5 Things You Must Ask When Buying a Home
Purchasing a home of their own is the dream of most Americans, and it is important to have the necessary information when they finally are ready to begin searching for the right property. During the search, there will be many questions to consider, but the answers to these five questions are most important to a successful search for the right property.
Finding the best real estate agent to help and guide while searching for a home is essential. The first step will be to contact realtors who are familiar with the area where the prospective buyer wishes to live. During the initial meeting with an agent, the client should not be afraid to ask questions. It is important that the agent is familiar with neighborhoods within the area, the schools, and whether there are community restrictions. Availability to transportation, traffic routes, and walkability can also be a consideration. While an energetic young agent is likely to work hard to locate a great property, the knowledge gained from experience can be a definite advantage.
Everyone loves the prospect of buying a new and modern home, but there are also advantages to owning an older home. These homes are more likely to have natural woodwork, larger rooms, and established landscaping. Whether the home being considered is relatively new or a nicely updated older home, some essential questions to ask include whether the mechanical systems of the home and the integrity of the roofing, basement walls, and structural systems of the home are in good condition. This is why a pre-purchase home inspection is an absolute must.
Most home inspections are fairly uneventful with the prospective buyer breathing a sigh of relief when the home they have chosen passes with a thumbs-up. However, there are times when the inspection shows a serious problem such as extensive electrical or plumbing problems. Serious problems may result in removing this property from the buyers' list of homes to consider, or the seller may agree to reduce the purchase price or remedy the problem before the closing. Most financial institutions will not approve the buyer for a mortgage on a defective property.
With most of the important questions to ask are answered satisfactorily, the next step in buying a home will be having the home appraised. Many prospective buyers contact their financial institution before beginning their search for a home to purchase. This important step gives them a price range of homes they will be approved to buy. In some cases, the appraised value of the home will be lower than the asking price. The buyer has the choice of either making up the difference with cash, making a lower offer reflecting the appraised value, or moving on to search for a different home. This can be a difficult decision, so one of the important questions to ask the agent is whether it would be wise to proceed with buying the property or to continue searching.
The closing day is a big deal and very exciting for buyers. It is essential that all the necessary documents are available for signature by all parties involved. Proper identification will be required, a check to cover the balance owed on the closing statement and proof of homeowners insurance. The real estate agent should be present to represent the buyer should any unexpected questions arise. Once the deal is done and the keys are transferred to the new owner, it may be time for the real estate agent and new homeowners to enjoy a celebratory lunch.
Finally having the ability to buy the home of their dreams is the desire of most people. Although accomplishing this goal can take a lot of effort, it is worth it all when the deal is done.