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12 questions to ask when buying a house

Yahoo Personal Finance· Getty Images
8 min read

It’s very possible you’ll only buy a few homes in your lifetime. That means you, like many home buyers, may not know how to find the right house without a little help. Working with a real estate agent or Realtor can provide important guidance during this process, but you still need to ask the right questions along the way.

Here are the 12 main questions to ask when buying a house.

Read more: Is it a good time to buy a house?

The first step in buying a home is hiring a Realtor or real estate agent to help you find the right house. And just like with any other professional relationship, you should plan on interviewing agents to find the right one.

Here are questions to ask a potential agent to help you determine if it’s a good fit.

It’s best to work with a real estate agent with at least a few years of experience in the business because knowledge of the market and prevailing sales trends requires hands-on experience.

That doesn’t mean you have to lose the business card of any newbie agents you meet. If you’re interested in working with a newer agent, ask if they will receive any guidance from a veteran in the office.

Ideally, your real estate agent has experience working with buyers like you — people who want the same type of home you do or have a similar price range. An agent specializing in single-family homes when you want a condo or who helps buyers find high-value homes when you are looking for a starter home will be a frustrating mismatch.

Learn more: How to decide between a condo versus a house

Some agents handle their real estate business on a part-time basis — maybe even based around another job. While part-time agents can be excellent partners in home buying, it’s helpful to understand early on your agent's availability.

Realtors and real estate agents often represent both home buyers and sellers, but you may want to work with an agent who primarily or exclusively represents buyers. Such an agent will not only be in a better position to help you understand the market and negotiate with sellers but will also not be in a position where they could be representing both sides of a real estate transaction.

While it’s rare for an agent to represent both the buyer and seller in a home sale, it sometimes happens. In most cases, the agent will choose one side to represent and assign another agent in their office to represent the other. Even with a different agent representing the other side of the transaction, however, it’s extremely difficult for the agent to maintain their fiduciary duty to you as a buyer since they will know the financial circumstances of both the seller and buyer.

An easy way to avoid this potential conflict is to work with an agent who primarily or exclusively represents buyers.

Read more: First-time home buyer in 2024 — what you need to know

Once you have found the right agent, ask these questions to narrow down the homes you want to tour.

This question can prompt a fruitful conversation about what you’re looking for in a home. Your agent will likely ask you what important features you want in a neighborhood, such as good schools, walkability, rising property values, proximity to public transportation, and the like.

You know what you want in a home, and your agent knows which neighborhoods best suit your criteria. Asking this question can help you find the right places to look.

It’s easy to get stars in your eyes when seeing sleek new appliances and eye-catching color schemes in a potential home, but those are not necessarily the best indicators of a good buy. Ask your real estate agent to help you determine what makes a house a solid long-term investment and a place to live. Knowing what to look for ahead of time will ensure you’re not so dazzled by surface-level amenities that you ignore water damage, foundation problems, or sagging ceilings.

Dig deeper: How much money do I need to buy a house?

Your real estate agent can often be an excellent resource for finding the professionals you will need for steps in the home-buying process, including a home inspection and any work that you may want done on the house before you move in.

Note: The mortgage lender assigns someone to complete your home appraisal, so you do not get to choose the appraiser yourself.

Even homebuyers who feel well prepared for the costs of closing on a home may feel some sticker shock about their closing costs. According to the most recent ClosingCorp report, mortgage closing costs in 2021 averaged $6,905, including transfer taxes (which the buyer or seller may be in charge of paying, depending on various factors), and $3,860, excluding transfer taxes.

Asking your agent or mortgage lender how much your closing costs will be can help you plan ahead for this expense — and potentially adjust your budget or list of potential homes accordingly.

Dig deeper: Best time of year to buy a house

Once you’ve found a home you like, there are still more questions you can pose to your Realtor before making an offer.

An experienced agent will be more attuned to potential home problems than a first-time (or even second- or third-time) home buyer. Your agent is better positioned to point out that the water heater is nearly at the end of its life cycle, that the roof needs repair, or that there isn’t sufficient office space for two work-from-home spouses.

Your monthly mortgage payment toward principal and interest is only the beginning of your homeownership costs. You will also need to budget for additional expenses like property taxes and homeowners insurance. You’ll also need to think about utilities, such as trash pick-up services and electricity. Understanding just how much you can expect to pay for these services can help you avoid a costly budgeting mistake.

As you are considering various homes, make sure you understand how much you will pay each month for your mortgage, utilities, taxes, homeowners insurance, and mortgage insurance.

See also: How much house can I afford?

Understanding why the sellers are planning to leave the area may give you important insight into the home. For instance, if the sellers are leaving because the home has become too expensive to maintain, you may not be interested in making an offer. On the other hand, a seller who is relocating soon for a new job may be willing to negotiate to expedite the sale.

When you make an offer on a house, ask your agent whether you should include any contingencies and/or concessions.

In your offer, you may state that you’ll make an earnest money payment if your offer is accepted. An earnest money deposit is the money the buyer sets aside in an escrow account once a home sale is under contract. It indicates that the buyer is serious about purchasing the house. For example, you may set aside $10,000 of your $15,000 down payment as an earnest money deposit.

Why does earnest money matter? Because of contingencies. Contingencies are conditions the buyer lists in the offer, and the seller must meet these contingencies as a condition of the sale. For example, you might include an appraisal contingency so that if the appraised amount is less than the sales price, you can back out and still get your earnest money back. Contingencies can protect you as a buyer, but be prepared for a seller to negotiate.

Concessions, on the other hand, are benefits the seller gives the buyer. A common type of concession is when the seller agrees to pay some portion of the closing costs.

If you want to buy a house that’s fielding a number of offers, you will probably not request any contingencies or concessions. Sellers of homes that are in high demand are usually less interested in meeting your contingencies or offering concessions. But sellers may be amenable to contingencies or concessions if the house has been on the market for some time or they are otherwise motivated to sell quickly.

This article was edited by Laura Grace Tarpley