You may have found yourself ready to buy your first home and may have even discovered your dream home. What next? You love the house so much that you are ready to own it at the earliest without giving much thought which could lead you to regret later. Before you close on a home, make careful decisions and address all issues. The following can serve as tips to any first time home buyer as to what kind of questions should be asked. Of course some amount of necessary information on the home can be found on the internet, but quite often they are incomplete and erroneous.
Offering Price Questions
A home’s actual value or the suggested offering price by a buyer need not always be close to the asking price. As a prospective home buyer, you would have performed some research on the offering price to choose based on comparison shopping of other homes in the neighborhood similar to your preferred home.
1) What is the price at which other similar homes in that neighborhood have been sold for?
The computation of the value of your home will be based on such comparable sales by the appraiser of your bank and this can be a very useful factor to the home buyer to determine the offering price.
2) What is the price at which the seller bought the home?
It is good to be aware as to whether the home value has climbed up or not since the time the seller had purchased the home.
3) What is the amount the seller owes?
Is the amount the seller owes higher than his asking price? If that is true, it probably could be a short sale home.
4) What is the number of offers made for the home?
It is quite vital to know if the home had received many offers. In such a case, your offer might face stiff competition to endure.
5) From when since has the home been on the market?
If the home has been for 60 days or even longer in the market, you have an opportunity to request for discount on the home price.
Questions about the Home’s Condition
Try to gather information about the real condition of the home. If you realize that it has maintenance or structural issues, keep those in mind before you decide on an offering price. Ask the following questions.
1) What kind of foundation does the home have?
Most homes constructed newly have slab foundations. Those homes having basements and raised foundations facilitate admittance of electrical and plumbing under the home which is a beneficial factor.
2) What is the age of the home’s roof?
Based on what kind of materials used, roofs newly set can last for many years.
3) Where all does the home have insulation?
It is advantageous to find a home which is insulated in areas like attic, walls, etc. If the home is located in colder regions, it is very vital to have it insulated.
4) What is the condition of appliances and other systems such as electrical and plumbing?
Get to know if the home has its appliances replaced and when they have been replaced. It is not always possible to find parts for older appliances and if a repair is required, you will have to bear the cost in future to buy a new appliance. You will also be saving money in future if there had been an update on electrical and plumbing.
Questions about the Home’s Location
Location is one of the very important factors in choosing a home for many. A home which is located in a sought-after location costs more than a similar kind of home in a not very sought-after location. Here are the questions:
1) What are the demographics of the home’s neighborhood?
You can obtain information on the demographics by conversing with the neighbors and by requesting more information from your agent. Additional information can also be obtained at a library.
2) What kind of properties surrounds the home?
When a home has certain properties such as industrial, commercial or apartment buildings located closely, it often minimizes the value of such a home. Keep this in consideration when you check on the locality.
3) How good is the school district?
Families with children in school-going age are often concerned about the kind of school district within whose boundaries the home is located.
4) Does the surrounding possess any irritants?
When a home is located in a high-traffic area or amidst busy commercial facilities, excessive noise or delay due to traffic can be severely annoying in the long-run.