When About to Buy a Home...
By Jasmine Smith, Agape Life Contributor
updated Thu November 14, 2014
Karen J. Dominguez is a Managing Broker with ERA Real Estate Professionals.
Agape Life is asking real estate agents the questions you want the answers to prior to purchasing a home.
1. What are things people should know before buying a house (not credit-wise)?
Before buying a house, the buyer should know what features they want in their new home. Features include: number of bedrooms, number of bathrooms, do they want a fireplace, do they want a garage? Before meeting with a realtor, the potential buyer should make a “wish list” of the features they want in their dream home. The buyer should have an idea of the area
they want to live. Do they want to be close to their employment? How long do they want their commute to be? Do they want to live near shopping? Is there a particularschool district they want to live within? Being prepared as to having a idea of what time of home and where you want to live will help your sales agent to best serve you.
2. Are home inspections important? Why?
Buying a home is probably the biggest purchase one will make in their lifetime. Therefore, home inspections are very important. A realtor will encourage a buyer to have a home inspection. The inspection will determine the overall condition of the home. Even though the home may “look” like it is in great condition, an inspector will evaluate the plumbing, electrical, roof and structural to determine if there may be areas for concern. The inspector will also educate the buyer as to how to best maintain the quality of the home.
3. Disclosures: what kind of things should people ask their realtor to disclose about the house they want to buy? Give me the house facts.
Virginia is a “buyer beware state.” This in effect means that the buyer must do their due diligence in determining the condition and/or defects of the home. However, if the realtor is aware of anything that is wrong or know of any latent defects, the realtor must disclose the information. A realtor will assist a buyer as to where to find information that a buyer may want to investigate about a home (ie is the home in a flood zone? Are there restrictions to the property that impact the buyer’s enjoyment of the home/property?)
4. What is a lien on a property? How or does that affect the next person that tries to buy the house?
A lien is a legal claim on real estate for an outstanding debt to be paid at the time the real estate is sold. Basically, the property is acting as collateral to ensure the debt will be paid. It is best to seek legal advice as to how it may affect the purchase of the home. Often times it is paid when the sale is completed.
5. Is it better to rent or buy a house? Why?
There are different reasons one would prefer to rent a home vs own a home. If someone is expected to only live in an area for a short time such as a year, it may be better to rent. Buying a home has many advantages. Currently, a homeowner can deduct the interest paid on a mortgage which is a tax advantage. It is best to consult a sales agent and a mortgage lender to help determine which option is best based on an individual’s situation.
Have a question for a real estate agent? Send it to us (agapelifenews@gmail.com) and we’ll ask them for you!