Buying a home is a big decision that involves a lot of research and planning. You want to make sure you find a property that suits your needs, budget, and lifestyle. But how do you know what to look for and what to ask when you’re house hunting? Here are the top 5 questions to ask before buying a home.
1. Why is the seller selling?
This question can give you some insight into the seller’s motivation and urgency. For example, if they have already bought another home, they may be more willing to negotiate on the price or terms. If they are going through a divorce or a financial hardship, they may need to sell quickly and accept a lower offer. On the other hand, if they are not in a hurry or have sentimental attachment to the home, they may be more firm on their asking price and less flexible on other aspects.
2. How long has the home been on the market?
The length of time a home has been on the market can indicate how popular and desirable it is, as well as how realistic the seller’s expectations are. Generally, the longer a home has been on the market, the more likely it is overpriced or has some issues that turn off buyers. A home that has been on the market for a long time may also give you more room to negotiate, as the seller may be eager to sell and move on.
3. What are the comparable sales in the area?
One of the best ways to determine if a home is fairly priced is to look at the recent sales of similar homes in the same neighborhood or area. You can ask your agent to provide you with a comparative market analysis (CMA), which is a report that shows you how much other homes have sold for, how long they were on the market, and how they compare to the home you’re interested in. A CMA can help you decide if a home is worth making an offer on, and how much you should offer.
4. What are the ongoing costs of owning the home?
Besides the purchase price and closing costs, you also need to consider the ongoing costs of owning and maintaining a home. These include property taxes, homeowners insurance, utilities, homeowners association (HOA) fees, repairs, and maintenance. You can ask the seller or their agent to provide you with copies of recent bills and statements for these expenses, so you can get an idea of how much they will cost you each month or year. You should also factor in any potential increases in these costs over time.
5. What are the condition and age of the major systems and appliances?
Another important question to ask before buying a home is what are the condition and age of the major systems and appliances, such as the roof, furnace, air conditioner, water heater, plumbing, electrical, etc. These are some of the most expensive items to replace or repair in a home, so you want to know how much life they have left and if they have any problems or defects. You can ask the seller or their agent for disclosure statements, warranties, receipts, or inspection reports for these items, or hire your own inspector to check them out.
