Questions to Ask Before You Buy a Home
It is safe to say that the euphoria of owning a beautiful home for the first time prevents first-time home buyers from asking some vital questions before purchasing a property. Before you sign any dotted lines, there are some questions you need to ask your real estate agent. Some of these questions include.
On what basis was the offering price fixed?
Buyers sometimes make the mistake of going for a price that is similar to those of other houses in the environs. What you should focus on is the price at which the seller buy the house. Did the price appreciate or depreciate after the seller purchased the property? However, after making routine checks on the actual cost in which the seller bought the house, you can also investigate the number of offers that have been made on the property.
Another important factor that can help out is knowing how long the property has been on sale. Properties that have been on the market for 90 days or more can be bought at a discounted price.
What is the condition of the property?
Factors such as deferred maintenance and structural defects should be considered before an asking price is considered. Questions like; what is the nature of the foundation? The age of the roof? The insulation capacity of the walls? Renovations and a lot more should suffice before you offer a price for a property.
Roofs which are over 30 years might require a change or repairs if there is any leakage. Who will bear the cost? It is your duty to know the type of foundation on which the house was built to give you an idea if it will be affected by drainage.
Has the plumbing system of the house been renovated, replaced or repaired since the building was erected? Try to find out for yourself if the electrical appliances in the house are working properly.
Where is the property located?
Homes which are situated in desirable areas are hot cakes. Before you close a property deal, it is important to know the other properties that are located close to the one you intend to buy. Residential homes which are located in industrial and commercial hubs are less desirable than those found in serene environment.
Carry out research about the demographics of the neighborhood by asking the neighbors or carrying out research at the local library. One question pertaining to location that you should ask yourself is nearness to schools. It is important to not just buy a home within the confines of a particular school, you should purchase a property in areas with schools where your wards will be accepted.
Lastly, inquire about the factors that can cause nuisance. Such factors include traffic, pets, noise and pollution.
If you are planning to buy your first property which you desire, you might not have the luxury of time to make inquiries before you lose the property to another buyer. This is where the need for a real estate agent comes in, hire the services of one to intimate you on the steps to take.