Learn how to identify potential issues and if a home is a good fit for your lifestyle.

Asking questions when viewing a home is more than making small talk. It’s a valuable way to learn more about the house, what it’s worth, how motivated the seller is and more. Use the following questions to figure out if the house has potential issues and if it’s a good fit for your lifestyle.

Why are the owners selling?

There’s no right or wrong answer to, “Why are they selling?” but the answer can provide insights into the seller’s motivation. If they’re moving for a job or they’ve already bought another home, it’s likely they’re highly motivated to work with a buyer on price and contingencies. Some sellers are not motivated by anything other than price. Usually in these cases they want a high price. If the offer doesn’t match their expectations, they won’t agree to a sale. Look to comparable price data that shows what similar homes nearby have sold for to determine if a price is reasonable or not.

How long has the house been on the market?

If the home has been on the market for a long time, the seller may be motivated to take a low offer. The reasons a house doesn’t move vary. It could be priced too high, have structural issues or there may be factors related to nearby properties that keep buyers away.

Is there an HOA?

Many neighborhoods and every condominium community has a homeowner’s association. HOAs manage common areas and services. This includes things like roads, clubhouses, pools, landscaping, lawn and sprinkler maintenance and trash pickup.

If the home is part of an association, ask about monthly dues, special assessments and if the association is involved in any lawsuits. HOA finances will have direct effect on your personal finances.

Also, ask to see the CCR—covenants, conditions and restrictions—and rules that govern what homeowners and the association may or may not do. These documents are designed to protect property values and maintain harmony among neighbors. They’ll also let you know what’s expected of homeowners. For example, you may need to seek approval before making any exterior changes or there may be explicit rules about pets and visitors.

Has there been significant damage to the home?

Most damage can be repaired to a state that’s as good as or even better than the original. The likelihood of this, however, depends on the quality of work. If the home has suffered damage, such as from a downed tree or flooding, request details about the extent of the damage, what was done to fix it and if the work was done by a licensed contractor.

Are there structural issues?

A document called the seller’s disclosure must list any known defects about the home but the information there may be limited. Asking can reveal more about the extent of any structural issues.

How old is the house, its systems and the appliances?

The age of the house is just one factor to consider. Especially with older homes, find out how long the major systems—electrical, plumbing, water and sewage—have been in place. A 60-year-old home with new electrical and plumbing may be a better buy than a 35-year old house that’s due for upgrades.

If appliances are included in the sale of the home, check their ages. Most large appliances have a lifespan of 8 to 15 years. Take this into account when making an offer and budgeting.

Have there been add-ons or renovations?

If there have been additions or major upgrades to the home’s systems, make sure the work was done with the proper permits and approvals.

Are there natural hazards nearby?

Some potential hazards are easy to spot, like a nearby river or lake. However, some properties are in flood zones that may not be obvious. Reports from First Street show the risk for things like flood and wind.

Are there any easements on the property?

Common easements are for things like utilities or drainage—things that enhance quality of life. However, an easement may restrict what you can do on a portion of the land that gives a utility company or local governing body access rights to use the land.

When you’re ready to buy a home

When you’re satisfied you have all the information you need about a house and want to buy it, turn to us for your home loan.

 

All loans subject to approval. Rates, terms, and conditions are subject to change may vary based on credit worthiness, qualifications, and collateral conditions.