Buying a New House!!! Important Questions to ask?!?

Question

the house was built in 1920.
it has 4 bedrooms
***
Last year New Roof was put on, New Siding, New Windows and Furnace..New Cabinets and New Bathroom Fixtures.
New Carpet in Livingroom and New tile in Kitchen..

Has minor Repairs needed few holes in the wall.. paint job needed badly..

What questions should i ask to find out if anything else needs done to teh house?

Answer 1

I've been in the business since the 70's and I can tell you that a week does not go by without learning a new question to ask. But in any event there are so many that you might want to read these links from our research department that can provide you some help as you progress in your negotiations. You better make some coffee
For the EPA's publication, "A Brief Guide to Mold, Moisture, and Your Home"
www.epa.gov/ http://www.epa.gov/iaq/molds/images/moldguide.pdf
EPA’s web site on LEAD in paint, dust and soil: http://government.westlaw.com/linkedslice/default.asp?SP=DCC-1000
EPA’s Required Lead Disclosure from Sellers and brokers:
http://www.epa.gov/lead/pubs/leadbase.htm
EPA’s web site on ASBESTOS
http://www.epa.gov/asbestos/
EPA’s web site on RADON
http://www.epa.gov/radon/realestate.html
Fair Housing brochure: http://www.hud.gov/offices/fheo/FHLaws/FairHousingJan2002.pdf
Real Estate Settlement Procedures Act (RESPA) [about closing costs & settlement procedures]: http://www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm
IRS publication on Home interest deduction: http://www.irs.gov/publications/p936/ar02.html#d0e1835 and or: http://www.irs.gov/faqs/faq3-6.html
IRS: Tax information when buying a home: http://www.irs.gov/publications/p530/ix01.html
IRS: Deductible costs when purchasing real property:
http://www.irs.gov/publications/p551/ar02.html#d0e2000
Federal Reserve, pamphlet on acquiring the best mortgage: http://www.federalreserve.gov/pubs/mortgage/mortb_1.htm
US GOVERNMENT CONSUMER TIPS ON HOMES: http://www.consumer.gov/yourhome.htm
Predatory Lending information from ABA: http://www.aba.com/Consumer+Connection/CNC_pred1.htm
The HUD-1 Closing costs form explained: http://www.alta.org/consumer/hud1.cfm
Mortgage Calculators – Includes finding if you will qualify for a mortgage:
http://www.mortgage-x.com/calculators/Pre-Qualifier.htm
Once per year free credit report from all three Credit reporting agencies:
http://www.annualcreditreport.com/cra/index.jsp
http://www.homeinspections-usa.com/home_inspector_orgs.php
and believe it or not there are 100's more and I didnt send you any from your state.
Buena Suerte

Answer 2

Always get a home inspection. This way you can find out about the foundation, wiring, plumbing and heating and air fixtures are in good condition. If the work done in the house so far has been done up to code. New Carpet and tilings can be covering hidden problems an inspector can find these things out for you. What you get for a few hundreds dollars can save you thousands of dollars later.

Answer 3

Ask about the electrical service, breaker panel and wiring, this is a must! Older homes that have not had the electrical service updated may become overloaded due to newer apliances that require more power(a/c, dishwashers,washers,dryers) and cause a fire hazard. Physically crawl under the home and check out the foundation and floor supports for rot and termite damage and for parts of the floor being "propped" up. Also do an extensive deed search to make sure there are no leins or attachments on the property. Do a neighborhood canvas, talk to the neighbors and ask about the property. GOOD LUCK!!

Answer 4

Don't pay for home inspection. The agents and the inspectors are joined at the hip. Get someone with your own personal interest in mind. Not a paid inspector. Remeber, the more deals they squash the less the agents use them

Answer 5

When buying any house it is a good idea to get a home inspection. It should only cost $200-$400 dollars.

Considering the cost of a home its a smart investment.

P.S.

Email me if you need help with your home financing. I work for a National Lender.

Good Luck

David

Answer 6

How about the plumbing and electricity, was that ever updated?
Some repairs have to have a permit, you should be able to check with the town hall to see if there were any repairs like that.
Before your closing make sure you have a professional home inspector. They can identify things you may not notice...
GOOD LUCK!

Answer 7

Ask if the electrical wiring has been up-graded. They used to use aluminium wiring once and, they only used the two wire system with no third wire ground. it won't meet today's safety codes and your insurance company may insist that you up grade. Not to mention that all you computers and TVs and other modern appliances will need 3 pronged outlets. Check the electrical panel to make sure that it's been up graded too.

Answer 8

I would STRONGLY urge you get have a professional inspection done. Write a contingent offer, so if the inspection reveals something serious you can either negotiate it or cancel the purchase agreement. I hope you're working with a Realtor????? Sellers don't always tell you everything you need to know.

Answer 9

Has the lead based paint been taken care of? If you have children, or a future pregnancy - that's really important.

Is there asbestos on the exterior?

Any wall insulation? Any attic insulation?

Is there plaster behind the drywall? Or are the walls plaster now?

Good Luck.

Answer 10

When was the electric updated. Remeber cloth wiring in the 1920's was the standard. If it hasn't all been replaced, it needs to be.