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Purchasing a home for the first time is a big decision and commitment. In the current market, homes are selling at a rapid rate. Typically, a home listed will have multiple offers within the first day.
This urgency can force buyers to think they must make an offer immediately or risk missing out on their potential dream home. However, pulling the trigger too quickly on a large purchase has its consequences.
Before you buy, there are some key questions to ask about the home you’re interested in purchasing.
Is the Home in a High-risk Area?
Even if everything inside the home seems perfect, asking about potential severe weather is essential before purchasing. There are many different home insurance types and add-ons, so you’ll need to ensure you’re buying all the coverage you need for potential damage.
Homes in areas with high risks for flooding or wildfires will need special coverage compared to houses in low-risk locations. It’s essential to ask about the risks associated with where you might be relocating.
If you skip these questions, you may find yourself struggling through severe weather without proper coverage to help pay for the damages you incur.
Did the Home Undergo Significant Renovations?
With the current market conditions, many people are jumping on the opportunity to purchase a house that needs work for a low price, only to flip it and turn a considerable profit. While there are no problems with people putting a little elbow grease into a home and then selling it to earn some extra money, you should proceed with caution before buying a newly renovated home.
Sometimes renovations done by people who aren’t living in the home aren’t of the highest quality. While this doesn’t go for all house flippers, some are much more concerned with making a profit than they are about the quality of their work.
Before looking at a potential new home, ask if it has recently been renovated. If the answer is yes, keep your eye on the quality of the work done. If the home seems rushed and corners are cut, it will only cause you headaches in the long run.
What are the Ages of the Roof and Major Appliances?
Replacing a roof or any major appliance such as refrigerators, washing machines, and ovens can be extremely expensive. On average, a new roof replacement can cost around $8,000.
If you move into your new home and don’t ask about the age of appliances, you could find yourself paying anywhere from $900-$8,000 for a new refrigerator, depending on the brand and style you desire. A washer and dryer set can cost around $1,500 to replace.
Rather than finding out the hard way these expensive items need to be replaced, ask ahead of time before purchasing the home. If the roof or major appliances are old, you may be able to haggle a little money off the asking price to make up for the expensive purchases you’ll need to make.
Asking the Right Questions as a First-Time Home Buyer
Buying a home for the first time can be an exciting and overwhelming experience. Rather than rushing into such a large purchase, ask the right questions.
Talk to your agent or the seller about the home’s potential severe weather, significant renovations, and ages of expensive investments such as the roof and major appliances. By asking these questions, you can ensure you get the perfect home under the right conditions.
