Questions to Ask when Buying a Resale Home
Buying a resale home can be an exciting but complex process. Here are some important questions to consider when purchasing a resale home:
What is the condition of the property?
Ask about the age of major systems like the roof, HVAC, plumbing, and electrical.
Inquire about recent renovations or repairs and request documentation if available.
Are there any known issues or defects?
Ask the seller if there are any known problems with the home.
Ask for a copy of the Seller's Disclosure to identify any known potential issues.
What is the neighborhood like?
Research the neighborhood for safety, amenities, schools, and future development plans.
Visit the area at different times of the day to get a feel for the community.
What are the property taxes?
Inquire about current property tax rates and any recent increases.
Understand how property tax assessments are conducted in the area.
How negotiable is the price?
Ask if the seller is open to negotiation and if there is room for adjustments in the price.
Consider market conditions and comparable sales in the area.
What is included in the sale?
Clarify which appliances, fixtures, and other items are included in the sale.
Confirm if there are any exclusions from the sale.
How long has the property been on the market?
Determine how long the home has been listed for sale.
If it has been on the market for a while, it may indicate potential issues.
What are the monthly utility costs?
Ask for average utility costs, including electricity, water, gas, and trash removal.
This information can help you budget for ongoing expenses.
Has the home had any recent appraisals or inspections?
Request any recent appraisals or inspections that have been conducted on the property.
This information can provide insights into the condition and value of the home.
What is the reason for selling?
While not always disclosed, understanding the seller's motivation can sometimes be helpful.
It may influence negotiations or provide insights into potential issues.
What is the history of the property?
Inquire about any major events or issues in the home's history, such as floods, fires, or structural problems.
Home Warranty
Check for an existing home warranty and if it can be transferred to you. Consider purchasing a home warranty for added protection.
Remember to consult with a real estate agent and legal professionals to ensure you have all the necessary information and protection during home-buying.
