Are you hoping to be one of the nearly 65% of Americans who own a home? If so, you’ll need to be armed with good questions. While you don’t want to miss out on a great home, you don’t want to invest in a lemon, either.
Read on to learn the 5 key questions you should ask when buying a new home!
1. How Long Has the Home Been Listed?
One of the key questions to ask when buying a new house focuses on listing time. A house that has been stagnating on the market for weeks or months may represent an opportunity to score a deal.
A home that is updated and has been listed for a few days in a seller’s market might disappear quickly. But if the opposite is true, work with your agent to make a lower offer.
2. What’s the Condition of the Home’s Appliances?
Buying a new house vs old one means looking for different red flags. And with older homes, you may be looking at aging HVAC systems and appliances. Make sure to check the tag on the furnace to see if it’s close to its 30-year lifespan!
Ask if plumbing pipes have been upgraded from galvanized steel. Look at the age of the water heater and AC unit. And check to see if the washer and dryer are newer.
3. Buying a New Home Means Asking About the Neighborhood
Assessing the neighborhood should be part of your home-buying process. If you’re new to town, look at crime rates and school system rankings.
Ask contractors, like Holland Homes builders, for perspective on good locations. And you may want to ask local residents or shopkeepers for an unbiased opinion, too. Your investment will pay off if you choose a neighborhood on the rise!
4. Are There Flooding Concerns?
When you walk into the home’s basement, assess it for musty odors or noticeable stains on the walls or ceiling. These can be indications of prior water damage.
Ask about repair work in the basement, or have an inspector check the foundation. Especially if you live in an area prone to summer storms, you don’t want to be stuck with water in the basement. If the flood factor rating in your area is high, look for a sump pump or evidence of other precautionary measures.
5. Ask About Hidden Costs When Buying a New House
Before you fall in love with a home, do the math. You don’t want to sink your savings because you underestimate hidden costs. After all, you’ll be paying more than a monthly mortgage!
Determine what a feasible down payment looks like for you. But don’t overlook taxes, closing costs, and inspection fees that will factor into closing costs.
Know the Questions to Ask When Buying a New House
When buying a new home, you need to know what kinds of repairs and other expenses lurk on the horizon. You want to invest in a well-built structure in a well-respected neighborhood. And you need to make sure that anticipated expenses align with your budget!
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