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4 Must-ask questions when buying a home
Buying a home is the investment of a lifetime. To safeguard this investment, you ’ll need to do your homeworkandgobeyondthestandard,surface-level questions that only get you so far. To understand a home’s true viability, you ’ll need to arm yourself withallthefacts,history,andrecordsavailable.That way, you ’ll be able to uncover any hidden costs or possiblepitfallsthatawait.So,wheredoyoubegin? For starters, consider the four questions below, inspiringyoutothinkslightlyoutside-the-boxwhenit comes to researching and assessing your future home’s potential.
What’s the cost of the average monthly utility bill? Asyoumakeyourlistofmust-havehome features,you ’reprobablycrunchingnumbersforyour budgetplanning.Thisisawisemove,butdon’toverlookthesmallerdetails.Aproperlyinsulatedhome with weather-proofed windows and doors can make all the difference in your bottom line during a harsh winter.Thesameistrueforsteamysummersthatwill testthedurabilityandefficiencyofyourcoolingunit. Payparticularattentiontothesefeaturesandinquire with the current owners about what they pay in monthly utility bills. While you may have a budget in mind for your mortgage, a drafty home with old insulation can rack up your monthly pay-out. Get a clearideaofwhatthepowerratesareintheareaand comparethemtoyourpotentialhome’senergytallies. Also,considerhowmuchanystandardmaintenance
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wouldcostyou—anotherforgettableannualfeethat can add up over time. Before you buy, get the real lowdownonutilitycosts,fromelectricorgasheatto monthlyHOAfeesandtrashcollection.
What will you pay in property taxes? This helpful information is usually outlined on a listed home’s info sheet, but be sure to account for this detail. An offhand estimate shouldn’t suffice either. Whileyourpurchasepriceimpactsthehome’songoing tax rate, it’s wise to get a picture of the property tax history. Buying a home is enough of an undertaking without the added stress of unexpected or miscalculated annual costs that can break your budget.As an addedbonus,understandingahome’staxhistoryand projectedvalueisasmartfiguretoaccountforwhen makingasavvypurchaseoffer.
If you put in the legwork now, you’ll land a home that satisfies your budget, matches your vision, and will be the place you make memories to last a lifetime.
Have there been any prior pipe or sewer problems? TheInsuranceInformationInstitutereports that broken pipes make up nearly 22% of all home insurance losses. This means that pipe and sewer issues are not only common, but they ’re expensive. Be sure to ask sellers for a history of any pipe or sewer back-up problems, but you shouldn’t stop there. Hire a trusted home inspector who can verifyaseller’sreportandyoucansaveyourselfthe headache if the pipes in question aren’t in the best shape. Likewise, you ’ll be made aware of pipes that may need replacing shortly down the line. This research can help you adjust your offer accordingly to offsetanyfuturereplacementcosts.
Has the home undergone any major renovations? Sometimes,sellersandtheiragents areforthcomingwiththisessentialinformation—but it doesn’t hurt to double-check. Request detailed records and documentation regarding any renovated bathrooms,additionalwingsorfloorsadded,abasementthat’sbeenfinished—andthelike.Firstly,this willhelpyouassessthetruecostofarenovationand help you craft a conscientious offer. Secondly, gatheringinformationonpriorhomeprojectsallowsyou tokeeptabsoncontractorsused.Itcanalsohelpyou planandbudgetforwhenthenextroundofrenovations will likely be needed in the future. If you do this research,youcouldsaveyourselfaheftysumandearn anexcellentbargainingchipalongtheway.
Whilesomeoftheseconsiderationsmayseemstraightforward, you ’d be surprised at the impact these finer points can make in terms of affordability, safety, and long-termplanning.Buyingapropertyofyourownrequiresduediligence,butifyouputinthelegworknow, you ’lllandahomethatsatisfiesyourbudget,matches yourvision,andwillbetheplaceyoumakememories tolastalifetime.
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