Are you in the market for a house?
While every person and house is different, there are some things that don’t change. For instance, every prospective buyer will always have questions about the home buying process.
We’ve got the most common real estate questions asked by buyers so you can be prepared with the answers you need to close the deal.
Let’s get started!
Financial Real Estate Questions
Money is an important part of life and a major part of every real estate transaction. Many of the questions buyers have will have to do with the financial aspects of the undertaking.
Some of the financial real estate answers that buyers will want may include:
Does the House Have a Mortgage?
An interested buyer is going to want to know what kind of financial debt is associated with the house. This may include questions about the current mortgage or whether there are any liens on the property.
They’ll also want to know what kind of restrictions are on the property for building, changing, or developing as they wish. No one wants to spend hundreds of thousands of dollars for their dream project only to learn they can’t build what they want on the land they’ve just paid for.
What Are the Property Taxes?
Another of the expenses that most buyers are curious about before signing on the dotted line is the amount of property taxes. No one wants to be shocked when the property tax bill comes in and it is a lot higher than expected.
What About Commissions, Inspections, Fees?
Before entering negotiations or putting an offer in on the house, a buyer will want to know all the expenses associated with buying this property. These include the commissions, inspections fees, and other expenses they’ll have to shell out before moving in.
Almost every buyer will have some questions about the state of the house they are considering. While they can walk through it a hundred times themselves, there is some information you just can’t determine by simply attending an open house.
Lights, Camera, Action: What’s up with Electrical Matters?
Most buyers will want to know more about the electrical system in the house. Inquiries about when it was installed, any problems, repairs, or issues are to be expected.
They will most likely want to see the fuse box or circuit breaker for a better idea of what they’re dealing with. Most people will inquire about the details of a house inspection and if one hasn’t been done, will either negotiate that into the terms or get one themselves before closing.
Have Any Repairs or Upgrades Been Done to the House?
They’ll want to know when repairs and replacements were done on the house. The roof, plumbing, basement and everything in between.
Are There Any Water Issues?
These may include:
- Are there water pressure issues?
- Is the house on well water or city?
- Is it on a septic tank or sewer system?
- Have there been any leaks, flooding, or situations to cause mold?
- Are there any water flooding issues in the residence or on the land?
Any issues with standing or flooding water may not be apparent at the time of year the house is being sold. It’s important to have full disclosure into any water issues prior to making the commitment to buy a property.
Ask These Real Estate Questions Before Committing Yourself
Asking the right real estate questions now could save a buyer a great deal of money and headaches a couple of months or years down the road. And as a buyer, you now know the kind of questions you need to ask.
For more information on real estate and property management, keep reading our blogs!