Whether for the first time or the tenth, buying a home is a complex and often confusing undertaking. It involves a huge, long-term investment. It commits the purchaser to an acquisition with a value that might rise or fall dramatically depending on the local marketplace, and it requires significant legal entanglements. So before signing on the proverbial dotted line make certain the property you settle on is the right one for you today and tomorrow.
The best way to stave off potential problems is to ask questions of your REALTOR® and any other professionals involved with the purchase beforehand. By doing your homework in advance the process should be much simpler, and the longterm results much more satisfying for the buyer. While there is no right or wrong list of questions to ask, here are some of the most common:
• Finances are crucial, so one of the first is: Can I afford it? Is this home priced within my available budget?
• If a preowned home, a good question to ask is: How long has this property been on the market? If there’s a problem with the home, the neighbourhood or the land, it’s important to learn that beforehand.
• A home is more than a building. Good questions to ask are: What comes with the property? Are the appliances new? Is the furnace in good working order?
• Concerns about the structure itself are also questions that need to be answered before completion. Are there any potential problems? How old is the roof? Has there ever been any flood damage?
• Learning about the neighbourhood is also critical. Things to consider: Distance to schools, medical facilities, shopping centers, recreation and other amenities. Is public transportation available? Is the area walkable or is a vehicle required? This is by no means a comprehensive list. By asking these questions (and adding those of your own) prior to closing the deal should help to make the process easier, and more beneficial.