For most Americans, the dream is to ultimately own a home. Purchasing property is a right of passage of sorts. It’s a big step into adulthood and probably one of the biggest purchases you’ll make in your life. That’s all the more reason why you should thoroughly do your research and ask plenty of questions before you take this big step.
Before making a formal offer, it’s crucial to ask all the possible questions you can. Purchasing a home is a big investment and you don’t want to see your investment tank after you’ve already put your life savings into it. If you’re planning on buying a house, take a look at these questions you need to ask:
How Long Has This Property Been on the Market?
You’ve found the perfect home and you want to put in a offer as soon as possible. But not so fast. How long has this property been on the market? This is a question you should always ask the sales agent. You can also easily find out online just to double check that the agent is telling the truth. While this can be dependent on the housing market in your location in general, a home that has been on a market for months can indicate that something is undesirable about the property.
How Flexible Are the Owners With the Price?
Pricing is obviously one of the most important factors when buying a home. And while you might not get an honest answer, you should ask the sales agent how flexible they are with the price. They’ll never tell you how low they are willing to go but you might get some interesting tidbits of information, such as whether or not they are in a rush to sell. Price isn’t the only area where flexibility matters either. Learning a bit about the owners can also give you a glimpse of how easy or hard they are to deal with if escrow opens. Repairs, concessions, and more are par for the course during the due diligence period and being able to work out the details with reasonable sellers will make the buying process much smoother.
Why Are the Owners Selling?
Why Are the Owners Selling?Owners sell property for a variety of reason, and it never hurts to ask why. Often times, they’ll tell you that they’ve outgrown their home or need to relocate for work. But sometimes their reasons for moving might be red flags for you. For instance, if they’re selling because they want to be in a better school district for their kids, you might need to consider that as well if you have a family of your own.
What is Exactly Included in the Sale?
Make sure your understand exactly what is included in the sale before you finalize the contract. That includes appliances, lighting fixtures, and even furniture. These stipulations should be included in the contract so that there is no confusion of who gets what. While it may seem like a small amount, debating over property inside a property are very common and the back and forth often holds up the sale.
What Can You Actually Afford?
This should go without saying but don’t buy a home that turns out to be too expensive. Unfortunately, buyers getting in way over their heads happen way more often than most people care to admit. That’s because sales agents has an incentive to show you a nicer home than what your budget comfortably allows. It’s not only because they get a fatter commission off a higher price sale either. More expensive homes, no surprise, tend to be a little nicer and that can push buyers to want to close more quickly.
Always examine your finances carefully before you ever talk to an agent to see what you and your loved ones can afford to buy. Work out the numbers with a mortgage agent based on the interest rate you can lock in and only then should you go shopping.
Buying a home is a big investment so make sure you thoroughly do your homework. Do as much research as you can but at the same time, ask as many questions as you can as well. You might not always get the answer you want but the more information you have, the better decision you can make.
What did you wish you knew before buying your home?
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