We understand that buying a home can be stressful. It’s pricey, there are many options, and sometimes it’s difficult to know what to look for. You might not know where to begin when inquiring about a home’s condition. You’re not alone in feeling that way, so don’t worry. Let’s look at some essential questions to ask your real estate agent or the seller if you’re considering purchasing a home.
How much do local homes sell for?
Realtors in Charlotte, NC, know the average costs of properties in the area. Find out the price at which other local houses have sold. The realtors know the market well and can tell you if the house you’re looking at is priced competitively. Additionally, you should find out the house’s past sale price. You’ll have a lot more wiggle room if the seller stands to gain significantly from the asking price.
What is the duration of the house’s listing?
Although listings frequently provide this information, your real estate agent can provide the most precise date. Long-term listings can raise red flags for some buyers since they may indicate that there may be a problem with the home or that the seller is hesitant to lower their asking price. You may benefit from a lengthy listing period if you like the house. The longer the seller has been waiting to sell, the more likely they will negotiate so you can purchase the home for less than the asking price.
Is there a probability of a natural disaster?
Since insurance premiums significantly increase your monthly payments, your focus should be budgeting for insurance costs on your prospective new residence. Your lender will ask you to obtain homeowners insurance, but sometimes, it may not be sufficient to safeguard against the hazards associated with your desired residence.
Certain types of insurance for natural disasters like hurricanes, earthquakes, and floods may be necessary depending on your location, as regular home insurance typically does not cover these types of events. If your community does not have any regulations, be sure to evaluate the possibility of a catastrophic event. Homes close to fault lines and flood zones should pay special attention to this.
How much do utilities cost per month?
Your monthly housing expenses are equally significant to your mortgage payments. Ensure you know how much the monthly utilities will cost when you tour a house. These can significantly raise your monthly expenses, depending on where you reside and how your home is configured. Verify that the monthly fee you’re receiving is for the most severe weather season.
Has there been any renovation or addition?
You can better grasp what is new, what is old, and what is likely to break down or require repairs by looking at the history of recent renovations. Make sure to also enquire about warranties, as they may help you avoid paying extra money in the event of an issue. Verify that any modifications or additions were finished per the codes. Requesting the certificate of occupancy for the remodeling or addition might be enough to accomplish this.
Ensure that the real estate agent addresses all your concerns so that you make an informed home-buying decision.