The past few years in the Real estate market has been nothing short of an anomaly. Between incredibly low interest rates and low inventory and buyers able to work from home, many buyers found themselves in multiple offer situations, waiving home inspections, many paying over asking price and then closing on a property without much time to do their due diligence.
With the pace slowing down a bit, you’ll have time to consider your purchase and ask these 10 important questions. Your agent will be able to help you get some of these answers and for others, you’ll need to do your own research.
How old is the home? This is an easy question for your real estate agent because the year built is typically stated in the MLS listing.
How old is the water heater, HVAC system, roof and other systems in the home? For instance, the average life expectancy of a water heater is 10 years. If any mechanical piece is beyond it’s life expectancy, you may want to base your offer on that or plan to budget for a new one.
Ask about any renovations that have been done to the home, if the work was permitted and ask for copies of the permits. You can contact the local township construction office for this information. Who did the work? Is the contractor licensed?
Ask your agent to find out what the average utility bills amounted to over the past year. This should include electric, gas, water, trash and sewer.
If you’re buying a condo, you’ll be given Condo docs, a packet of information from the Homeowners Association. We urge you to read everything and, if possible, run it by your attorney. These are sometimes complicated documents but what is in them impacts how you will live in the home.
Visit the local planning and zoning department to determine if there is potential property development planned for the area near the home. For instance, will a Walmart be built on the vacant parcel behind your home?
Is there a wood burning fireplace or pellet stove? You’ll wanna have a fire or chimney inspection along with having the chimney clean prior to closing.
Are any of the non-built-in appliances included in the sale? You’ll want to confirm and add these to your offer contract such as the refrigerator, the washer, dryer, and microwave. Don’t forget an electric or gas powered fireplace that could easily be removed.
Contact the local police department to find the answers to your questions about crime in the area. You can also plug in the address of the home at Areavibes.com and get its Livability Score, find crime stats for the neighborhood at SpotCrime.com and do check the National Sex Offender Public Website.
If schools are important to you, check them out online at SchoolDigger.com, GreatSchools.org and Education Consumers Foundation.
Whether buying your primary home or a vacation home, knowing as much as you can about the property and the area before you make what may be one of the biggest purchases in your life is crucial. Knowing what to look for and what to ask will help you make a smart offer on the home and working with a Full time, experienced agent will also be of tremendous value.
Do you have questions about buying or selling a home in today’s market? Leave a comment below. I personally read and respond to every comment.
And If you’re looking to buy a home down the shore anywhere in Cape May County and would like to work with me, reach out anytime. I can also help you anywhere in the United States by referring you to a great agent from our exclusive list of top producing Realtors. You’ll find my contact information below, I look forward to hearing from you! Have a great day!
