What are the questions to ask when buying a house? Buying a house is one of the best ways to achieve financial independence. A home is a generational wealth that builds a solid financial foundation for the family. Those who rent houses have less money to save and invest than people who own homes.
Knowing the right questions to ask a seller when buying a house helps you find an appropriate property. You need to know some vital facts about the place to determine whether it suits your needs or not. Ask as many realtors as you can the same questions and compare their responses.
Top 10 important questions to ask when buying a house
Create enough time to see the house in person. Some realtors exaggerate the information they provide about the property on sale. Learn the signs of these fraudulent real estate agents and avoid them like a plaque. What questions should you ask before buying a house? These are the 10 basic questions to ask when buying a house:
1. What is your budget?
Owning a house comes with extra costs in developed countries and cities in Africa. Besides the house's selling price, check the property taxes, homeowners association dues, outstanding mortgage loans, realtor fees, homeowners insurance, home maintenance expenses, and more.
2. Where is the property located?
Research about the house's location to determine whether it is located in disaster-affected zones or not. Areas that are prone to floods, fire outbreaks and other natural calamities are no go zones. Is it near essential social amenities like schools, hospitals, shopping centres, private security agencies, police stations, roads and more?
Consider your lifestyle and goals. Can you start your dream business at that location? If you plan to settle for good and find a job, establish the location's economic growth rate and future employment opportunities.
3. Why is the homeowner selling the property?
Investigate what is compelling the owner to sell the property and when they will vacate the home. The information helps you to estimate the home's payment duration. Do not rush into buying a house lest you buy one with outstanding loans that the seller won't disclose to you.
4. Does the house need renovations?
Determining the repair expenses you are likely to incur after buying the house helps you negotiate a reasonable cut from the selling price. Some homeowners promise to take care of renovations instead of giving you a discount. Therefore, allow them to repair the house before engaging in any money-related transactions.
Knowing past insurance claims made by the seller helps you estimate the rate of vandalism the house has been exposed to so that you make adequate vandalism inspections and estimate the repair costs.
5. What other assets are included in the selling contract?
Some homeowners sell their houses, including appliances and furniture they do not wish to bring to their new homes. Essential ones include the HVAC system, the garage, storage area, and laundry area equipment.
Establish the condition of these assets before buying the house. Do they need repairs, and does your family need the assets? Understanding sellers won't force you to buy these extra assets.
6. How is the neighbourhood?
Choose a house located in a neighbourhood that has a friendly culture. Are the neighbours noisy or quiet? You should also consider a pet-friendly community if you are a pet lover. Have a chat with the neighbours whenever you come for house inspection and observe how they treat one another if possible.
Find out the crime rates, traffic, school ratings, parking and any other community-related thing that will affect your stay at the new house.
7. What is the cost of other houses in the neighbourhood?
Determining the selling price of other homes in the area helps you estimate the selling price for the house you are interested in. The realtor will not overcharge you if you know the average selling price of homes in the region.
8. How long has the house been on sale?
A house that has stayed on the market for a long requires a thorough investigation. Why are people not buying the property? Be assured that people were interested in it but backed out of the deal. If the reason behind not being on the market for long does not bother you, take this chance to negotiate a lower selling price.
9. Are there title deed complications?
Let title deed issues not catch you by surprise. Know the landowner of the house is standing on before you take out a dime to pay for it. If you want to buy the land and the house, deal with the land ownership transfer and buying issues that take care of purchasing the building later.
10. How will you pay for the house?
Are you paying directly to the seller or through a third party? The second option is more expensive than the first. Some sellers allow buyers to pay in instalments, which is more costly than paying a lump sum. You should also find out how to get a mortgage and whether you qualify for the loan.
If you are still interested in buying the house after thinking through the information you just gathered, ask yourself, "what do I need to buy a house?" You will need a home inspector, a good credit score for a mortgage, a tax expert to deal with tax-related issues, and a lawyer to handle legal stuff like the buying contract.
Hope these ten essential questions to ask when buying a house will help you identify the best home to purchase. You will get what you want if you focus on your goal, implement better saving methods, and work hard.
Yen.com.gh shared photos of Ghanaian female celebrities and their houses. The country has many brilliant and visionary beauty queens. These female celebrities have invested in posh mansions. Their homes will inspire you to work harder enough to own similar ones in future.
Gone are the days when women left property ownership to men. Who told you that you should not own a house whenever you are single or married? Reject those backward ideologies and buy a home if you are financially capable. Ghanaian female celebrities are doing it, and so can you.