Buying a home is likely one of the more expensive purchases you’ll make in your lifetime, and with that in mind, it’s crucial to make sure you are armed with all of the right questions to ask before making a financial commitment. Here are 10 questions to ask when buying a house.
1. What is the price history of the property?
This question will not impact the current price of the home, but it will be beneficial for you to know how much the value of the home has gone up or down over the years.
2. What are other homes in the neighborhood selling for?
Asking this question can give you an idea of the value of other homes in the neighborhood. If homes have been selling for high prices, chances are, the price of your potential home could be in a comparable price range.
3. How long has the home been on the market?
The longer a home has been on the market, the more eager the owner may be to sell. As a buyer, you might be able to get a good price because of the seller’s urgency. Alternatively, eagerness from a seller could be indicative of issues with the property.
4. What types of properties are located around the home?
You should learn about your new home’s surrounding area. If there are clubs, music venues, loud factories, trains passing, and other noise makers around, knowing about them ahead of the purchase could help you avoid any buyer’s remorse.
5. Where are the schools?
Schools are usually an important selling point for buyers, especially those with young kids. If you have kids or are planning on starting a family while in your new home, you’ll likely want to live near a school that your kids can walk to, or at least have a quick commute by car. If there are schools in your area, then there may be other families in your neighborhood.
6. How old is the roof?
The approximate age of the roof will give you a good idea of how soon you will need to replace or repair it. Fixing or replacing your roof is not usually a cheap task, and it is probably something you will need to budget for. It’s important to know about your new home’s roof ahead of time (and before taking ownership).
7. How much insulation is in the attic?
You do not want to be pumping cold or hot air into your home only to find out that it’s escaping through the attic. Add this question to your home buying checklist, and you could save yourself a lot of money (and help the environment out in the process by not wasting energy).
8. How many offers has the seller received so far?
Depending on how many offers the seller has received, you might be able to gauge how strong your offer should be. If you’re not the only one trying to buy the home, then you may want to offer a little more to appeal to the seller.
9. Why are they selling?
Try to get at least a vague idea of why the sellers are selling, because you never know what type of information you could get about the neighborhood. There could be absolutely nothing wrong with the home or the neighborhood, but you won’t know if you don’t ask.
10. Is there any major damage to the home?
From old pipes to new mold, asking this question could clue you in to damages you might have to pay to fix in the future. Review the appraisal, inspection, and seller’s disclosure to ascertain more information.
Information is power, and the more you know the better when it comes to a potential home purchase. Don’t forget these 10 questions to ask when buying a house!