QUESTIONS FORGOTTEN WHEN BUYING A HOUSE
Question 1: Which is better: renting or buying a house?
Weigh down all possible options before finding your dream house. According to David Bakke, Contributor for MoneyCrashers.com, one must determine if renting is better than buying a home. Depending on the person’s financial condition, he may or may not be ready to acquire a house, need to save for a down payment, or has to live in a more expensive housing market. Also, if an individual has several debts, a low credit score, or has not saved much money, renting may be the better option at the moment. So, wait a few more years to be in a much better financial situation before obtaining a mortgage loan.
Question 2: What is the crime rate in the neighborhood?
Granted that you have decided to buy a house, the next thing you should ask is the safety of the neighborhood and town. Find out the crime rate in the area.
Question 3: What are my home needs and wants?
Draw a line between needs and wants. People tend to liken their wants to their needs. Differentiate the deal breakers and desires, as well as the things they are willing and able to compromise. The point is to list down the must-haves when looking for potential homes.
Question 4: Where is the seller’s disclosure?
Even if you have found your dream house, do not just buy it right away. There are several houses that are built differently. Beverly Hills realtor Steve Aaron advised buyers to ask the listing agent if there are any seller disclosures before making an offer. Determine if there are known defects of material facts which can affect desirability or worth. In other words, take time to know more about your future home.
Question 5: Can I make the needed home renovations or additions?
Check first the house’s zoning or area disclosure before making any renovations or additions. For instance, if the property is situated in a historic or preservation area, there may be certain limitations on adding on or renovating the home.
Question 6: Are there home inspections?
It is a must to have the house thoroughly inspected. Perform as many inspections as possible. such as chimney, geological, sewer line, and drainage inspections. This is worth the extra time and effort to ensure there won’t be any expensive problem in the long run.
Question 7: Why is the house for sale?
This is one of the often overlooked questions on purchasing a house. Potential buyers frequently forget to know the seller’s motivation for selling the property and the reason for doing so. Asking such questions may give you an additional insights in writing an offer. Simplest questions often garner the most vital details.
Question 8: Has the property been tested for radon?
Bill Redfern, CEO of A Buyer’s Choice Home Inspections, told buyers to know if the house has undergone a radon test recently. If that is a case, it can be a life saver, said the US Environmental Protection Agency. Radon is a radioactive found in houses in the United States, and exposure to this chemical can result to lung cancer.
Question 9: Are smoke detectors properly installed and located?
Redfern also recommended to check if smoke detectors are properly installed in the house you intend to purchase. Smoke detectors save lives, so it is important to install it in the right places in the house.
Question 10: When was the last time the house had a mold inspection?
Mold inspection seeks to find if and where mold is growing in a house. Mold is a fungus growing in the form of multicellular filaments called hyphae, which can be a health hazard that causes various health problems, from itchy eyes to permanent lung damage. Make sure the potential home is mold-free by getting its last mold inspection. This will help you decide and know its history if the house is right for you or your family. If there is a mold, this will also help you figure out ways and by whom it will be taken care of.
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