Buying real estate can be an exciting adventure. But one that shouldn’t be taken lightly. We’ve compiled some questions that you should definitely ask when you are looking at buying real estate.
FINANCIAL QUESTIONS
What is my TOTAL budget? Include in this expenses such as moving costs, closing costs, repairs, etc. How much will you need for the entire buying process?
Are my financials in order? Are you pre-approved for a mortgage? How will make the down payment?
What type of mortgage should I get? Many factors play into which type of mortgage will work best for you. Consult your financial specialist.
How much did the seller pay? Were there any renovations made to the home that are driving the cost up?
What are the property taxes?
What are the monthly maintenance and utility costs?
MARKET QUESTIONS
How long has the home been on the market? Has been long enough to offer less than asking price?
How much are similar houses selling for in the neighborhood?
HOUSE and NEIGHBORHOOD QUESTIONS
What is the history of the house?
How old is the roof?
What type of foundations does it have?
Is there insulation in the walls and attic?
What’s nearby?
Where are the schools?
Nuisance factors?
Parking restrictions?