This is an exciting time in your life! You and your wife, husband, or domestic partner are ready to buy a home or condo for the first time. There are a lot of things to consider when choosing an agent, and a lot of questions to ask a realtor when buying for the first time. There are questions you may not think to ask (and one of many reasons why choosing a qualified and experienced agent is in your best interest).
Selecting a buyer’s agent when buying a home is an important step in the home buying process. A buyer’s agent will represent you and work in your best interest when choosing neighborhoods, homes, inspectors, and navigating the paperwork and contracts. This is a step in the right direction.
Asking questions about their experience will help in selecting a buyer’s agent.
Your agent may or may not be as enthusiastic about the home as you and your spouse. Getting a sense of the agent’s response will be very helpful. Their answers might give you a reason to move forward with making an offer on a home, or perhaps reconsider and keep looking.
The current owners may have lived in the home for the last 40 years and are simply ready to move on to the next chapter of their lives, or they may have only lived in the home for the last several years. A short term owner could raise some red flags. If the home has been bought and sold several times in the last 10 years it might suggest problems with the home, location, or neighborhood.
This is one of the great questions to ask a realtor when buying for the first time, and one you may not think to ask. Undoubtedly you will be thinking about the price of the home, monthly utilities, and insurance when considering how much your budget will allow when buying for the first time. When purchasing a condo there will be a monthly fee to cover shared maintenance costs. When purchasing a single family home there could be a monthly fee to cover upkeep and repairs in the neighborhood, if the home is part of a homeowners association.
Special assessments are an additional monthly fee to cover the cost of planned large scale projects scheduled in the future (for example, roof repairs in a condominium unit, and road paving in some HOA neighborhoods). Planned special assessments should be disclosed to the buyer.
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