WHAT SHOULD YOU ASK BEFORE BUYING A HOME?

What do you do when you fall in love with a house for no apparent reason?

At one point of life, everyone is new to the home buying process… for some it is highly exciting and for some it is a source of extreme apprehension. Whatever the case, we’re all full of questions and doubts!

But how many of them do we really try to clear?! Not many... simply because most of us don’t really know what questions can be termed as ‘beneficial’ or ‘relevant’.

More so, when brokers or agents ask us if we have questions, we know we're supposed to ask something, but what? What kind of questions should we ask before buying a home? What do we need to know about a house?

Before signing the dotted line, one must make sure to get at least the following issued cleared upfront--

Questions to Ask About the Offering Price:

We tend to compare prices of houses in the same tower / neighborhood / locality and even in the same area. But the asking price may have very little to do with the actual value of the home or the price a buyer should offer.

The questions which are necessary to be asked are –

  1.  How much did the current owner pay when he/she purchased the house?

  2.  How much is the current owner asking for?

  3.  How many flats / apartments / homes have been sold in the locality and at what prices?

  4.  Does the current owner have any other offers for the property?

  5.  How long has it been since the property has been in the market – as in since how long does the owner want to sell the property?

  6.  What all does the price include?

Questions to ask About the Condition of the Property:

The condition of the property sometimes is the reason the owner wants to dispose it off!!!

You must have a good idea of the structural defects , if any, or other maintenance related issues before you jump into a deal.

The necessary questions you need to ask are:

  1.  How old is the property?

  2.  What is the ‘foundation’ type?

  3.  Does the home have proper ventilation facilities?

  4.  How old are the appliances and machines – and are they maintained systematically?

  5.  How recently was the house painted? And what is the paint type?

  6.  Is the furniture termite proof?

Questions to ask About the Location:

Location is one of the main reasons we buy or don’t buy a house! And of course, location also influences the price of the property… Homes in desirable locations are worth more than similar homes in locations not so desirable.

So what should you ask about location?

  1.  What are the other types of homes in the location?

  2.  Is the area residential and commercial too?

  3.  What are the demographics of the area and what are the types of people living there?

  4.  Are there any entertainment / shopping / recreational spots?

  5.  Are there any schools nearby?

  6.  How congested is the area?

  7.  Is there a railway crossing nearby?

  8.  What is the traffic like?

  9.  How safe is the area?