Im looking to buy a house for the first time, what kinds of questions should i ask/look out for?

Answer 1

Well.. let's go through the list

1) Neighborhood crime rate
2) Cost (in comparison to what you can afford)
3) Will seller include a 1yr home warranty? (if no = don't buy)
4) When was last survey done? (if not too old, you won't need another)
5) Is there an HOA and if so what is cost?
6) What concessions are the seller willing to make (closing cost, agent fees, price reduction, etc).
7) Age of: A/C & Heat, appliances, Hot Water heater, roof, etc.
8) Has the home ever been damaged and rebuilt (fire, flood, wind, etc)?
9) School district
10) Fire and police protection.


There are certain things you will want to do to that may or may not be required by your mortgage company. One of the most important is a home inspection by a professional Inspector which should include a structural survey. Even if you are buy the home 'as is' the inspector can help identify all the items that are issues and may even locate something that is hidden that could potentially cost major money.

If this is your first time buying.. buy some effort into shopping around for a real estate agent. The right agent can guide you through the whole process and help you get the most out of the deal. Remember, that agent works for you and will get paid based on the selling price of the home and that money that pays them ultimately comes from you. Do not use same agent as the one selling the house... their first priority is the seller.. no you.

Hope this helps and good luck!

Answer 2

The most important thing is to only buy as much house as you can afford. Your Total House Payment on a 15 year Fixed rate mortgage should not exceed 25% of your TAKE HOME pay. The banks will loan you more...but You need to have a cushion in your budget for emergencies. Also, be sure to have 3-6months cash in savings before you buy a house in case you lose your job/get sick etc...

If you are not VERY familiar with the neighborhood, I would check with the local police department for crime statistics of the area. Lots of neighborhoods look great on a weekday, but turn into a war zone on Friday nights!

As to the House itself, you need to hire an Independant Home Inspector for a complete home inspection. Look for a NAHI or ASHI member in your area. DO NOT rely on a referral from the Real Estate agent. Hire your inspector independantly... that way you can be sure they are operating in YOUR interests...and NOT overlooking problems to keep the Real Estate Agent happy.

Owning a Home involves Risk, but the rewards can be worth it if you get as well educated as you can about the location and the house to make an informed decision. Good Luck!

Answer 3

I've looked into the also and here are a few things I've found out:

1. Get preapproved for a loan from the bank. This will show agents and people selling their homes that you are serious about buying.

2. Always take into consideration taxes and fees for the house.

3. When you find a home that you like, it is a must for you hire someone to inspect the home for possible fire and structural hazards.

Answer 4

somebody will have to mow the thing, consider the yard.....then ask about the foundation....important, how will it handle water and a hard rain, if its in a valley, will it flood? how old is the electrical and plumbing? how old is the roof and what condition is it in...check for cracks in the plaster or walls, indicating a foundatrion problem...how old is the air conditioning and water heater..what are the utilitiy bills like and does it get much shade in the summer....is it a good location where the value will increase and not decrease...just a good few to start with...but pleaseeee, check these....

Answer 5

As Is
Asbestos
Leaks
Termites
Type of Plumbing
Mellow Roos
Property Tax
Re-finace penalty

Answer 6

have kids? check out school system. do u drive? check out location of nearest shopping center. check 4 water damage. DO NOT use appraiser recommended by real estate salesperson. spend $300.00 and hire 3rd party. talk to someone thats been burnt by a less then honest real estate person. there to many traps to mention here. use a mortgage broker not a bank.

Answer 7

Check out "Mortgage Secrets All Homebuyers Should Know (But Lenders Don't Tell)"

It's got good info.

Answer 8

Make sure you have it inspected.
Make sure you take pictures before and after moving in.
Make sure you state what repairs you want done.
Find out the age of the major appliances (heating/cooling system, hot water heater, roof)

Answer 9

There is a good book we got called Keys to Homeownership, I think from Fannie Mae or maybe Sallie Mae.

Answer 10

use a realtor, and make sure you get inspections for everything (water, power, pipes, pests, foundation, etc.)