Best Questions to Ask When Buying a House

What is your total budget?

Determining your budget for a new home is a fundamental step in the house-hunting process, ensuring a realistic approach to your financial capabilities and limitations. Before immersing yourself in the enticing world of property listings, it’s imperative to ask, “What’s my total budget?” Consider all the potential expenses associated with homeownership, including property taxes, insurance, regular maintenance, and any desired renovations. A practical guideline to consider is ensuring that your monthly mortgage payments do not exceed 25% of your take-home pay. Adhering to this rule provides a comfortable margin in your budget, allowing sufficient monthly funds to allocate towards savings and other investments.

How much do homes go for in the neighborhood?

Knowing the prevailing selling prices of homes in the area is crucial when gauging the fairness of a seller’s asking price. Consulting your real estate agent to gather data on recently sold properties and current listings within the neighborhood can provide a solid benchmark for comparison. If the market conditions allow for negotiation, consider presenting a lower offer or requesting concessions, such as the seller covering a portion of the closing costs, to ensure a more favorable deal.

What’s included in the sale?

When purchasing a house, it’s essential to clarify what is included in the deal. While fixtures like cabinets, appliances, and built-ins are typically part of the purchase, there might be items that you assume are included but are not, contingent on your state’s regulations. Avoid the disappointment of discovering a void in the kitchen where the refrigerator once stood by proactively addressing these details before finalizing the agreement.

Are there any existing issues with the house?

When buying a house, it’s crucial to consider hidden hazards like lead paint, radon, and mold, which can be expensive and delay loan approval. Despite sellers being obligated to reveal known defects, a professional home inspection remains crucial for assessing the home’s condition and negotiating repairs or credits before closing. A comprehensive assessment is key to uncovering potential undisclosed issues, enabling informed decisions and possible negotiations for a better deal or necessary repairs.

Buying a home in San Diego, CA.

We hope you found these questions helpful as you begin your journey to securing your first home. At Community Mortgage, we are all about educating homebuyers and empowering them so that they can navigate the home-buying process with confidence. Our team of professionals knows the ins and outs of it all and is more than happy to provide you with additional support. Reach out to San Diego’s top-rated mortgage lender. Click here to get connected with one of our home-buying experts.