The most enjoyable part of the home-buying process can be going house hunting. You still need to get good advice from a real estate professional at this phase. To find a lender, a real estate agent may help you with everything from the amount of money you need to put down to any homeowner’s associations in the area.
Which features should I keep an eye out for while I visit properties?
Your real estate agent will be able to direct you toward home characteristics that meet your specifications if you’ve been clear about what you need and want such as where to buy a sliding ladder. For example, an agent would tell you to seek homes with bathtubs in every bathroom if you said to them that you plan to expand your family.
To understand a home’s structure, your real estate agent can tell you what to look for and if any red flags signal a need for significant improvements.
Do you have any recommendations on where I should look?
Your real estate agent will be able to point you in the direction of areas where you can live comfortably. Consider asking your real estate agent for suggestions on where to go so your children can benefit from the best possible educational opportunities. It’s also possible that your real estate agent can recommend places close to nightlife hotspots if you’re looking to buy a home for young professionals.
What is the average price of a home in this part of town?
Realistic estimates of what it would cost to live in a specific neighborhood can be obtained by looking at the prices of recently sold homes. You can use this data to determine whether or not you can afford to reside in a particular place by comparing it to your housing budget (or how much you’ve been pre-approved for). Your real estate agent can point you in the right direction if an area doesn’t meet your budget.
Can you tell me about the resale value of homes in this area?
A home’s resale value is an excellent predictor of whether or not you’ll get your money back. You need to know whether or not you can sell your property quickly and at a price similar to what you purchased. A real estate agent can do the legwork for you in this regard.
What’s the reason for the selling of this property?
Knowing why the present owner is selling their house enables you to better understand their intentions. A speedy sale may be spurred by the sellers moving to another state for a new job that begins soon. If you wish to make an offer on the house, your agent can utilize this information to help you assess whether or not you can negotiate a better price.
How long has this house been on the market?
Generally, the more time a house spends on the market, the more difficult it is to sell. For this reason, even if the home is perfectly fine, potential purchasers may ask what’s wrong with it. Your real estate agent may also provide insight into how much you should bid on a home or whether there is a sense of urgency in the market.
What’s the story behind this house?
You can make an educated choice about whether or not you want to buy a home if you know its sales history and other personal histories. For example, by looking at the home’s previous sales price, you can determine whether the current asking price is reasonable. This could mean you’ll need expensive flood insurance if the house has a history of damage from natural disasters.
You’ll also be responsible for property taxes as part of your monthly mortgage payment. To understand the property taxes you’ll have to pay if you buy the house, you should check its tax history.
Is there anything wrong with this place?
With your first-time homebuyer’s lack of knowledge, you may be unable to identify potential issues like an old water heater or an unfinished cellar with a radon problem. Fortunately, your real estate agent is there to help. Finding out whether there are any issues will allow you to decide whether or not you want to forward with an approach and how to resolve any possible problems in the offer.
What are your suggestions for concessions and contingencies?
In real estate, seller concessions are settlement costs that the owner will pay on behalf of the buyer. For first-time homebuyers, having the seller cover some of the closing expenses can be highly beneficial.
In contrast, contingencies are the requirements you place on your offer that must be met before it may be accepted. You get your eager money back if the house sells to your conditions and the conditions aren’t met. You’ll need to deposit a certain amount of money with your offer to indicate that you’re serious about purchasing the property.
The advice of your real estate agent might help you decide whether or not to ask for concessions or what, if any, conditions to place in the contract. Depending on the property’s age, an agent may advise you to make your offer conditional on the home clearing an inspection.
What’s a fair price to ask?
Most likely, your real estate agent has helped several other clients put in offers on homes, so they know what works and doesn’t work when making an offer. They can help you come up with a reasonable offer with the best possibility of being accepted by using numerous aspects such as sold items, what other homes have sold for, and the home’s overall condition.