Buying a Home? Here are 10 Must Ask Questions

Written by Posted On Friday, 18 August 2017 09:14

Buying a home is never easy. It is a huge investment that will tie you up financially and emotionally to a piece of property. You must make sure that you have a list of questions to ask the broker or seller before finalizing a deal to ensure that you won’t be left with the short stick of the bargain. Here is a list of 10 Must-Ask Questions When Buying a Home and why you should ask them.

Was the house involved in some sort of crime or have an unusual history?

A death, murder, or suicide in a home must be disclosed by an ethical seller or broker, as well as whether the home has appeared in a movie, commercial, or magazine. Negative history will make the house difficult to sell and being in a film or public media may mean a future compromise in privacy.

Will it be okay to have the home’s sales history?

How many hands your future home went through as well as previous sales values are all important data that should be disclosed to you. This will give you an idea of the local real estate’s value fluctuations and how the property performed during shifts in the market. This is a powerful negotiating information should you wish to let go of the home in the future.

How much is the monthly upkeep in terms of utility cost and maintenance?

The monthly bill for power, gas, and water that the house consumes should be disclosed. The last thing you want is for the cost of maintenance to be way over your mortgage.

How expensive is the property tax?

The home’s property tax will be based on the house’s value but it is still helpful to know how much the current owners are paying since this can be a substantial amount.

Are there still warranties on the HVAC system, kitchen appliances, garage door, and anything else that matters?

Documentation of the above will save you a lot of money in the event that you will have to have any of those replaced or repaired.

Did the current or previous owners make additions and/or renovations?

Asking for the receipts or documentations of the upgrades will give you an idea how much you will need to shell out if you want to create similar additions and upgrades as well as who are the contractors to contact.

Are there any parking restrictions around the property?

The last thing you want is for your guests’ vehicles to be towed away when they attend your housewarming party! Ask about parking permits that may be needed, ask to see the garage, and if there is no garage, see if you will have space to park aside from the driveway.

Are there broken pipes that have been repaired or did the sewer have any issues?

Do you know that approximately 22% of all home insurance losses are about cost incurred for replacing broken pipes? You may want to have the pipes checked by an inspector too.

Are there any past or present pest infestations of any kind?

Pests tend to come back even after successful eradication so a pest history is an important detail of a house’s history. Better know now than find out the hard way.

How old is the roof?

A roof replacement can easily cost about $10,000. It is best to know when you may need to spend that amount for a replacement.

Visit the Goodale Miller Team Luxury Real Estate Blog here.

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Brad Miller

The Goodale Miller Team: A group of Oakville Luxury Real Estate Professionals that operate on a philosophy of honesty, integrity, and results.

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