Questions You Should Ask When Buying A Home ##BEST##
Factoring in insurance costs on your potential new home should be a top priority, as they can add a significant amount to your monthly payments. Your lender will require you to have a homeowners insurance policy, but sometimes that might not be enough to protect from the unique risks you face where you want to live.
questions you should ask when buying a home
These questions are a great resource to keep in your back pocket when looking at a home. Bring a checklist before going to a viewing or meeting with your realtor and make sure you get answers to all these important questions before negotiating on a house.
Your real estate agent should be present at any property you view, so they can get a better understanding of what you like and dislike about the home. They can also answer many questions, as well as give you advice on whether the house is a good fit based on your wants and needs.
If you have a spouse or partner, they should attend a viewing. In some cases, you may decide to go alone to the first selections your real estate agent shows you, then narrow down the options to two or three strong possibilities. Though this seems like it would save time by eliminating homes that are an obvious no-go, seeing these poor fits can help spark important conversations with your partner about what you really want in a home. For that reason, it's ideal for both of you to look at every house.
When attending a scheduled viewing or open house, it's best if you don't bring your children. Younger kids can become bored and need attention at a time when you should be focused on looking critically at each home. Even older children should only look at the houses you deem to be front runners, as they can get excited about features that aren't on your list and then be disappointed that you didn't, for example, choose the house with the swimming pool or the loft in the kids' room.
You should also have a good idea of your preferred locations and stick close to those areas when looking for properties. While you can make updates and renovations to the house, you can't change the neighborhood.
Fixtures like faucets and built-in closets should stay with the home, but you can ask to make sure. Appliances, chandeliers, drapes and outdoor sheds or play structures sometimes stay with the home, but may also be taken by the seller.
We offer a variety of mortgages for buying a new home or refinancing your existing one. New to homebuying? Our Learning Center provides easy-to-use mortgage calculators, educational articles and more. And from applying for a loan to managing your mortgage, Chase MyHome has everything you need.
Whether you're determining how much house you can afford, estimating your monthly payment with our mortgage calculator or looking to prequalify for a mortgage, we can help you at any part of the home buying process. See our current mortgage rates, low down payment options, and jumbo mortgage loans.
Not sure what questions to ask when buying a home? Be sure to download my FREE home buying workbook over at How to Buy a House in 12 Weeks. Also, be sure to check out the first 10 questions you must ask before buying a house.
So I wanted to write a follow-up with even more questions you must ask before you buy a house! So be sure to read PART 1 of questions to ask when buying a house. And to get all 30 questions, enter your name below to download the first time home buying checklist.
This is a hugely important question to ask when buying a house. The presence of certain substances can pose a threat to the health of you and your family and may even mean your dream house is not worth the risk.
Asking about the neighborhood is a big one. In fact, the quality of the neighborhood was the main reason recent home buyers (58%) chose their neighborhood.3 To give you an idea of what most home buyers care about when choosing a neighborhood, check out how these factors ranked below.
If you have specific questions about buying a house in your area, find a real estate agent. You can find a great one using our Endorsed Local Providers (ELP) program. Our ELP team finds and connects you with the best-performing agents across the nation who actually care about your budget and understand your needs.
Buying land is easier than other real estate purchases. However, there are some things you need to know and look for when getting ready to buy land. Be sure to ask these 15 questions before moving forward with any land transaction, they will cover what you need to know about buying land and things to look for before you buy!
Residential: Build it how you want, when you want. Customize your next home or vacation getaway. Bring in a manufactured design. Plant a tiny home with a garden to boot. Home is wherever you want it to be.
Financial goals are unique to each individual. For some, buying a dream home could be a top priority. For others, providing for kids' college educations could be more important. For others, a financially secure retirement could be the number one goal.
Start with your down payment for the home. You should be prepared to cover at least 20% of the purchase price. Even if you find a lender who agrees to less than 20%, such arrangement could force you into less favorable loan terms and require you to pay for property mortgage insurance (PMI) to cover the lender's risk.
In total, you should expect about 25% of the cost of the home to come out your pocket, so that's how much you need to have liquid and readily available. Can you afford this upfront cost? Are you ready?
When I was buying my first home, I got this advice from a more experienced family member: "A home comes with a baggage of costs such as the mortgage, property taxes, home insurance, maintenance, repairs and the like. Pay careful attention to these expenses as this could impact your future cash flow."
For example, if you do not itemize your deductions and choose to take the standard deduction instead, you get no tax benefit from home buying. Second, even if you decide to itemize, only the interest portion of your mortgage payment is deductible, not the entire amount. Third, property taxes are not deductible in the alternate minimum tax (AMT) method of tax calculation. Lastly, home-related tax breaks are deductions, not credits. In other words, how much you save depends on your marginal tax bracket. (See Tax Breaks for Owning a Home.)
If you are not sure about the answers to these questions, now is the time to do more research or seek professional help. Don't make your home-buying decision with an assumption that you get huge tax breaks.
To help you get this essential show-and-tell session rolling, here are a few important questions to ask a home inspector that will help you size up a house yourself, and keep it in good condition for as long as you hang your hat there.
If you're the new owner of a home with a water well and you've never had one before, it's your responsibility to maintain you wells health and functionality. While the EPA regulates public water systems, private wells are completely the responsibility of the well owner. Annual testing is recommended, including an inspection of your water system and components. You should have as much background information on your well as possible including prior test results, the original drilling report and any other information on your system.
1. According to your original well log, is your well a drilled well? If it's not drilled, what was the original method of construction and is it up to your communities current standards and codes?2. According to your well log, when was your well drilled, how long has it been in service?3. How deep is your well? This can also be found in your well log or can be determined through inspection by a well water professional.4. Were you given well records when you purchased the home?5. Do you have an original well log, prior and current water testing results, and maintenance records?6. According to your maintenance records, how often has the well been inspected in the past?It's important to have a record of all service, testing and preventative maintenance performed on your well.7. According to your maintenance records, how often was water quality testing performed on your well? The EPA recommends annual testing for contaminants including fecal coliform levels, nitrates/nitrates, and chlorides. Speak with your well water professional to determine if other tests are necessary. If you notice any change in the color, odor, or flavor of your water, have it tested.
19. Is there any visible corrosion at the pump fittings and/or your pressure tank?20. Have you tested your pressure tank? Your pressure tank should be periodically tested for pump cut-in pressure, cut-out pressure, and the pressure differential.21. How long does it take for your pump to go from the low limit to the high limit with no water turned on or running in the house?22. Does your home have any point-of-use or point-of-entry water treatment systems? If your home includes a water treatment system, it requires periodic maintenance include changing filters, recharging chemicals or replacing UV light. Make sure any information about your treatment system is recorded in your maintenance log.23. Have you recently tested your well for contaminants including bacteria, nitrate/nitrite, lead, arsenic, radon, VOCs or any other contaminants?
Asking the right questions and understanding the health of your water system is important. With proper maintenance and testing, a private water well can be an excellent, affordable source of pure, clean drinking water for many years. If you have any questions about your water well, the documentation your should maintain, or any other information you may need, feel free to give us a call! At Skillings and Sons, we're experts protecting and maintaining the water supply and systems of our Massachusetts and New Hampshire clients. We're always happy to help! 041b061a72