10 Questions to Ask When Buying a House
In order to help home buyers avoid costly surprises down the road, GoBankingRates put together a list of 10 important – but often overlooked – questions home shoppers need to ask before committing to a home purchase and long-term mortgage debt.
According to GoBankingRates contributor, Thomas Hill, it’s important to get to know your future home thoroughly before signing on the dotted line. “Even if you fall head-over-heels for a house, don’t be punch-drunk in love with it,” explains Hills. “A home is just four walls — and there are plenty out there.”
You might already have a list of questions to ask a real estate agent to make sure you’re getting the best deal but you also shouldn’t forget to pose these hard-hitting questions to others, too, from the previous homeowners to the neighbors, and even yourself.
1. Is renting or buying a better option?
2. What is the neighborhood’s crime rate?
3. What are my home needs and wants?
4. Where is the seller’s disclosure (known defects of material facts that can affect desirability or value)?
5. Can I make the needed home renovations or additions?
6. What home inspections are available?
7. Why is the house for sale?
8. Has the property been tested for radon?
9. Are smoke detectors properly installed and located?
10. When was the last time this home had a mold inspection?
The most important question to ask before buying a home is whether it’s better to rent or buy in the first place, based on your current financial situation. A large amount of debt or a low credit score may force you to wait a few more years before buying. (PR)