Are you interested in buying a home? Do you know what questions need to be asked before doing so?

Maybe you just started a family or want to move out of your apartment and take the next step to becoming an adult?

Buying a home is a large investment, time-wise and money-wise. You’ll need to understand how big of a house you can afford and if the house is in the location of your choice. You need to figure out a financing option that helps you afford the home without breaking the bank.

Never dive into a home without asking several questions. What questions should you ask before committing to a home that you like?

What are your financing options?

Financing is important to help homebuyers actually afford the home they want to buy. Ask the seller what type of financing option they would be willing to agree to. Most sellers assume that the buyer will go to a bank and get a mortgage. This is not the only option. Ask the seller if they would be willing to provide owner financing. This offers benefits for both the seller and buyer and moves the process along much quicker.

What is the property worth?

Ask the seller what the property is worth before purchasing anything. You also want to get a third party view to ensure you’re not paying too much for the home. Get an appraisal and research other similar homes in the area to understand exactly how much you should be paying for the home. If the listed price is not what you think it should be, ask for a decrease in price.

Is there any possible negotiation?

Most home sellers are more than willing to negotiate the price. Figure out what problems are prevalent in the home and see if you can negotiate the rate. Talk to the seller and see if they would be willing to negotiate before you even look at the house. An open relationship is important for building trust and understanding if the seller will actually share the problems with the house.

 What are the problems in the house?

Problems in the house are your most powerful negotiating points. Although you don’t want to try and get a decrease in price with every problem in the house, it’s important to figure out problems to calculate how much you will have to spend after you close on the home.

Evaluate every aspect of the house and ask as many questions as you can. Test out all the mechanical functions in the home, as these are more prone to break. Make an outline of the problems in the home to prepare for the expenses that will come after you purchase the home. You might just get a price decrease if these costs add up.

Now it’s your turn. Let us know in the comments what you think about buying a house. Did we miss any questions you should always ask when purchasing a house? Tell us about your experience in financing a home.