When it comes to the biggest purchase you might ever make in your life, it is a no-brainer that you will want to do your due diligence. By this I mean being an investigator and finding out as much relevant information as possible. Emphasis on relevant. I say this because when buying a home (especially for first time home buyers) there is so much information thrown at you in regards to the property itself, financing, legalities, and more, that it’s easy to get information overload. Analysis paralysis as some call it. For this reason, I’m going to cover 5 top things I think should be asked upon initially viewing a home you are considering purchasing. 

1. Motivation. The big elephant in the room. Seems obvious, almost natural to want to know this, why are the sellers selling? You may get an honest, sensible answer like owners looking to downsize or move out of state, etc. Or you may get a less than truthful realtor that tip-toes around the question but never gives you a real answer. Either way, it’s worth asking. It’s worth noting that most properties in the continental US can be pulled up on public property records, which should provide you with ownership history and additional property specs. Again, it’s all public record. The information you find here can clue you in to seller motivation along with allowing you to cross reference information you receive from sellers. 

2. Capital Expenses. The big stuff. We want to know early on if there are any big ticket items that need addressing. These are things like leaky roofs, foundational issues, or septic systems that are due for replacement. The list goes on but you get the idea. If you’re not sure what kind of things to look for, it’s not a bad idea to walk the property with a contractor, especially if the property is clearly a fixer upper and you want to cover all your bases.

3. Appliances and Utilities. Meticulous, but necessary, you want to get a rough idea of the age of appliances, especially big ticket items like water heaters and furnaces. Outdated appliances are not necessarily a deal breaker, but certainly something to budget for when considering buying a home. You also want to make sure all appliances will be included in the home sale, and if not, find out which ones are not. It’s not unusual for washers/dryers, even refrigerators to not be included in the homesale. If you’re not sure, just ask. 

4. Financing. In 2023, with rising interest rates and limited real estate inventory, it’s important to consider all your financing options, especially those that make you stand out from the rest. Cash offers are obviously king in terms of what most sellers like, however cash deals often end up undercutting profits from sellers, as they will typically be far below market prices. If you can afford a typical bank loan ranging from a 3-25% down payment (big range, I know) this is not a bad option either as long as you can afford it. If neither of those work out, it’s worthwhile to ask the seller if they would consider seller financing. This basically means the seller becomes the bank. Instead of making a downpayment and monthly payments to a bank, the seller becomes the bank. You make the payments directly to them over time. This can be beneficial for sellers who aren’t in need of a big check right away, and also those that don’t have a lot of equity. There are a lot of intricacies to creative finance deals, but if you take the time to learn about it, it can be a very powerful tool in your tool belt. 

5. The neighborhood. This one isn’t so much of a question for the seller, but more of a feel. I always recommend arriving early to your showing or hanging out after to explore the neighborhood. Drive or walk around, try to get an authentic feel for the neighborhood. Are neighbors friendly, do you feel safe, are their conveniences located close to you?All things worth taking a look at. 

There are many more things to explore and ask when looking at a home, but like I said before, try not to get overloaded with information and focus on the most important things. Try to make logical decisions instead of emotional ones. Try to view the home practically to ensure a safe and worthwhile investment. Thanks for reading!