Questions to Ask When Buying a House for the First Time
January 27th, 2010 | 
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It’s important that first-time homebuyers first determine how much they can afford to pay for a house. It is critical to determine how much house a buyer can afford. Choosing realtors who will work on the buyer’s behalf is critical. Before making an offer on a specific house, homebuyers should ask specific questions about the property including the age of the roof, the taxes on the property and whether the house has leaks. Finally, homebuyers should always get an engineer’s report on a house before going to contract.
Income is a key determiner of how much house you can get. Individuals can often obtain this information by using mortgage calculators that appear on various websites. These mortgage calculators are also handy for determinations of how much the payment will be based on a specific interest rate. Consumers who are unsure about their credit rating should consider checking this out as well since mortgage eligibility will consider credit score.
Once homebuyers have the number of how many dollars can be paid, the next step is to start looking for a house in the place and price range that is desired. Use of a realtor is often part of this process. Homebuyers should always ask how long their contract with a realtor is, and although many such contracts go for a period of six months, shorter times are preferable because realtors tend to be most available at the beginning and at the end of a contract. Homebuyers should also look into using a buyer’s realtor, if available. Once a first-time homebuyer finds a home that meets both the requirements and the price so that it is possible to make an offer, the homebuyer must not forget to clarify more specific issues before making an offer.
Specific issues that home purchasers should address before making an offer on a home are the taxes on the home, how old the roof is on the home, whether there have been any leaks in the home, whether basements flood, and whether the homeowner has a current contract with an exterminator for termites and other pests. While people lie, more often in real estate transactions the lies are those of omission—if a buyer doesn’t ask, a seller doesn’t tell. If the first-time home purchaser is satisfied that he or she has chosen an affordable home in a decent area in decent condition, then it’s time to make an offer on the home.
Once a new homebuyer’s offer has been accepted, the new homebuyer should obtain an engineer’s report on the home before going to contract. The engineer’s report will detail needed repairs or structural issues in the home. If there are expensive repairs required, homebuyers have to choose either to back out of the deal or try to negotiate a lower price for the home based on the needed repairs or arrange to have the seller put money in escrow for the repairs with such funds being released to the buyer after repairs are made.
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