Questions to ask when buying a new home

Buying a new home can be a very exciting time in a person’s life. There are many considerations that one must take into account before launching into owning a new home. Before you make this big life investment, you should ask yourself the following questions:

Can I afford a new house?

When buying a new home, you should consider the financial implications of homeownership. You have to consider mortgage payments, a down payment, fees like closing costs and attorneys’ fees, taxes, and other costs. Use an online financial calculator that takes your income and debt and calculates it to determine how much you can afford.

Does the new house meet my requirements?

Make a list of all your needs. Please be aware of children and pets. Are there enough bedrooms and bathrooms? Is the yard big enough for a pet? Do you need a home office? If you have children, check to see if there are parks and schools nearby. Do you have to travel a long distance to get to work? How is the crime rate in the neighborhood? How close is your house to supermarkets and shopping centers? Is it a neighborhood development association that imposes strict rules?

Are there dangers?
Check if the house is in a high-risk area, such as floods, earthquakes, tornadoes, and hurricanes. You may have to pay higher insurance premiums. Also, find out what home inspections are needed.
What are the closing costs of the sale?

Closing costs are the costs associated with the sales transaction. This may include fees for legal documents, registration of deeds, escrow fee, real estate commission fee, conversion fee, and title insurance.

Is the exterior of the house in good condition?

When evaluating the exterior of the house, ask questions like: What materials were used for the exterior? Do the trim or side walls require painting? Is the weatherstripping installed? Do the doors and windows have insulated glass or shutters? What is the state of the gutters? Is the base in good condition? Is the ground sloped away from the foundation? What material is used for the base?

Is the interior of the house in good condition?

Are there cracks in the walls and/or ceilings? Has the interior been painted recently?
Are the kitchen cabinets installed correctly? Do the doors open and close correctly? Are there exhaust fans in the kitchen and bathrooms? Is the interior upholstery in good condition? What is the condition of the door knobs and locks? Are there visible structural defects? Is the attic area insulated? Are there sloped floors in the house? Is there a fan in the attic for ventilation?

What is the state of the heating, electrical system and hot water system?

Is the incoming electrical service properly installed? Is the main electrical panel easily accessible? Are there adequate lamps throughout the house? Are lighting fixtures installed at all exterior entrances? Is the number of electrical receptacles in each room sufficient for modern life? Are Ground Fault Circuit Interrupters (GFCI) installed?
What type of furnace or boiler is installed? (Hot air, hot water, heat pump, etc.) What type of fuel is used for heating? Does the house have central air conditioning? Is the size of the water heater adequate for your needs? Are there heating/cooling outlets in each room?

What is the status of the plumbing system?

What is the source of water and sewage? (City, private, well, septic) What materials are used for the water and sewer lines? (Copper, PVC, iron, etc.) What is the quality and quantity of well water? Are the plumbing fixtures working properly? Is the water pressure adequate?

Buying a new home is a serious lifetime commitment with long-lasting costs. Before you buy a home, be sure to consider all the positives and negatives of homeownership so that your final decision is the right one.