1. What about the Market Value?
Find out the number of homes which are similar and ready for sale. This way, you would get to know whether you should look forward to buy the property and how much it is actually worth. If the property is listed at higher market value, the seller will either walk away or provide a low ball offer.
2. How Much the EMI Would Be?
Sounds no brainer? It must be! But you should find out exactly how much you need to pay every month and ensure that the monthly installment would fit in your budget. Don't stretch it too much or it would lead you to financial problems for a home.
3. How Much the Property Tax You Need to Pay?
After buying a house, you will need to pay property tax every year on your home. Amount of property tax may vary according to the value of land and home. So, be ready to pay the tax.
4. Has the Property Inspected?
If not, be ready to do a home inspection and check out every detail to ensure that you will have no problem after buying a home. Mortgage lenders and banks need home inspection before lending finance.
5. What's the Construction Year of the Property?
The older the home is, the expensive the issues are. No matter how beautiful they are. As compared to newly-built ones, the homes built on 1970s have higher risk of paint problems. So, you should find out when the property was built to know exactly what you should expect.
6. Is Your Home Located at Good School District?
Even though you are single or don't have children, the potential buyers might have this type of requirement. It is a big requirement for a family to buy a home.
7. What about the Housing Market in Your Neighborhood?
You will have to figure out whether it is a sellers' market or a buyers' market to make low ball offers or decide whether to settle with existing cost or wait so you can buy a house.
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8. Do You Have Plan to Live Here for Around 2 Years?
Basically, the period of two years is enough to stay in a property to get higher values that can cover up your fees related to acquiring a home and your closing costs. In addition, if you are not going to stay in a home for 2 years, you will need to bear taxes on capital gains or profit from sale. If you decide to stay in the property for at least 2 years, you can save most of such gains from taxation.
9. What about the Neighborhood?
Basically, property values are determined by location. For instance, a small home located in the heart of city would cost more than an average-sized home located in the outskirts. Sometimes, price also varies within cities because of location.
10. Is There Any Issue with Property You Must Know About?
Homeowners can disclose, but only when the buyers ask in some places. You need to request some information about the presence of asbestos or lead paint, history of termites etc.