What kind of questions should you ask as a first-time homebuyer when making an offer on a home?

There are three general questions you want to ask, and each one relates to an important aspect of the home:

1. What have comparable sales in the neighborhood or surrounding area sold for?

When it comes to making an offer, most first-time buyers look at the wrong things. They ask me things like “What did the seller pay for the home?” and “How much do they owe?”

While things like this might contribute a little bit to the property, asking what comparable sales have sold for will help you understand what the price may be when it comes to an appraisal and have more weight as far as what kind of offer the seller will take.

2. What condition is the home in?

This question relates to the condition of the home, including the roof, major electrical or plumbing systems, and other parts of the property.  You’ll have an inspection period where you’ll have the opportunity to renegotiate the sale, but if you know the condition and age of the property up front, that will help you negotiate from a better position and have a chance to get the best deal possible.

3. Where is the home located?

The last question pertains to the home’s location. What kind of surroundings does it have? Do a lot of research and do some drive-bys of the neighborhood so you’re familiar with it.

If you want more information on the right questions to ask when buying a home for the first time, give me a call or shoot me an email. I’d be happy to speak with you.