Don’t make the same mistake as many first time homebuyers. Buying the first home that you fall in love with without first asking the right questions can lead to seriously costly problems later down the road. By asking the right questions, you can learn about any foreseeable issues that you may face in purchasing a particular home.
1. What is my offering price based upon?
If you’re basing your offer price on what home owners are asking, or only based on the prices of other homes you have toured, you’re doing it wrong. Any offers you make need to be based on research.
Compare the actual sales of homes that are similar to the one you want to offer a price on. This price should also factor in the location of the home. Doing this research can help you get the best bang for your buck, preventing you from getting ripped off.
2. How is the condition of the home?
You absolutely need to be asking about repairs and the estimates of the future repair costs. These repair costs may or may not be factored into the sticker price of a home purchase. This is could cost you a lot of money if you aren’t careful about your home purchasing questions.
Don’t assume that the repairs are going to cost you a ton of money and don’t assume that the repair cost is factored in.
3. How does the location of the home affect the price?
The home’s location will play a huge factor in the price. Purchasing a home that seems like it’s a steal due to a bad location can cause issues for you later on. If the location is adequately bad and you want to sell, you may find yourself having trouble actually getting the home to sell.
Though some features of a house may draw you in, there may be location based circumstances that may outweigh the appeal of the home’s features.