Whether you’re a first time home buyer or an experienced one, there are many questions you need to ask prior to making an offer on your dream home. That’s why you have a Realtor. As a real estate expert, he or she can answer all of your questions so you will feel confident about your decision.
Here are five questions to keep in mind when you’re ready to make an offer:
Is the home priced correctly?
You want to make sure that the house is priced appropriately for the neighborhood, size of home and its features. Perhaps there have been major renovations done to the house that added value. On the other hand, the home may need a major overhaul. Your sales associate can assess the value of the home compared to similar properties in the area.
What will my closing costs be?
Typically, closing costs are 2-5% of the purchase price. You can ask your mortgage lender for more specifics, or you can use this handy closing cost calculator from myFICO.com to get an idea of what you’ll be paying.
Have there ever been any past issues with the home?
Even if the problems have been fixed, the seller is required to disclose any previous damage/hazards that the house may have endured. Flooding, toxic mold, asbestos and leaky roof, are all things that you, as a buyer, should be aware of prior to making an offer.
Should I get an inspection?
Yes. The answer is always, yes. The seller may have already gotten an inspection prior to placing the home on the market. But, you should have your own representative inspect the house. The results will give insight into what may need to be repaired or replaced, so you can request a credit or no longer pursue the home.
Are there any new neighborhood developments in the works?
New developments can be a great thing. If there’s a new school or community garden in the works, it can add value to the neighborhood and your potential new home. However, construction may result in more traffic and noise. Find out the details from your Realtor – when work will begin/end and if any roads will be blocked off for the duration of construction; that way you can prepare ahead of time.
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