Buying a Home: Key Questions to Ask

Buying a home is a daunting task. A good real estate agent will know the answers, or be able to get the answers to the following questions. You have to know what problems to look for and what questions to ask.

How old is the furnace/water heater/air conditioner?
A furnace is an expensive purchase, ranging from $1500 to $3000 to replace. You don't want to be stuck with a lemon. The same goes for the water heater and air conditioning unit. These are not cheap items to replace.

When was the roof last replaced?
Water leaks are very damaging to a homes ceiling and interior walls. Find out if there have been any heavy storms in your area since the roof has been replaced.

Are there any updates to be done on the street or sidewalk?
City charges for sidewalk or street repair are hefty, sometimes average $70 per square foot. If you're stuck on a corner lot, this will be a large chunk of change.

Are appliances included?
Appliances are also something to consider. Granted, you can probably find used appliances in the classifieds, but new appliances will run anywhere from $1000-$3000 depending on the quality.

How old is the home and what kind of updates have been done?
This seems like a very simple question, but one that many forget to ask. It is imperative to know what types of updates have been done, since your insurance company will ask this when quoting you a rate. Having old electrical wiring will most definitely send your insurance rate through the roof!

What is the neighborhood like?
Find out your school district, parks nearby, stores closest and yes, even gas stations. See if you can drive around the neighborhood during different times of the day to see what types of people are living around the home. It will tell you a lot about the quality of your neighborhood, as well as resale value down the road.

What was the average energy bill for the year?
Energy bills can vary widely. Sometimes they are dependant on the square footage of the home while other times they are due to poor insulation. Asking this when looking at a home will help you predict whether you can afford to heat the place, when in places like Wisconsin the heat is on 9 months out of the year.

Are there any cracks in the foundation?
This seems like a no brainer but you'd be amazed at how many people attempt to temporarily patch cracks on their own. A professional basement repair service should be brought it to take care of foundation problems. Water in the basement is not something to mess with.

Also, be sure to check under rugs, turn on faucets, flush toilets and any other "regular" type of activity you might do when you are in the house. It's best to find the problems up front to decide if you'd like to repair them. Finding many problems in the house after you sign the papers can feel very frustrating.