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Jerry Pinkas: Important Questions to Ask When Buying a House

Are you planning to buy your dream home soon? Before making an offer, it is important to ask relevant questions and arm yourself with the right information about a home sale.

Remember that having the right price is not always just the price you have to pay, so you need to ask yourself, “What is my total budget?”. Don’t be one of those home buyers who just simply go online and check property listings without even having a clear idea of their total budget, and later on they are surprised to know how much it will cost them, thus they end up withdrawing from the home sale, which is really a waste of time and effort. Beyond the initial price of the house, you have to take into consideration renovations, remodeling, repairs, closing fees, processing fees, and other sorts of charges. What are the expected actual costs due at closing? Closing fees include real estate commissions, attorney’s fees, title insurance, and home inspection cost. These extra costs may include budget for buying a new set of appliances, window treatments, or tiles and other materials for the flooring.

The second question you need to ask yourself is “Is my financial house in order?” or “Am I financially capable of buying and sustaining the home?”. Getting pre-approved for the mortgage is an important step in making an offer. Know your credit score or credit standing so you’ll know if you’ll be pre-approved by the lender. Most lenders do not approve mortgage loans if they see blemishes in the borrower’s credit history.

It is also important to ask yourself this question, “What type of mortgage loan should I get?” Think about the term of your loan, if you want a 15-year or a -3-year loan, or a fixed-rate or variable-rate, because no single mortgage fits all, and there are different terms and conditions. Choose a good loan oficer that can help you get the best loan for your mortgage needs.

What is the history of the house? Don’t just look on the outside because the inside may have lots of issues like pests infestations, plumbing problems, water damage and leaks, and other house problems. How much should I make an offer? If your offer is too high, you are actually ending up making an overpayment, and if it is too low, you may end up losing the home sale.

That is why it is important to talk with a real estate agent, someone who is knowledgeable and skilled to determine the price offers in the area. You can make your offer stand out and win the deal by working with a trusted, reliable, and reputable real estate agent.

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