9 Great Questions to Ask When Buying a House

There are many factors to consider during the home buying process. After all, buying a home most likely will be the biggest purchase ever in your life.

However, after owning six houses, three of them being flipped investment properties, I wish I would have done things very differently my first time around. So, learn from my mistakes, and be sure to ask these eight important questions when buying your first or next house.

This question may seem to be the most obvious every potential homebuyer should ask. But, unfortunately, it’s not unheard of a person falling in with a house for sale without looking at their finances.

How Much Can I Afford?

How Much Are Property Taxes?

Don’t be caught off guard by doing your due diligence on the property. Expect a house in an appreciating area with a good school district to have higher property taxes than houses in the opposite condition.

Typically, closing costs are between 2% to 5% of a house’s purchase price. So, for a home for sale at $250,000, the closing costs would be at least $5,000 ($250,000 x 0.02). Thus, request your local real estate agent negotiate with the seller’s agent to split paying closing costs to reduce your expense.

How Much Are Closing Costs?

Why Is the Seller Leaving?

Usually, people sell their homes to upgrade to a bigger house or downsize because they are empty nesters. Another reason is their employer is relocating them to another city for work.

Homes built decades old are not necessarily up to the house standards today. For example, there could be potentially hazardous threats in the house, such as lead paint or asbestos, that you would prefer to keep away from your family.

How Old Is the House?

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