There are certain questions buyers should ask before shopping for homes. Today we will go over five of the most common, and important, things to consider.
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There are five common questions that buyers forget to ask when shopping for homes. A lot of times, the issues these inquiries would address will surface later on and become a larger problem than if they had been confronted sooner.
1. Is the home in a flood zone? Other than the fact that homes in flood zones will obviously require additional precautionary measures to be taken, buyers should also keep in mind that these properties will require flood insurance. This could impact your monthly payments.
2. Are there any financing restrictions? If a seller isn’t accepting a certain loan type, like FHA or VA, this could indicate there’s something wrong with the property’s condition. If you’re purchasing a condo, you should also check into financing restrictions that might pose a problem for your transaction. For example, if the percentage of tenants per the owner/occupant ratio is too high in a condo building, financing may not be accepted.
3. Is the home block construction or wood frame? Regardless of which construction category your home falls under, we will always order a termite inspection. We also always recommend getting a termite bond on your property. Both of these things, however, are obviously more critical when it comes to wood-frame homes. Wood-frame homes are also more susceptible to wood rot, so make sure to keep the exterior painted to prevent water intrusion.
“With the help of an experienced agent, these questions can be addressed to ensure a more seamless home shopping experience.”
4. Is there a potential for insurance problems? Two of the most common examples are faulty electrical panels and damaged roofs. Certain electrical panels, like those produced by Federal Pacific, are known to present a fire hazard. The condition of the roof and it’s estimated lifespan may also have an impact on your insurance rate, or your ability to obtain insurance on it at all.
5. How much are the taxes, and was the property homesteaded? Your lender will roll your annual tax bill into your monthly payments, so it’s important to understand this expense so that you can estimate your budget. Also, you should determine whether the property has been homesteaded for the current year. When you file your homestead exemption, it won’t come into effect until the next year. This could impact your rate, so you need to be proactive in anticipating future costs.
Oftentimes, buyers are under contract before they begin to consider these questions, if they consider them at all. That’s why the guidance of an agent is so important. With the help of an experienced agent, these questions can be addressed to ensure a more seamless home shopping experience.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
