Questions First-Time Home Buyers Should Ask

First-time home buyer questions

Nationwide, mortgage rates are low in DC and home prices remain relatively low, too. This combination, plus rising rents, is pushing renters in some cities — including Arlington, VA — toward first-time homeownership.

Buying your first home can be exciting, but you should also do your research to make sure that you ask the proper questions of the process, and make the best choices for yourself and your household.

For example, recommended questions for first-time buyers to ask home sellers include :

What major repairs have been made to your home?

Although standard disclosure forms are supposed to provide information regarding past damage and renovation to the property, there are occasionally repairs that are omitted or otherwise forgotten.  Be proactive and ask pointed questions about the roof, the foundation, and the electrical system. Some home issue have a way of resurfacing many years later and it’s best to know in advance. •

To which school district does the home belong?

As a first-time homebuyer, you may or may not have school-aged children. However, in many areas, public school rankings positively (or negatively) affect home values. Ask your real estate agent for school district data. Consider asking the seller for feedback, too.

Is this a “distressed” property, and what does that mean to me?

For many home buyers, the allure of a foreclosed home or a home in short sale can be large. Prices are discounted as compared to comparable real estate — sometimes by as much as 20%. However, many distressed properties are sold as-is,” with little room for negotiation. This means that homes may be defective or, worse, uninhabitable. Ask your real estate agent for help with distressed homes and their suitability to your home buying needs.

After asking the above questions, and other questions, too, it’s important to remember that buying a home can be an emotional decision; and one that requires using your “brain” as much as your “heart”. Try to keep emotions in check so that you don’t overpay for a home that’s unsuitable, for example.

0 commentsback to post

Other articlesgo to homepage

What To Do When Your Home Doesn’t Appraise At Its Purchase Price

What To Do When Your Home Doesn’t Appraise At Its Purchase PriceComments Off on What To Do When Your Home Doesn’t Appraise At Its Purchase Price

Experienced home sellers know that reaching a sales agreement with a potential buyer can be just the start of the negotiation process.

Short Sale : Writing A Letter Of Hardship

Short Sale : Writing A Letter Of HardshipComments Off on Short Sale : Writing A Letter Of Hardship

The short sale process starts with a letter of hardship.

How To Maintain Adequate Homeowners Insurance Coverage

How To Maintain Adequate Homeowners Insurance CoverageComments Off on How To Maintain Adequate Homeowners Insurance Coverage

Whether you’re buying a home, or own one already, revisit your hazard insurance regularly.

Which Is Better : 15-Year Fixed Rate Mortgage Or 30-Year Fixed Rate Mortgage?

Which Is Better : 15-Year Fixed Rate Mortgage Or 30-Year Fixed Rate Mortgage?Comments Off on Which Is Better : 15-Year Fixed Rate Mortgage Or 30-Year Fixed Rate Mortgage?

Which suits you best? The 15-year fixed rate mortgage or the 30-year one? These tips may help you decide.

When It Pays To Refinance Your Mortgage — Literally

When It Pays To Refinance Your Mortgage — LiterallyComments Off on When It Pays To Refinance Your Mortgage — Literally

There are many reasons why homeowners opt to refinance, from obtaining a lower interest rate, to shortening the term of the loan, to switching mortgage loan types, to tapping into home equity.

read more
Fill out my online form.

Contacts and information

Most Popular Articles
VA Streamline | IRRRL | VA Streamline Refinance Loan
Compare Mortgage Rates the Smart Way
VA Streamline Refinance Rates - How to Get the Best Deal
Best Refinance Lenders - How to Find the Pros

Hot Rates, Clear Terms, Cool Savings

Social networks

Most popular categories

© 2012 HotRateQuote.com theme by Joe Design All rights reserved. Compare Mortgage Rates Lower Interest Rate