What To Ask When Purchasing A Home
Even if you've had experience in home buying, you're probably not an expert. That's alright; because your buyer's agent is there to help you make knowledgeable decisions and make a purchase quickly, intelligently and at a great price.
With that in mind, it's helpful to ask the right questions to learn about what's expected from you as a home buyer and what you can do to avoid a bad sale. This starts with questions about the home's selling price.
As a home buyer, you've probably noticed that a selling price doesn't necessarily have any bearing on the final cost of a home. Most sellers will set their asking prices fairly high in order to leave room for negotiation. The average is about 1-3% over the actual value of a home. However, you can ask questions to get a better sense of what the home is worth, including the price that the seller paid, the trending value of homes in the area, and the value of new additions or renovations.
You should also ask your agent for general home-quality information when buying a home such as the age of the roof and the average electrical bills. As a home buyer, you're not expected to know everything that affects home value, but getting general info about the home's foundation, insulation and HVAC systems is a good idea. This type of info will make it easier to form an offering price when home buying.
Location is also important, and it's particularly important to ask questions about location when buying a home out of state or in an area that you're not familiar with. Many buyer's agents are neighborhood specialists who can give you general info such as neighborhood noise levels, crime rates and important nearby structures like schools and parks. Don't neglect the importance of location. Ask anything that comes to mind--location could eventually affect the home's value, even if you're not personally concerned with some of these factors.
Asking a few simple questions can save a home buyer thousands of dollars down the line. It can also give you an advantage when making an offer, but be sure to communicate any of your concerns to your agent and get advice on other questions to ask.
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