feel comfortable with. Knowledgeable agents should be able to provide home buyers with comparable properties as well.

Comparable properties or “comps” are similar homes nearby that have been sold recently. These are a good indication of the current market value. It is also wise to ask about any foreclosures in the neighborhood as these can affect market values.

2. How much did the seller pay for the property and how much do they still owe?

Knowing how much the seller paid can help you determine how the home’s value has fluctuated since they purchased it. Additionally, if you find out that the seller owes more than the listing price, this means that it will most likely be a short sale. It’s important to confirm that the lender will allow a short sale before you get too much more invested in the buying process.

If they are willing to allow it, it can work in your favor because lenders are more likely to accept lower offers for short sales. Be aware however that short sales can complicate other transactional elements too such as asking the seller to pay for repairs or cover closing costs. Be sure to discuss these scenarios with your real estate agent.

3. Is there anything wrong with the home?

It’s best to ask sellers about problems upfront versus going through the entire inspection process only to discover them for yourself. Ask specific and direct questions about structural, mechanical or livability issues.

You can also ask about any renovations or upgrades that have recently been done. This helps you to better understand the quality of construction so that you’re not paying for someone else’s shoddy work later.

4. Do you have warranty documents?

An often overlooked aspect of buying a home is the warranty on existing appliances. As the new homeowner, potential warranty issues will be passed along to you.

Ask upfront if the seller has kept the warranties and manuals of things such as kitchen appliances, air conditioning units, alarm systems or anything else they have had installed. It can save time and money if you obtain all the paperwork from the seller before you take possession

5. What is the neighborhood or location like?

There are few things as important as the location of your potential new home. Asking about the neighbors, school district and safety will give you a good idea of what living there would be like.

It is also good to consider the house in relation to shopping, your commute to work. Depending on the neighborhood they may or may not have HOA’s with strict rules on parking and landscaping. Getting a good idea of what those might be will play a small yet important part in making the best decision you can.

6. What do you LOVE about living here?

This is an underrated question that can reveal a lot about your potential future in the home. The seller’s answer can provide you with some good insight into the neighborhood, the community and the home’s details that could only be known by someone who has lived there.

If you’re interested in buying a home, it’s vital to partner with knowledgeable real estate experts who know which questions to ask. Having a great real estate agent can make the difference in you finding the home of your dreams or settling for a less than ideal living situation. Contact The Realty Medics today for trusted advice on buying a home in Orlando.

 

Sources:

Bankrate. “7 questions to ask before buying a home” Retrieved from: http://www.bankrate.com/finance/real-estate/7-questions-buying-home-1.aspx.

The Balance. “What Kind of Questions Should I Ask Before Buying a Home?” Retrieved from: https://www.thebalance.com/what-kind-of-questions-should-i-ask-before-buying-a-home-1798247 .

Investopedia. “10 Questions You Should Ask A Home Seller” Retrieved from: http://www.investopedia.com/articles/personal-finance/042115/10-questions-you-should-ask-home-seller.asp.

Investopedia. “Buying a Home: Choosing Your Location” Retrieved from: https://www.investopedia.com/university/home/home1.asp.

 

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