Top Questions When Buying A Home

By Author: Thomas Mietzel
Total Articles: 13
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You may hear a lot of talk about home owners who bought their property because they “fell in love.” The property’s design, location or lighting appealed to their senses when they walked in the door. Great story, but if you’re looking for good value and a minimum of hassle, you’ll listen to realtors, with experience and skills in Madison home sales, when they ask, “What’s love got to do with it?” Sure, when you make the largest purchase of a lifetime, it’s important to feel certain chemistry. You and your family will be spending a lot of time in your new home. But beyond that, you need to do the footwork to make sure you are getting a sound investment with good resale value. Here are 10 important questions to ask.
Ask yourself
1. What are your needs and priorities? For instance, how long a commute to work or school are you willing to accept? Is being near a particular ethnic or religious community important to you?
2. How much of space will you need in the near future … and a few years down the road? Is there an option to add on a deck or an extra room or two? If you are anticipating an empty ...
... nest as your children leave for college or jobs, will it be possible to divide the home and rent out part?
3. Where’s the money? How much readily available cash can you get your hands on? This includes both down payment and mortgage. (Check with a financial institution to see how much home loan you can manage.) It does not include an anticipated future inheritance or gift that may come your way … some day.
Ask your realtor
4. What is the asking price? How flexible is the owner? What are the comp figures for similar Madison home sales in the area? Is it a short sale (the owner owes more on his mortgage than the home’s selling price)? If so, who makes up the difference to the lender?
5. How is the area zoned? Are there any easements (permissions for third parties to use the property) on the land?
6. Is the neighborhood as a whole improving, stable, or declining? Is there any plan in the works (for example, building a new factory nearby) that could adversely affect value? What type of people are buying here?
Ask the seller
7. Why are you selling? When would you like to be out? If you accept my offer, how soon are you prepared to move?
8. What kind of offers have you received? How long has the house been on the Madison home sales market? Has it been in escrow before? If so, why did the previous buyer back out?
9. How low are you prepared to go on the price? Will you give a discount for a fast cash deal? How much are property taxes? Are there any other fixed expenses such as condo or homeowners’ association fees?

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www.HomeWithTom.com or visit our blog at www.MadisonHomeSales.com