Buying a new home can be overwhelming, especially, if you are a first-time home buyer. Here are just a few questions I would be asking.
- What does the utilities cost on average throughout the year?
This is sometimes overlooked when figuring the budget on a new home. It's easy to account for insurance and taxes, because those are always brought up on the settlement statements for closing. However, don't let those monthly utilities sneak up on you. If you are nearing the top of your max budget and the new home's utilities run way higher than where you are moving from, it could put you in a bit of a bind.
- Where is that seller's disclosure?
If for some reason you never saw one, it is very important to get your hands on that before making your offer. The seller's disclosure will give you insight to pertinent information about any seller known defects, prior repairs, insurance claims, flood knowledge, roof age, water supply, septic type, etc. No buyer should rely on this document however in hopes of nothing else being wrong with the home. A whole home inspection by a licensed professional should be done to reveal anything else that might not have been known by the seller to disclose. (There are a few exemptions in Texas where a seller's disclosure is not required. You can view those exemptions here.)
- Have there been any renovations?
The seller's disclosure will hopefully tell you when there have been repairs or additions but might not list any remodels. It would be good to know of any major interior changes from the original floorplan, and also who did the work, should any issues pop up in the future.
- How long has the house been on the market?
If the property has been listed for several months, it doesn't necessarily mean it has physical issues. It could very possibly just be listed too high, but there should at least be a few additional questions being asked to check into that. For instance, has it been under contract already and were there any inspections done at that time? Is the home stigmatized in any way? How many times has this house been sold over the years. Is there possibly anything major fixing to happen in close proximity to the property that could be affecting it's time on the market?
- Are the amenities available nearby that are important to me?
Is this property in the school district you want your kids in? Is there a hospital close? What is there to do here as far as entertainment, eateries, etc.? Is the type of terrain suitable for hobbies you have like hiking, trail riding, water sports, or mountain biking? How far away will this put me to get to work?
- Does this, this, and this stay with the house?
If you are not 100% sure what stays with the house, and what doesn't... please ask! There is a place on the contract that should have any improvement/accessory listed, if the seller plans to take any with them. On the other hand, if there is anything you would like to ask to stay with the home that is usually considered personal property, make sure it's in your offer. (Doesn't mean the seller will agree to negotiate with you on their grandmother's piece of furniture... but you can ask.)
- Is this area known for risk of natural disasters?
Lots of places have to deal with the occasional heavy storm damage, flooding in low areas, or fires that got out of control. Some on the other hand are frequently dealing with earthquakes, hurricanes, tornados, mudslides, etc. Make sure you know what area you are moving into, so you can decide if that's things you can deal with and be prepared for.
- Is there anything buried in the yard?
Most of the time we can find out from the sellers where the septic tank, water pipes, and cable lines are run under the ground. Sometimes people even bury their fuel storage and propane tanks, which no one wants to find accidently that's for sure! It probably wouldn't be a bad idea to also know if any beloved pets are buried there as well. No one wants to stumble across someone's fur baby when trying to put in a new flower bed.
- Are there any manuals or warranty paperwork for anything that I might need?
This is something that probably won't even be thought about until something messes up and makes you think, "I wish I had the paperwork for this thing right now"... It's a win-win to get this stuff from the seller because it will help you through the stress if and when something does mess up, and it helps the sellers by not having as much paperwork to pack and take with them.
- Are there any associated one-time or reoccurring fees, dues, or costs that I will have to pay by purchasing this property?
This type of detail should be disclosed not only in the MLS listing but also on the seller's disclosure, and the contract itself. Some properties are in homeowner's associations, public improvement districts, municipal utility districts, etc. While others like certain lake properties for instance, can only be leased or are part of a shareholder program. Each type having their own different amounts and terms. Another point to consider could be, if there are any leased items attached to the home. That is something to know before making an offer as well, especially if any will require a subscription or payment assumption to keep and utilize.
This is by no means a complete list of questions to have when buying a home, but hopefully it helps get you thinking, and researching not only these few listed here, but also any others that are priority for you and your family. :)
About The Author
Melissa Summers
Hi there! I am the Broker & Owner of Country Roots Realty and I love to help sellers or buyers with all of their real estate needs here in the Pineywoods of East Texas.
