For the first time home buyer, house hunting can be a scary, stressful process. But it doesn’t have to be. Experienced or not, all home buyers should ask the following questions to ensure they get the most house for their dollar.
How old is the house? Though beautiful and charming, an older house requires more maintenance than newer homes and can contain potential hazards. For instance, if the house was built before 1978, it may still have lead paint. If known, Realtors and sellers must disclose it.
Is the house in a flood zone? Again, Realtors and sellers must disclose this by law, but it doesn’t hurt to verify.
How old are the major mechanicals? These include the furnace, water heater and central air conditioner. Even if the sellers offer a home warranty, ask. Replacing a water heater or furnace can cost thousands. This information becomes very valuable when negotiating a purchase price.
How old is the roof? An old, leaky roof can quickly ruin an otherwise pristine home and replacing a typical asphalt shingle roof costs thousands of dollars. Harsh climates and unrepaired hail damage can shorten a roof’s lifespan as well. If unsure, a qualified inspector can accurately evaluate the roof’s condition.
How much are utilities? It is very common to ask sellers for their average monthly electrical, gas and water bill. Budgeting for utility costs can be a determining factor when choosing one home over another.
Does it have a termite control contract? If so, has it been renewed continuously? Many areas of the southern United States require home sellers to have a current termite control policy before closing. In that part of the country, any gaps in treatment or lack of a contract should be a red flag.
Tip: Research the pest control company and make sure they treat for subterranean termites as well.
Is there a Property Owners Association (POA)? If so, what dues and covenants apply? What are the rules for structure modification or additions? Is RV and boat parking allowed? Can you run a home based business? Learn the rules and regulations before you buy.
Are there any pending assessments? If there are any public works improvements planned that affect real estate taxes, like sidewalk additions, find out up front.
Is road construction scheduled? If there is any road work planned, consider how it will affect your commute to work, school and even shopping. Think about traffic congestion, noise and dust. If they widen the road, will your yard shrink?
Who are the neighbors? Location, location, location. Houses next to noisy businesses and apartment buildings or townhouses are less desirable than comparable homes in established, single-family home neighborhoods. If there is nothing obvious, ask the neighbors if they have any complaints about the area. You’ll likely get a more honest answer from people who have no stake in the real estate deal.
What are the comps? Avoid paying too much. Ask your Realtor for a list of similar home listings and recent home sales in the area. Knowing a home’s true market value is a great negotiating tool.
How close are schools and daycare centers? Are they convenient to your work commute? If picking up the kids from daycare and school require trips in opposite directions, it may get old fast. Plan daily routines and consider how much driving you’re willing to do.
Are there doctors’ offices and hospitals nearby? This can be an important consideration for parents of small children or for the elderly.
Is there easy access to highways, airports, trains or subways? If it means taking 8 trains to get to work or driving 3 hours to catch weekly business flights, consider buying a home closer to these facilities.
Want more house buying tips? Check out: “How to Save Money When Buying a House”
David Clark - As a business owner, freelance writer and abstract artist, I keep myself busy. Always learning, evolving and creating, I guarantee you'll ...
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