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Ask these questions before signing on the dotted line.

Buying a home is an entire process, and certainly one that shouldn’t be taken lightly. For many homeowners, it is a process of securing the right mortgage and finding the right home. But before you rush into property buying, there are some essential questions you should ask first.

What is the property worth in today’s market?
For ethical reasons, agents can’t tell you how much to offer on a house. Instead of asking directly how much the home is worth, it is worth noting any figures you can gather about comparable sales, or ‘comps’. Your real estate agent will be able to arm you with similar prices of nearby homes that have been sold recently, along with high and low ranges for a particular property. Your agent may also be able to tell you how long homes are staying on the market, and the percentage of the asking price sellers are getting. If a certain property has been on the market for many months, it could be a slow market or an overpriced home. Either way, take the time to properly construct your offer.

What’s wrong with the house?
Most homeowners know that they aren’t buying a perfect property – but they are entitled to not buy a money pit. Sellers may be inclined to disclose any real problems about the house, resulting in a faster sale or a higher price. In this case, it’s worth hiring an inspector to evaluate the property, looking for signs of concern and potential issues with the house. This could end up saving you thousands of dollars.

Is the home in a flood plain?
Living in a flood plain can require flood insurance, severely spiking the cost of living in the house. Always ask if the home is in a flood plain, even if it is nowhere near a water source. It doesn’t hurt to double-check with the county and talk with your property agent, too.

Is there paperwork for the mechanical systems?
Even if the seller said that he or she replaced the air conditioner before putting the home on the market, without the proper paperwork, the statement doesn’t stand up. Without documentation, new buyers don’t know what they’re signing up for, and may end up paying high costs of out pocket to repair malfunctioning units. Documents also help when new owners want to get an exact match, for example, with hardwood flooring, to continue the design throughout the house.

Before you start looking for a home, take the time to consider these questions. To learn more about the real estate market in San Diego, contact the Jenn Blake Real Estate Group at 858.663.6788!