After months of house-hunting, you might be itching to finalize the purchase after finding the perfect home. Buying a new home is exciting but still a significant financial commitment. To ensure you’re getting what you pay for, sit down with your real estate agent and discuss your concerns.
Asking the right questions might reveal information you would not have known otherwise. Here are a few to get you going:
1. Why is the owner selling?
Knowing why the seller is letting go of the house can illustrate potential issues and offer you bargaining power. If they are relocating or need funds, they could be keen to close quickly, presenting you with an opportunity to negotiate a better deal.
2. What is the sales history of the house?
The house’s sales history can shape your offer strategy. If the house sold quickly before, that may mean that you need to make a solid offer quickly. Conversely, an extended stay in the housing market might indicate that the seller has struggled to sell, giving room for negotiation.
3. What’s the neighborhood like?
Local housing market trends could show whether this purchase is a sound investment. New developments in the community could help raise or lower the value of your new home in the future.
4. What expenses should I expect when buying the house?
Sometimes, home purchases fall short because the buyer failed to account for relocation expenses, closing fees, property taxes or utility bills. Talk to your real estate agent about what other costs you should expect apart from your down payment.
5. Would you buy this house?
Real estate agents excel in identifying what makes a property valuable. Any hesitance on their part might suggest that the house isn’t worth buying. Find out why they think that way. It might be based entirely on personal preference, or it could be indicative of a deeper problem.
Avoid making assumptions about the property’s condition without asking. Many new homeowners find themselves buried in problems because they were uninformed before purchasing. By asking the right questions, you can take yourself a step closer to naming the new house yours or finding a better one.
Sometimes home purchases fall short because the buyer failed to account for relocation expenses, closing fees, property taxes or utility bills. Talk to your real estate agent about what other costs you should expect apart from your down payment.
When in doubt, ask
Avoid making assumptions about the property’s condition without asking. Many new homeowners find themselves buried in problems because they were uninformed before purchasing. By asking the right questions, you can take yourself a step closer to naming the new house yours or finding a better one.