If you are looking to purchase a home, there are some questions to ask before you decide to put in an offer. These questions will provide you with a better idea of the home's condition, if you can afford it, and if it meets your long-term needs.
What can I afford?
First, when looking at homes, you need to consider how much you can pay on a monthly basis to live in the home. Affordability is about more than the price of the mortgage. It is about the cost of the property taxes, homeowner's insurance, homeowner's association dues, and any maintenance or renovations you will need to do to the home.
You need to look for a home where you can afford the total ongoing cost of homeownership.
Are there any natural disasters to watch out for?
Second, when looking at a home, you need to consider if there are any natural disasters you need to watch out for.
For example, find out if the home is located in a flood zone. If it is, you will need to purchase flood insurance, which will increase the ongoing homeowner cost of the house.
If you are buying a home in an area with hurricane, tornado, or earthquake risks, you will want to look into the insurance costs associated with each type of natural disaster, so you will know what it will cost to protect yourself fully.
Why is the seller selling the home?
Third, you are going to want to find out why the seller is selling the home. A buyer's agent may be able to provide you with that information. This information can help you figure out the seller's motivation, which you can use to help craft a winning offer for the home.
What is included in the sale?
Fourth, don't assume that everything you see in the home is included in the sale. Generally, all fixtures are included in the sale of a home, such as faucets, toilets, cabinets, and even window blinds.
There could easily be things that you think are included in the sale that are not, based on your state's laws or based on any exclusions the seller has asked for. It is always best to verify what is coming with the home and what the seller plans to take with them. That way, you don't buy a house thinking it comes with the super cute bench in the garden, only to discover that is something that was excluded from the sale.
What type of major renovations have been done to the home?
Finally, be sure to find out if there have been any additions or major renovations to the home. If there are any major renovations to the house, do a little research and ensure that those renovations have a building permit to go with them. If a building permit wasn't requested, the renovations may not be up to code, which you could be liable for if you purchase the home.
When it comes to purchasing a home, you will want to ask questions about the home before putting in an offer. The above five questions are just a few of the questions you can ask. Be sure to fully educate yourself on the home before putting in an offer.
Contact a home buying realtor in your area for more information.
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