Buying a home is a big deal! In fact, for most people, it’s the most significant investment they will make over the course of their entire life. The stakes are high, but prospective houses can be difficult to evaluate for the novice home buyer. Here are a few questions that should help you uncover any hidden problems with the home you’re thinking about buying.
1. Why Is the Seller Moving?
This is a good place to start the questions. Your goal here should be to uncover any hidden issues that may not have been evident in your walk-throughs of the property, or in your research. This question is a good way to begin that process. Who knows what the answer will be—you may find out that the house is haunted!
2. How Did the Seller Decide the Asking Price?
This is another interesting and practical question to ask. It should give you the opportunity to learn about the financial value of the property through somebody else’s eyes. The seller (or their representative) should have an explanation prepared, and it is likely to give you a solid idea of whether the property is overpriced, a bargain, or just right. This knowledge should change your buying equation.
3. Are There Any Problem-Causing Neighbors?
This is an extremely practical question. During your brief visits before actually occupying the property, you may never get to interact with the neighbors. Remember, if they turn out to be crazy people, you will be trapped with them. You might even consider taking matters into your own hands and introducing yourself to them before signing on the dotted line, but at the very least, you should inquire.
4. What Problems has the House Had in the Past?
This question might not reveal anything that is potentially deal-breaking, but it will definitely help your learning curve with the home. Many houses—especially historic ones—have unique sets of idiosyncrasies that just need to be learned. Learning about the issues a house has had in the past will save huge amounts of your time (and money) in dealing with those problems in the future.
5. How Much Does the Seller Still Owe on the House?
The amount of money that the seller still owes on their mortgage or any other outstanding loans will be valuable information for you because it may be a deciding factor in how good a deal you can get on your home. For example, it may be easier to negotiate a favorable price with a seller who has a lot of equity in their home. Knowing these things ahead of time will change the conversation when it comes time to hammer out a final selling price.
In The Market For A New Home?
We are your ally. Buying a new home can be complicated and nerve wracking, but as you move forward, you can rely on us as a resource. And if you are interesting in repainting the home that you are selling to increase the sale price, or upgrading the paint in the house that you are going to buy, we are here to help. All you have to do is reach out and ask for a free estimate.