10 Questions To Ask When Buying A Home

Buying a home can be fun – or it can be no fun at all. Whether you enjoy the process or not really depends on planning. If you plan ahead by asking yourself a few questions, you’re sure to find your dream home and have fun in the process.

If you’re thinking about buying a home, it’s important to answer these 10 questions. Having the answers to these questions will make the home buying process easier, and can help ensure you choose a new home that is perfect for you.

1. What Kind Of House Do I Want?

It may sound like a simple question, but answering it can sometimes surprise you. Are you really only interested in ranch style homes because you don’t want to climb stairs for the next 30 years? Would you prefer a brick home so painting isn’t as big a chore? Do you want a house with a lot of landscaping to take care of, or is a house with low maintenance grass better for your lifestyle?

2. Where Do You Want To Buy A House?

Location is a critical part of choosing the right house. When considering the location where you’d like to buy a house, keep the school district, distance to shopping, driving time to work, crime in the area, and more in mind to narrow down your choices of location.

3. What Are Your “Gotta Have” Requirements?

Do you need a basement? Is an attached garage a must? Do you really need granite countertops, or can you live with laminate ones until you can replace them later? Come up with a list of your “gotta have” requirements so you’ll know exactly what you absolutely, positively need in your new home.

4. What Are Your “It Would Be Nice To Have” Features?

In addition to listing your “gotta have” requirements, make a list of your “it would be nice to have” features. You’d like to have a swimming pool, but is it a deal breaker if a home you love doesn’t have one? This will help you keep the homes you like on your “maybe” list, even if they don’t have all of the features you think would be nice to have.

5. Interested In A Fixer Upper, Or Want Move In Ready?

Are you willing to put in a little hard work to spruce up a home you think would be perfect, or are you only interested in move in ready homes? Sometimes a home just has a few issues to overcome to make it into your dream home. Will you do the work, or would you rather sacrifice requirements and features in order to purchase a move in ready home that requires no work?

6. How Much House Can You Afford?

Here’s where a visit to your chosen mortgage company and a pre-approval letter come in handy. You’re wasting everyone’s time if you’re wandering around looking at and falling in love with houses if you don’t already know how much house you can afford. Get pre-qualified for a loan first, so you’ll know which houses to look at and which houses to pass by.

7. How Much Do You Want To Spend?

Just because you can qualify for a $500,000 mortgage doesn’t mean that’s what you want to spend. Ask your potential mortgage company for information on how much payments will be in different price ranges to determine exactly how much you’re willing to spend for your new home.

8. How Much Are You Willing To Pay In Extra Closing Fees?

Sometimes sellers are willing to pay closing costs, and sometimes you’ll have to pay this bill. Find out what fees your mortgage company will require at closing so you’re prepared to write a check – or you’re prepared to negotiate the seller into paying these fees. You won’t be able to negotiate it unless you have a firm idea of what your closing costs will be, so find out. There are tons of potential closing costs to consider, including points, escrow fees, title insurance, PMI, recording fees, credit report fees, loan origination fees, underwriting fees, processing fees, commissions, and more.

9. Real Estate Agent Or No?

Are you going to seek real estate agent representation, or are you going to buy a home yourself without representation? There are benefits to both. Having a real estate agent will make the home buying process easier, but commissions can increase the amount of money you’ll pay for a home at the closing table. Buying a house yourself without a real estate agent will save you money on commissions added to the price of a home, but you can risk your finances by buying a house without an expert depending on the home you choose.

10. Are There Any Restrictions Or Regulations?

Once you start looking at houses, you’ll quickly narrow down the choices. That’s when it’s time to start looking at specifics, including whether there are any restrictions or regulations attached to a home you’re interested in buying. For example, find out whether there is a homeowners association with regulations that will prevent you from putting up that backyard greenhouse you’ve always dreamed of having. In addition, find out about restrictions such as easements and zoning issues.

By answering these questions, you’ll be well on your way to buying a home that suits your taste, lifestyle, needs, and budget.

Shelia Konecke is an experienced real estate investor who buys and sells homes for We Buy Ugly Houses Washington DC and has worked with numerous home buyers and sellers throughout the Washington DC, Maryland and Northern Virginia areas.

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