You?ve finally found it: a home you can?t wait to buy it and move into. From the exposed ceiling beams to the hardwood floors, this feels like the place. So what?s next? Don?t just stand there dumbstruck; it?s time to dig deeper and ask questions?and not just the kind that randomly pop into your head, either. You need to hit all of the necessary topics head-on, and some of them are not so obvious.
What is the home?s sales history?
When was the last time the house sold, and how much did the current owners pay for it? This is essential intel, and you don?t even have to ask the seller or your real estate agent about it, because it?s posted on every MLS listing. All you have to do is scroll down to find it. But make sure you know it.
Did the sellers make any major renovations or additions?
If they?ve overhauled the kitchen, added a bedroom, or finished the basement, you?ll want to know that?and, ideally, see receipts from contractors to get a sense of what they paid for these upgrades.
How much are the property taxes?
Property tax history is also typically available right on the listing detail page. If you can?t find it, ask the seller. You?ll want to find out what previous owners paid, but understand that the property tax, since it?s based on a percentage of the value of the house, will probably be affected by your purchase price. This could be a huge additional expense, and you?ll need to budget for that when putting together your offer.
What are the monthly maintenance and utility costs?
Is there any type of homeowner?s association fee? Find out. Also learn what kind of power the house uses, be it gas, electric, or a combination, and ask what the average monthly bill for each is. Also inquire about water, waste removal, and any other utility costs that are applicable.
Have there ever been any pest infestations?
If there was an infestation, when were pest control procedures undertaken? No, this won?t necessarily mean the house is pest-free at the time you?re buying it, but it?s a good starting point to know the history. Many buyers require that termite treatment be included in the price; it?s easiest to tent for pest removal when the house is empty, between owners.
We will be more than happy to help you connect with the right Real Estate Professional who can answer any and all of your questions about that one dream home that you are ready to buy. Ask one of our lending officers to connect with one of our Preferred Realtor Partners and get that offer ready on your dream home!
This information is provided to assist real estate professionals and is not an advertisement to extend consumer credit as defined by Section 226.2 of Federal Regulation Z, Truth-in-Lending. NMLS# 214884