Purchasing a new home is a big deal. Don’t like anyone tell you otherwise. As a potential buyer, you should ask as many questions as you’d like (even if it is a seller’s market). And, guess what? In a buyer’s market, you’re in the driver’s seat. Take advantage of it – you can afford to be choosy.
Ask the Realtors
1. Ask for a disclosure sheet. A disclosure sheet includes material facts that might affect a buyer’s decision to purchase a property. Some states do not require the sellers to provide a disclosure sheet. Even if this is the situation in your state, at a minimum ask the realtor if there are any known defects about the property, neighborhood, and general location.
2. Ask for a listing sheet. Disorganized realtors will not provide you with a listing sheet. The listing sheet will include all of the property’s basic information (age, square footage, # of bedrooms, # of bathrooms, garage, heating / cooling system, assessed value, property tax).
3. Even if you do get a listing sheet, some information will be omitted. For example, many sheets indicate there is a Home Owners Association but in the field for Association Fees, it will be conveniently blank. If the realtor does not know off hand, ask her to get back to you. You have a right to know how much this purchase is really going to cost.
4. It seems silly but you if are new to the area, just ask. How far is the landfill? You don’t want to purchase your “dream home” only to discover it is in the most undesirable location within 50 miles.
5. You know the age of the property. But what about the major appliances, the septic system, and the water heater?
6. Does the property abut conservation land? This is generally a major plus unless you have plans to expand. If this is the case, you may have to obtain permission for the body of governs the surrounding conservation land. Your realtor will have details on the process but asking an attorney is always recommended.
7. Check the basement for evidence of flooding. Water stains and rust around the metal supports are indicators that flooding is an issue. A sump pump will also clue you in. If the sellers tons of stuff in the basement, chances are that you needn’t worry about flooding. If you’re not sure, ask.
1. Is there road noise? If so, does it bother you? Even if it doesn’t, will the noise be a detractor when you are ready to sell?
2. Do you like the neighborhood? How do the neighbors take care of their properties?
3. What are the area crime statistics? School statistics? Costing of living? Project economic growth?
4. Is the property at the bottom of a hill? Could flooding be a concern?
5. Is the property at the top of a steep hill? Snow and icy driveways may be a potential problem in the winter.
6. Does the home get enough sunlight?
7. What features (granite counters, hard wood floors, different color carpet, etc.) is the house missing that your dream home should have? What are the costs for adding those features later?
8. What are the things you dislike about the house? Can those things be changed?
9. Any signs of erosion near the deck or foundation?