Frequently Asked Questions When Buying A Home

Buying a house is associated with an entire range of questions. Most frequently asked questions when buying a home could be roughly subdivided into three categories: before looking for property, during the search, and after closing the deal.

Before

Do I need an estate agent to represent me?

As a rule, estate agents represent sellers, not buyers. However, buyer’s representative may also be a wise choice. Yet, you should note that the represented person is the one paying the fees, so you might want to think twice about this.

Should I look for ‘for sale by owner’ property?

This can be the option, but it comes with a kick. First of all, there are few real estate properties that are for sale by owner; and, next, it would be quite difficult to find out all the relevant details about the house you are interested in. Estate agents, even if they represent the seller, come up with an objective evaluation of the property, so it is often a safer and more reasonable way to look for houses.

When do I talk to the bank?

Ideally, you should talk to a bank even before you start looking for houses. They will tell you what mortgage plan you can be pre-approved for, so you will be able to figure out the price range on the house you should be looking for.

Should I look for ‘rent to own’ property?

It is possible to find a rent to own property, but the probability isn’t high. Plus, the option is less lucrative than it may seem, because interest rates are usually quite high. After all, the whole thing should be beneficial for the owner, too – which explains the high rates.

During

What are the average utility bills?

Your monthly payments will differ from property to property. Find out if the house is worth its maintenance before buying, and ask for the documentation to prove it – there is no shame in being suspicious.

How old is…?

The house, the water supply system, electric wiring, the heating system, all sort of engineering communications, and how long has it been since the last capital renovation. Those are the questions that should be asked any time you are at an open house, as they help you to determine future maintenance cost.

After

How soon can I move in?

This is the first question after closing the deal. The answer will mostly depend on the condition of your house and your current possessions. If, for example, a house needs renovating, you should take care of that before moving. Or, if you have always lived in furnished houses / apartments, you might have to furnish  your empty house first. At the very least, you will need a bed  to sleep in.

Who do I have to notify about the address change?

Of course, you will inform your friends and relatives sooner or later. Yet, you should not forget about utilities – gas, water, electricity – all of your bills should be sent to a new address. Then, of course, there is the tax office, social security, insurance, and plenty of other establishments.