Jan 30, 2013
There are so many factors to consider when purchasing a Wake County home for sale. From schools to list price to square footage of the home – it’s a lot to think about!
What I’ve found though is that the most important aspects of a home can be boiled down to three key areas:
- Condition of the home
- Location of the home
- Listing price
Below, I’m going to tell you about what specific questions you should be asking the home seller about each of these aspects.
Wake County, NC Real Estate for Sale
The first factor I want you to consider is the condition of the home you’re buying. While every home is going to have minor issues here and there, you want to make sure you’re not investing in a home that’s going to end up costing you thousands of dollars in costly repairs.
Here are some questions you should ask the home seller about the condition of a home when you look at it:
- How old is the home and when was the last time major appliances and features were replaced? For instance, roofs can last 15 years and up, depending on the materials used. Still, if it looks like the roof is rather worn, you may be looking at a costly replacement in the near future if you buy the home.
- Is the home sitting on a raised or slab foundation? Raised foundations will give you access to plumbing and electrical systems underneath the home. Meanwhile, slab foundations are much more common in newer construction.
- Are the home’s walls and attic insulated? This is more of a big deal in colder climates but it is something to consider.
Next, be sure to consider the location of the home. Even if you don’t care about the home’s particular location, future home buyers may – which can make resale a nightmare for you down the road. For instance, I know a woman who was recently looking for homes in a part of town that did not have the best public schools. Even though she is not married and doesn’t plan to ever have children, she may ultimately sell to a young family who very much so cares about what public schools are in the area. It’s worth considering.
Here are some questions you should think about asking when it comes to the location of the home:
- What is located nearby? Generally speaking, apartment buildings, commercial complexes and industrial parks lower the value of residential homes in the immediate vicinity.
- What are the schools in the area like? As I said, public education is a big factor to many home buyers. Even if it’s not for you, you should consider the resale factor.
- Are there any obvious nuisances nearby? This may be a busy highway that makes a lot of noise or late night bars and clubs around the corner. Decide whether you are okay with these factors and whether it’s workable even down the road during resale.
Finally, take a good hard look at the list price of the home. You want to determine why the sellers set the price where they did.
This will in turn tell you whether it’s realistic to make an offer below where they’re asking.
Here are some questions you should consider in terms of the listing price:
- How much did the sellers pay when they purchased the home? Have the values gone up or down since they purchased the property?
- How much does the seller owe? If it’s more than the list price of the home, you could be looking at a Wake County short sale – which may be a longer process than a traditional home sale.
- What are similar homes in the area selling for? This will tell you whether the home you’re looking at is fairly priced. It will also give you a good indication of whether the home is likely to appraise for that list price when you go take out a loan.
- How many offers has the seller received on the home? Multiple offers tend to drive up the sales price for a home. Be prepared with a counter-offer if that is the case.
- How long has the home been listed on the market? If it’s been more than 60 days, you will have more wiggle room to negotiate for a lower price on the home because the seller will likely be more willing to work with interested and qualified buyers.
Your Wake County, NC Real Estate Experts
We’ll guide you all along the way and provide you with such helpful home-buying resources as:
Until next time,