You will have many questions throughout the home buying process, and that is totally normal. You should always feel comfortable in asking any questions you may have to your Realtor. It is their job to make you feel confident, heard, and informed in this major life decision. Are you about to start the home-buying journey and have a million questions? Well, guess what? You should! Your Realtor is there to set you up for success in your home buying journey, and patiently guide you as you navigate the real estate market. The most important aspect of the entire transaction is YOU- what YOU want, what YOU need.
Below are samples of the different types of questions you should be asking your Realtor as you begin your home-buying journey, and throughout the entire process:
1. Setting Expectations
Being prepared by establishing expectations, wish lists, and deal-breakers will overall help you avoid busy work and chasing rabbit trails. Ask yourself and/or partner these questions:
• What are my non-negotiables?
• What is the most I am able and willing to pay?
• Do I have a walkaway number?
• Do I want to negotiate?
• Am I willing to take on renovations or repairs?
• What is my highest priority?
• What are the lower priorities?
2. The Finances
Rates and inflation can be everchanging in the financial arena of home buying, so there is always new information to learn. These questions to your Lender could help you stay on top of your finances during the home buying process:
• What type of loan is right for me?
• What is the interest rate?
• What is the annual percentage rate?
• What are the discount points?
• What are the origination fees?
• What will the total costs be?
• Can I get a loan rate lock?
• Is there a penalty for prepayment?
• How much time is needed to fund?
• Can I get a better interest rate if I pay a higher down payment?
• What should I expect my monthly mortgage payment to be?
• What should I expect closing costs to be?
3. The Bones of the House
You will consider many factors when searching for the right home such as location, size, price, and more. Whether you are jet-setting to a small, secluded cottage or looking for a waterfront mansion on the Cape, these are the important questions to ask once you’ve found a home that you’re interested in:
• How old is the HVAC, water heater, and roof?
• Is this home in a flood zone?
• Why is the seller leaving?
• Is anything included in the sale?
• Will any major renovations be needed?
• What is this home’s comparative market value?
• How long has this home been on the market?
• Are there other offers on the home?
• Are there foundational or structural issues?
• Is it being tested for radon and checked for lead paint?
4. Location, Location, Location
We’ve all heard the old adage “Location, location, location!” and there are many variables to consider when asking the question “Where do I want to live?”
• Is this home in a good school district?
• Are there any local nuisances?
• What are the local amenities?
• Is there an HOA?
• What will the commute be like?
• What are property taxes like?
5. Find the Right Agent
Your real estate agent should be on your side and have a wealth of hyper-local area knowledge. They are there to answer the hard questions as you navigate buying a home. A real estate agent should be able to provide neighborhood and sales information beyond basic statistics. Here are some questions you should ask your real estate agent:
• Do you have any specialties or things you are known for?
• How many buyers are you working with right now?
• Do you work with sellers as well as buyers?
• What is the price range of homes you usually help people buy?
• Will I work only with you or with a team?
At Nichole Willey & Team, we like to think that we have all the answers that you will need to make the right choice, for the right price, at the right time for you. Contact us to start checking some of your questions off your list.