With home prices dropping due to economic concerns, we saw sales pick up in April after a dismal March. With that said, if you’re looking to get into a home and have the financial security to do so, now is the time to seize a deal.
Don’t let dropping prices lead you to rush into a purchase though. There are several important questions to ask when looking at a house that you should come up with great answers to before putting your name on any dotted lines.
Below, our team boils down what we think are the five most important things to think about when you find a home that could be the one.
1. Is This Home Within My Budget?
If a home you’re looking at isn’t within your budget, you should either feel confident that you can talk the seller down or you shouldn’t be looking at the home at all.
You needn’t think back any further than the 2008 housing crash to see the kind of trouble people can get in when they overextend themselves on a house, particularly with variable interest rates.
2. Are Natural Disasters a Concern?
Most people don’t add natural disasters to their list of questions to ask when looking at a house. That’s a huge mistake because if you’re in a disaster zone, you stand to lose everything in an instant.
And don’t think that you’ll just buy flood insurance if you’re in a basin or earthquake insurance if your house is on a fault. Insurance companies are savvy and either charge exorbitant rates for disaster coverage in disaster zones or don’t cover those areas at all.
3. What Would Need to Be Fixed?
What you pay when you purchase your home may not come close to what you’ll end up paying. Doing things like fixing old pipes, replacing roofs, redoing electricity and the like can cost new homeowners thousands of dollars in unexpected expenses.
Get ahead of these expenses by having a home inspection done before making a final offer on a house. Alternatively, you can buy turn-key, furnished living spaces from providers like homelinkcincinnati.com which can help take some of the miscellaneous expenses out of the buying equation.
4. Can I Live in This Neighborhood Long Term?
“Location, location, location!” That’s an old real estate saying that holds up because while you can fix your home, you can’t fix your neighborhood. Make sure where your house is at is somewhere you could live in for the foreseeable future.
If your area is on the decline, avoid making a buy as your property’s value will drop.
5. Is Now the Right Time to Buy?
You never want to buy a home when real estate bubbles are inflated. Fortunately, we foresee home prices becoming more competitive over the next couple of years due to financial fallout from COVID.
Consequently, now may be the best opportunity to pounce on a purchase that you’ll come across for a long time!
Knowing the Right Questions to Ask When Looking at a House Lets You Buy With Confidence
There are several questions to ask when looking at a house that can help you form a reasonable decision on whether or not the home you’re considering is right for you.
We hope our questions help you frame discussions that you’ll have with your family and yourself while shopping. Should you need additional guidance, feel free to explore more content in our blog.