Questions to Ask When Buying a Home

When purchasing a home, you're going to be asked hundreds of questions. Whether from your Realtor or our Loan Originator, the parties involved in the transaction are going to request a lot of information from you... to the point that it might seem overwhelming. But, remember, buying a new place to live is like a movie you're starring in, not just something you're watching from the audience. You have an active role in this and should be asking questions too. Here are a few good questions to ask when buying a home.

What's old about the home?

No matter how new or old your home is, you'll want to keep track of the age and condition of each part. For example, on average, replacing the roof can run around $7,600. That's a sizable chunk of change. Regular asphalt shingles (the most common type of roofing) need to be replaced approximately every 15 to 20 years. Learning when the most recent replacement of the roof occurred will help you estimate a ballpark of when you might be responsible for the task and allow you to budget accordingly. That can go for all other major appliances and features of the home such as the hot water heater and the air conditioner. Be sure also to request documentation of all warranties you may need to reference in the future. The more you know about the home from past years will help you in the years to come.

What's new about the home?

If a bedroom or game room have been added, if the kitchen has been remodeled, or if the basement or garage have been converted to living space, you'll want to make note. Depending on the home and the renovations made, some improvements may be easy spot. As the buyer, you don't need to feel pressured to pay dollar for dollar the updates made. Typically, home improvements bring a return of 64% of what was spent, varying greatly on what exactly was renovated. If work was done, you'll also want to keep the contractor's information on record in case you need additional updates or repairs.

Have bugs ever infested the home?

During the sales process, the previous owner should disclose if the home experienced an infestation by critters such as carpenter ants, termites, or other bugs as well as the treatment done to rid the home of the unwelcomed guests. While the problem may have been addressed in the past, it doesn't mean the bugs are gone for good. The conditions that made the home their target may still exist. Plus, an infestation of one house in the neighborhood often means the same for other homes nearby. Extermination expenses often can run up to thousands of dollars, not to mention the money spent replacing damaged areas. Being aware of this history and working to remove invitations to infestations (such as softer rotting wood and slow leads under your home) can help you avoid these added costs.

Have pipes burst in the home?

A water pipe bursting isn't unheard of, and it's not necessarily the worst thing in the world... in most cases. However, according to the Insurance Information Institute, close to 22% of all home insurance claims are due to frozen or burst pipes. Past water damage can cause current headaches and lead to future problems, including mold behind trim and drywall. A professional home inspector typically will be able to notice and report any damage caused by water, the severity of which may change your mind on the home. The knowledge you may gain about any previous bursts can also help you take precautionary steps to help you avoid future ones. Insulating exposed pipes, checking the condition of washing machine hoses and installing frost-proof spigots on exterior faucets will all be helpful steps to avoid pipes bursting once you move in to the home.

What additional costs can be expected?

The mortgage payment doesn't cover all the expenses of owning a home. One of the "joys" of homeownership is that utilities are your full responsibility. Find out the average utility expenses throughout the year, learning when the pricier months fall. This will help you budget accordingly. You'll also want to be sure to discover what energy companies and source options are available to you. Knowing if sources are gas, propane, electric or a combination of those will help you buy the right energy-efficient appliances.

Asking the right questions can help make sure you're getting the home of your dreams. One more question to ask that can help make sure your mortgage journey is a smooth on is "Am I working with the right mortgage lender?" If your answer is "I'm working with First Choice Loan Services," then you're off to a great start!

Reblogged with permission -> https://fcloans.com/blogposts/questions-to-ask-when-buying-a-home/