Considering A New Home? Ask This First!

Can you think of a time when you, or someone you know, saw a listing for a home for sale, promising a charming cottage in the countryside, but the showing proved the property to be more of a small shack on a hill? In these cases, the agent is not trying to misrepresent the home, but rather trying to make it as glamorous as possible by accentuating favorable components to appeal to buyers. The descriptions we read about homes are usually written by sellers’ agents, or sometimes the sellers themselves, therefore, we should assume they may be a little biased. Real estate agents are faced with the struggle of having only a few sentences to captivate the home-buyer, draw attention to that particular listing, and give you all the details about the home. Occasionally, this can lead to ‘over-representation’ of a property, like in the above example.

 

I recommend thoroughly inspecting the home for yourself; and don’t be afraid to ask questions. Print out a sheet and take it with you to the showing, or email your questions to the agent. It is important to feel you accurately know the home you are looking to purchase.

 

 How many offers have been made on the home?
 How stable has the price been? In other words, how many times the price of the home changed.
 Why are the sellers moving?
 How long has the property been on the market?
 What issues does the house come with? Have there been any estimates for repairs?
 How long ago was the home updated?
 How much are the utilities?
 How long ago have the mechanicals been replaced?
 How long ago was the roof replaced?
 What’s the owner’s timeline to sell?
 Where’s a good nearby restaurant?
 What are the neighbors like?
 Have there ever been any insect or other pest infestations?
 Have there been any experiences with paranormal or nefarious activity in the home? Many states legally require a disclosure if a home is thought of as haunted.
 Exactly what is included in the sale?
 How long have the current owners lived in the home? (Possible red flag if it’s a short period of time.)
 How was the asking price decided?
 What is the neighborhood like?

 

Ask any question you want to ask, but don’t be alarmed if there are some that can’t be answered. An agent may be bound by confidentiality, or the seller just may not have an answer. Any additional insight you have can help when considering a home. When you have better awareness of the situation you may decide that home is not for you at all, or you have more leverage when you do want to make an offer. Perhaps the sellers are moving out of the state and need to sell their home quickly, or maybe they have already had two offers. Things such as average utility bills, the neighbors and safety of the neighborhood will give you a better understanding of what it will be like for you to live there. When considering a home purchase, you don’t want to settle for something you don’t absolutely love because you’ve acted too quickly and didn’t ask the correct questions. It doesn’t hurt to ask a few questions, and likely you’ll find that you benefit greatly from it.