If you have planned to buy your new house, that is great news. Congratulations! You are nervous and excited at the same time, right! There are fears about having the wrong house. Hiring a realtor for this purpose is a great idea. But you must know about all the necessary questions you should ask a realtor when you are looking for a new house. Even though you do a lot of research before hunting a new house about the prevailing prices in the market of a house, mortgage, terms, and conditions to be followed, etc.
What will be the desired location for me?
You do have an idea about the facilities you want to have near your house. Make a proper list of those wishes and discuss it with your realtor as he better knows about the areas and opportunities you can have according to your dream. Be clear with one thing that no one can get all on his plate at once. But the realtor can help you to get maximum by your side. Here is the list of general requirements you may consider:
• A well-reputed
• A supermarket,
bank, hospital, and hotels.
• Distance from
the main road.
• Closeness to
Which factors should I consider in a house?
As you are not an expert or professional buyer. You are maybe looking for a fancy exterior and expensive outlook like floor, paint, etc. But the real things you should consider are water supply, heating, and air conditioning. You should check if there is any damage due to water. Because such damages are hard to repair and cost a lot. Ask your realtor what kind of factors you should consider before finalizing your deal.
What kind of terms and conditions should I include in the contract?
Before buying a new house and entering into a legal contract you should have a clear idea about the terms and conditions you are going to mention in your contract. For example, the seller will bear all the expenses regarding closing the final deal. You can add a clause to back out from the deal in case of a house inspection and you are liable for the mortgage or due to any other authentic reason.
Can you tell me about the good inspector, lender, and appraiser?
When you are buying a new house you will need the help of many professionals. Your realtor will be a great source to provide you, such professionals, as he has been working in this field for many years.
What kind of costs will I bear after buying a house?
Paying a down payment is not enough, only you have to bear other expenses also. Like if you have to pay for mortgage, taxes, utilities, insurance premium, and the list goes on. This list sounds scary as you may have no idea about these expenses. Ask your realtor about all those costs you will bear after buying a house so that you can save your money accordingly and can set your estimated budget.
Do you think this house is perfect?
When you like a house and you finally want to buy it. You may ignore the crucial problems this house is having. So ask your realtor to have his opinion as he is a professional buyer. He will explore the property with a microscopic eye. His opinion will help you to make the right choice.
Would you like to buy the same house?
Buying a new house is a huge investment. Ask your realtor will he buy this house or not? If not then why? If there is only a difference of choice then you can buy it. But if the problem is huge like resale price, water damage, location, etc then rethink before buying it. Your realtor knows better which investment will be good.
Why is this property being sold?
You have the right to ask this question as you are a potential buyer. Maybe the house has problems with its infrastructure, or maybe the owner finds this house expensive to maintain, and maybe he wants to relocate. There can be many possible reasons but the reason will give you clarity for a better decision.
What is the sales trend in the area?
You should ask your realtor about the selling trend of property in that area where you are looking for a house. If the selling is easy there you can buy this house with confidence. But if it takes a lot to sell any property in that area then you should avoid purchasing that house or consult your realtor. He is the only person who can guide you right.
Is the price of this house fair?
You should ask your realtor if this house is charging fairly according to its features. Because no one wants to overpay for anything. The best thing you can do to evaluate the price is to look for the same house. You will have an idea about the existing price rate in that area. If your selected house is pricing more than the other houses in the area without having spicy features then it’s a big red flag.
How much will it cost every year to maintain it?
Every house has a maintenance cost. One should go for that house which has a minimum one. You should ask your realtor about the estimated cost to maintain the house.
If it's your first experience then you should select a professional and good realtor who can properly guide you. Or you can research on the internet and ask your relatives and friends to help you out. Because you may not know many things you should consider minutely while purchasing a house. Having a bad deal can lead you to great loss and you will suffer later. To save you from any inconvenience a realtor can be a great source. Try to fix all terms and conditions with your advisor before entering into the process.