Buying a house is probably the single most expensive and smartest investment you can make. But as you may well be aware, it can also be scary. “Caveat emptor,” or the age-old principle of “buyer beware,” puts the responsibility on the buyer to know the quality and the risks that may be associated with a product before purchasing it.
To avoid regrets and maximize the enjoyment you get out of your purchase, here are four questions you should definitely ask the seller before buying that house:
- How much did you pay for the house?
One of the first things you should know right away is the past and present value of the house for sale. Thus, you need to know how much the previous owners paid for the house compared to their current asking price. It’s also important to know how long the house has been on the market. These pieces of information can give you leverage for negotiation. You should also find out how the seller arrived at the current property price and do your due diligence to see if their numbers match the property’s fair market value.
- What is the house’s overall condition?
No matter how beautiful and spotless a house appears to be, potential buyers should never fail to inquire about the foundation and maintenance of the house.
Key questions should include the following:
- What was the routine maintenance of the home?
- When was the roof or the house’s ventilation system last cleaned or repaired?
- Has the home undergone major renovations?
- How old are the appliances, if they’re part of the purchase?
You should also take a keen interest on the structure itself – make sure that the plumbing is intact and that the electrical system meets safety standards. Negligence can send you into an excruciating money pit, not to mention put your personal safety at risk, so it’s important that you know every little detail about the house’s overall condition.
- How is the neighborhood like?
As a buyer, you want to make sure that your quality of life is maximized upon moving in. Even the most sophisticated of homes will induce buyer’s remorse if it’s located in a bad neighborhood.
Any inquiries about the following should be fair game:
- The community
- The present crime rate
- The police department
- The school system if you are moving in with kids
Buyers should know all kinds of nuisances and problems that occur or might occur in the neighborhood. Find out if a noisy neighborhood or transportation system may have something to do with a seller’s decision to put their house on the market. The same factors can affect not only your enjoyment of your purchase, but also the value of the property should you decide to sell it in the future.
- What are the pros and cons of living in the house that I should know about?
Asking this question presents a real opportunity for you to find out what the seller considers the property’s best features and what they think is its downside. From there, you can start to think about whether or not you want to proceed with the purchase.
Shopping for a South Bay residential property like a condo? Check these questions to ask before buying a condo. If you’re thinking of moving to the area, don’t hesitate to contact 3 Leaf Realty. We are thorough and reliable, and will help you secure the home you’ll be happy with. Call us today at (310) 546-6300 or email realtor(at)3leafrealty(dotted)com.