Back HomeWhat to ask about before you buy a home
Buying a house in Texas (or anywhere else, for that matter) is one of life’s biggest decisions. It can be pretty daunting, especially when you’re looking to buy a home for the very first time. Adequate preparation is always necessary. This means learning the nuances of the home buying process and knowing what questions you need to ask before you commit to a purchase. These are just a few things you might want to determine ahead of time:
What is your budget?
If you’re thinking of buying a house, the first thing to determine is how much you can afford. Sit down and figure out your finances. Other than the sales price, you’ll need to factor in a lot of other expenses: property taxes, homeowner’s association dues, home insurance, maintenance fees, and renovation costs. Property taxes, for instance, often vary from state to state and may potentially entail a considerable expense that could impact your home buying decision.
By carefully studying the different factors that should be considered vis-à-vis your budget, you can definitively let your realtor know how much you can afford to spend. This will give your realtor the necessary assurance he or she may need and allows you to establish yourself as a qualified buyer. Sellers will also be more confident about accepting your offer.
Why is the house for sale?
Why are the owners moving? The answer to this question can provide you valuable insights on why the house has been put up for sale. Are the owners relocating for new job opportunities? Are they looking to move into a better or more upscale neighborhood? It may be worthwhile for you to check out potential neighborhood issues, such as rising crime rates or a failing school system. The reasons behind the move may play a considerable part in negotiations.
Is the area prone to natural disasters?
What natural phenomena are prone to occur in the area? Will this entail additional costs that you may have to integrate into your budget? Some areas, for example, require flood or earthquake insurance. While paying for insurance costs could cost less than a massive repair bill if the house does get damaged or destroyed by a natural disaster, it’s still something you should know and adequately plan for.
How long has the house been on the market?
If the house has been up for sale for quite some time, you need to get behind the reasons why. Could the home just have been listed during off-season, when they were fewer potential buyers? If it appears to be a great home – at least on the surface – could there be some underlying issues that would make it less desirable? It will never hurt to do some discreet digging.
What, exactly, is included in the purchase price?
Fixtures are usually included in the sale, but do find out what is excluded – maybe that antique chandelier, that lovely stained-glass window or that awesome Sub-Zero wine cooler. This way, if there’s something in particular you want included, you can negotiate to make it part of the deal.
Insurance claims
Secure a copy of the home’s Comprehensive Loss Underwriting Exchange (C.L.U.E.) report, a document that summarizes all the insurance claims filed over the last seven years. This can help you gain some insight into the damage the home may have sustained over the years.
What is the average selling price for homes in the neighborhood?
Checking out how much other homes in the neighborhood sold for will help determine whether the seller’s asking price is on point or too high. Known as comps, these prices can help in negotiations later on.
What renovations were made previously?
Knowing what kinds of renovations were done on the house can help you gauge its current condition and can justify its asking price. Home improvements can help boost a property’s value, while the lack of renovations could be a potential bargaining chip.
What are the neighbors like?
The prospect of moving into a new neighborhood is always exciting, but do check what your neighbors are like. Is it a pet-friendly area? Are you okay with noise? Do the folks next door prefer privacy? Ask potential neighbors things about the community that the seller may not be as forthcoming about.
The process of buying a house in Texas can be rather daunting for aspiring homeowners. Ask the right questions and get all the information needed before you make such an important decision. This way, you’ll be less likely to regret your purchase.
For more expert guidance on buying a house in Texas, contact Berkshire Hathaway HomeServices (BHHS) Caliber Realty. Call 979.694.8844 or email sales(at)bhhscaliber(dotted)com to learn more.
