10 Questions to Ask Before Buying A Home
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It’s easy to get caught up in the emotion of buying a home and overlook critical details. In the desire to secure the purchase, homebuyers can brush aside red flags or minimize issues. It’s essential to pause and determine questions to ask before buying a home to avoid being surprised later.
Understand the Market
Before heading into your home search, ask your Realtor about the state of the housing market, which can dramatically impact how you approach your purchase.
Today’s housing market still leans in favor of the seller. While more home buyers are beginning to enter the market with the slight drop in interest rates, many are still hesitant.
Inventory remains limited, but more homes are coming on the market. Therefore, home buyers have a little more choice when it comes to finding the right home.
This means buyers can take more time and ensure that they ask the right questions when buying a home. It’s essential to choose the right home rather than feel pressured to make hasty decisions.
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The Home Tour is a Home Interview
Take Notes
Approach the home tour as a home interview, like a job interview. Be prepare with a list of questions to ask when buying a home. Take a notebook so you can write your impressions of the home as you go through it. Or consider printing out the MLS report of each home so you can make notes directly on that.
Examine the Exterior
Weather permitting, walk around the outside of the home on all sides. Look closely at the front, back, and sides of the home, including porches, decks, windows, roof, sidewalks, and driveway.
Furthermore, examine the home to see if there is any evidence of water issues, cracking in the foundation, chipping or peeling paint, insecure decking, debris in gutters, missing or curling shingles on the roof, and more.
Knowing how well a seller has maintained their home can tell a lot about the home before you ever walk in the front door.
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Inspect the Interior
The inside of the home gives you all the feels. One of your biggest questions going through your mind is, can I see myself or my family living here?
This is an essential question when buying a home, but there are other elements of the home’s interior that need to be inspected to determine if the home will be a good fit for you.
While inside the home, look at the major appliances and HVAC units. Try to find manufacture dates to give an idea of their age. You can also look to see if there are GFI protectors in bathrooms and kitchens.
Additionally, look in the cabinets by the kitchen and bathroom sinks to see if there’s evidence of current or previous leaking. Furthermore, look near toilets and showers to see if there is evidence of leaking and/or damage as well.
And always look up to see if there are any signs of roof leaks on ceilings. Or take a trip to the attic to look for water, mold, or pests.
In the basement, look for any signs of active or previous water damage, this can generally be seen on floors and walls. Also, check for any structural cracks in the walls of basements. If the home has a crawl space, check for cracks and a vapor barrier in place.
10 Questions to Ask Before Buying a Home
When you’re on a house tour, you need a checklist of the essential questions to ask before buying a home. Remember, you’re interviewing the house; this is not a casual tour.
- Are there any offers on the table or any previous offers that have fallen through?
- What recent updates and improvements have the sellers recently made?
- Why are the sellers selling, and how soon would they like to close?
- What is the sale price of comparable homes?
- How long has the home been empty (if vacant)?
- What is the average monthly cost for utilities?
- What are the ages of major components like the roof, heating, cooling, plumbing, and electrical?
- Have there been any issues with water intrusion?
- What’s most important when structuring an offer (price, the closing date, contingencies)?
- What does the seller love most about the home?
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Dig Deeper
Before submitting an offer, it’s important for a buyer to do your homework first.
Look up the tax report to verify pertinent information and discover the home’s assessed value and previous sale price. This can be helpful when structuring your offer.
Additionally, ensure that you will be able to pay the property taxes along with your mortgage payment.
Work with an Expert Realtor
Always seek advice from your real estate agent. Rules and regulations are different from state to state. Your local agent can guide you on the details and advise you on your home search. Your Realtor is your resource, but it’s essential for you to be prepared with questions to ask before buying a home.
Buying a home, whether it’s your first, last, or anything in between, is a big decision. Not only is it imperative to choose the right Realtor to help you through the process, but it’s also important to know as much as you can about the home prior to entering into a contract with the seller.
