Four Important Questions To Ask Before Buying A Home

So you think you’ve found the right house — that dream property you’ve been waiting for. You got that fluttery feeling when you stepped inside the doors, and it seems to check all the boxes. But is it really the right one? Should you put down an offer and start booking those movers? How can you be sure either way?

Naturally, you want to be careful when buying a home. After all, it’s a big investment. You’re paying hundreds of thousands of dollars, and you’ll likely spend years, maybe even decades, living on the property.

Though there’s no hard-and-fast formula for determining if a house is "The One," there are some questions to ask when buying or even considering a house. Think you might have found the right property? Then sit down with your co-buyer, your agent and, eventually, your inspector, and ask these important questions before moving further.

Questions to Ask When Buying a House

You’ll definitely want to consult a pro along the way, but before you get too far into the process, sit down with your co-buyer (if you have one), and make sure you’re eyeing the right property first. Ask yourself:

1. Does the home meet all the criteria for both of you?

We see that many buyers are surprised to find they don’t completely agree on properties with their purchasing partner. Make sure to sit down with yours and have an open, candid conversation about the property you’re considering. Does it meet both your needs, size-wise and taste-wise? Does it mesh with your future plans? Are there any deal-breakers?

2. Can you afford it?

If you haven’t already, get preapproved with a mortgage lender. This will give you a maximum price range to work with, as well as help you gauge your down payment amount. Does the home you’re looking at fit into this range? Do you have enough savings for the down payment? If you’re not sure, talk to your loan officer or use a mortgage calculator for the full breakdown of costs, including down payment, closing costs and your expected monthly payment.

3. Do you like the neighborhood?

Unless you’re moving to an island or super-secluded estate, you’ll want to carefully consider the neighborhood the home is located in before buying. Drive around, get a feel for the neighbors, and gauge what businesses and establishments are there. Does it seem safe? Are there kids for your little ones to play with? Are there plenty of grocery stores, restaurants and parks for you to utilize? You can check out crime stats online, or even walk around and ask a few of the neighbors about the area.

4. Will it need any work?

To truly answer this question, you’ll need to consult your home inspector, but at first glance, do you think you’ll need to put any work into the home to get it to your liking? Does it need all new blinds or carpeting? Will you need to paint all the walls? Do you hate the countertops and know they’ll need swapping out? Jot all these changes down, and get an estimate for what they’ll cost. You’ll want to factor these added expenses (and work) into your final decision as well.

If, after asking yourselves all these questions, the home still seems to fit the bill, it’s time to get a pro’s opinion and talk to a real estate agent.

Four Important Questions To Ask Before Buying A Home curated from Forbes - Real Estate