Ask yourself these questions.
1) What is my total budget? Including additional expenses such as property taxes, homeowner insurance and any improvements you might want to make. Be sure to get a pre-approval letter for a mortgage before you start your home search. This is a must do so you know what’s available to you. Plus, a must when putting in an offer.
2) Is the home in a flood zone? Flood insurance is very expensive. Your agent can help you with this.
3) Why is the seller leaving? It might help you get a better deal depending on how motivated the seller is. Or it might give you insight that will help with your offer i.e., do the sellers need any occupancy after close.
4) What’s included in the sale? Appliances? Window coverings? Wall mounted TV? Be sure to list these items in your offer.
5) What are the renovations you think may be necessary? What renovations have the sellers made. And of course, always have a home inspection for your protection.
6) Age of the roof? They are obviously necessary AND expensive. Your home inspector should be able to help verify the age and condition.
7) Age of appliances, especially the furnace and A/C. These are expensive items to replace or repair. Is there a home warranty offered? If not, you may want to get one yourself depending on the age and condition of the home and appliances.
8) How long has the property been on the market? The longer on the market (DOM) the more motivated the seller may be. It may also indicate that the property is priced too high.
9) How much have competitive properties sold for? Your realtor should do a Competitive Market Analysis (CMA) for you to help determine value.
10) How is the neighborhood? You know what they say about real estate – Location, Location, Location! Plus, other factors to consider; the school system – even if you don’t have children in school. It can affect a property’s value. And what’s your commute time to work? Are parks, restaurants, shopping, important to you? If so, how convenient are they.
In conclusion, your agent should be able to provide you with answers so you are able to make the best decisions for you and your situation!
