Taking the step into homeownership is a significant decision and one that requires careful consideration. As a first-time home buyer, it is hard to know the ins and outs of navigating a large purchase like a house. But don’t worry, Trustworthy Title & Escrow has you covered! Here are 10 questions first-time homebuyers should ask their real estate agent before buying a home.
Questions to ask before looking at a house
Can you explain the home buying process?
As a first-time home buyer, the process of buying a home may be confusing to you. Therefore, finding a real estate agent who will walk you through the home buying process from start to finish is essential. This will give you a better understanding of what to expect and answer any questions you may have.
What expenses should I expect after buying a home?
We all know buying a home is expensive. After saving up for a down payment, you may think you are done with the home buying costs, but that is not the case. You will need to pay closing costs, moving expenses, and even purchase new appliances or furniture along with your down payment. In addition to your mortgage payment, you will also need to pay property taxes, utilities, homeowner’s insurance, and the list can go on! While all these expenses may sound scary, it is easier to manage when you have saved up for them. Discuss after-purchase costs with your realtor, so you know exactly what to expect.
What location should I choose?
While it may seem straightforward, choosing the right neighborhood can be complicated. If you know what to look for, it is easy to select the perfect location. Here are a few things to consider:
- Your work commute
- Quality of school districts (for current or future children)
- Distance to bars, restaurants, and local shops
- Road or neighbor noise
It may be hard to find the perfect location that meets all of your requirements, but your real estate agent has a better understanding of the area to point you in the right direction. Without help, you might miss out on a great neighborhood you never heard of!
What should I look for when touring a home?
As a first-time home buyer, focusing on eye-catching things like hardwood floors or vaulted ceilings is tempting. But, if you only look at those details, you could miss some serious problems. A real estate agent can help you know what things to keep an eye out for when viewing houses. In addition, finding issues that are hard or expensive to fix, like water damage and sagging ceilings, can help you make a more informed decision and save yourself a headache.
Questions to ask after finding a home
Why is this house for sale?
Learning the reason that a house is on the market can help you avoid problem houses. And most importantly, it gives you a leg up in negotiations. There are a variety of reasons why homeowners may be selling their property. Whatever the reason, asking your realtor why the seller is selling can help you make a better deal and get your dream home.
What is this property worth?
Your real estate agent can’t tell you what you should offer, but they can help you compare similar homes in similar neighborhoods to see what they sold for. By asking your agent to compare the home to similar properties, you can make an educated offer on a home.
What is the resale value like in this neighborhood– and where is it going?
Because a home is a major purchase, making sure your home will continue to gain value over the years is vital. Asking your realtor for their take on the neighborhood– now and in the future– can help you make a better investment. Finding a home in an area with consistent property value increases is ideal for resale.
Are there any disclosures?
Sellers must legally disclose any issues with the house, so it is vital to ask your realtor for a list of problems. This way, you know if the appliances are in good condition, how the systems are working, or anything else going on with the home before you decide to put in an offer.
What is included in the purchase?
Once you have narrowed down your top picks, talk to your real estate agent about everything that would be included in the sale. Appliances, shelving, mounts, and other features are not always included in the sale, so you will want to be prepared in case you need to buy any necessary items or adjust your offer.
How much will it cost to maintain this home each year?
Unlike renting, owning a home means you are responsible for keeping up with maintenance and repairs. Whether that’s an appliance, the HVAC system, or a leaky roof, you are the one responsible for fixing them. You should ask your realtor for yearly maintenance costs, so you are prepared when and if something happens.
Buying your first home is exciting, but it can be overwhelming. Asking your realtor these questions can make the home buying process easier and help you make a smart decision. Trustworthy Title & Escrow provides numerous title-related services to ensure your protection. With our experience and knowledge, we can provide quick title and escrow services to ensure your transactions and funds are protected and secure. To learn more, call us at (402) 513-9760.