8 Important Questions to Ask When Buying a House, Because Knowledge Is Power

No one ever said the homebuying process would be a piece of cake, but if you're armed with the right questions, it also doesn't have to be something to dread. When you set out to buy a new property, there are plenty of things that may slip your mind as you're juggling everything from searching for homes to dealing with the financial aspects of becoming a homeowner. Thankfully, you're not alone. We enlisted the help of real estate broker Laura Best of Berkshire Hathaway to recommend a list of questions to ask when buying a home.

"Buyers need to ask questions as if they are making an offer as soon as they find a home they like," Best explained, noting that the 2023 market is currently "a sellers' market with a lack of inventory," which means there is low supply with high demand. Keep scrolling to get Best's advice on what to ask during the process, and keep this article handy so you can pull it up as a guide anytime you meet with your own real estate agent.

Before you set out to look at homes, you need to investigate a couple of questions for yourself, the first being: Am I financially ready for this?

That starts with paying down debts and making sure your credit is in good standing. It's also important to realize that financial responsibilities with homeownership go far beyond a down payment and monthly mortgage payments. For example, you should discuss closing costs with the seller. When you're thinking about what happens after you've bought your house, you should also be prepared to make necessary repairs, as well as pay property taxes and utility bills. "Homebuyers will need to review the property disclosures and what their monthly payments will look like (mortgage principal and interest, as well as property taxes and in some cases homeowners' association dues)," Best explains.

For more tips for first-time homebuyers, check out our guide here.

When you're buying a home, you're also investing in the area you choose. So, if a walkable town with coffee shops, dining, and shopping is what you're looking for, be sure to take those things into consideration; make a list of the qualities that are musts for you, and what you would consider extra perks, to help you weigh the options as you tour various areas. Additionally, you should ask the seller or real estate agent about local schools, what neighbors say about the area, and what the market is like in each specific neighborhood.

"In addition to the items on their wish list, buyers should also consider the age of big-ticket items like the roof, mechanicals (water heater, HVAC, major appliances), any flooding or fire damage, and any electrical or plumbing upgrades done to the home," Best explains, encouraging buyers to ask the seller about all of those things. "It is also wise to consider how long the buyers intend to stay in the home, as some of the repairs or upgrades that might be needed won't have a quick return on investment."

Risks of natural disasters can not only directly affect your property should they occur, but being in an area with them can also up the cost of home insurance. Your location could mean you need to take out additional insurance for things such as flooding, earthquakes, and hurricanes, as they aren't always covered in your homeowners' insurance plan.

Beyond that, you'll want to ask the seller other specifics, including if a basement is prone to flooding and whether or not a sump pump has been installed and how long ago.

This will help you figure out if you may be able to negotiate a better deal on the home sale for things like price, contingencies, terms, and credits. That being said, if a home is on the market for months with no bites, it may signal a red flag; you'll want to check with a real estate pro, who can get to the bottom of it for you.

Not all reasons for a house staying on the market are negative, though. For example, Yahoo Finance says there are a few factors that are out of a seller's control, including interest rates and inventory.

When you're starting to get really interested in a house, it's a good idea to find out why the seller is leaving. There are plenty of reasons for a move, including downsizing or upgrading, relocating, or simply being ready for a new neighborhood. However, there are also reasons people may be trying to move on from a property that aren't as harmless, including the home needing major repairs, the neighborhood going through negative changes, the property taxes rising, and more.

You should also try to find out if a seller has lived happily for years in the home, or if they are trying to leave just one or two years after moving in — the latter might be an indication that there were unforeseen problems with the property.

Gas, electricity, water, garbage, oh my! There are many utilities that need to be paid monthly or quarterly when owning a home, and it's important to get a feel for how much the current owner pays for these things before agreeing to make an offer. While it's ultimately the seller's decision to let you see their past bills, it's also nice to know if the water and garbage are covered monthly/quarterly/etc. before moving in. It's also smart to find out which utility companies the neighborhood uses.

Homes are often immaculately staged during the showing process in hopes of roping in a buyer. If you're in love with the light fixtures, custom drapes, or any other decor, you may want to ask what will be staying and what will be going. If you're truly infatuated with a furniture piece and it actually belongs to the seller, you may be able to negotiate a price to keep it.

While things may come up during a mandatory home inspection before closing, sellers are required to disclose certain things, like the presence of lead paint, pest damage, or asbestos. Make sure to check in on all of these points.

Ultimately, remember: no question is a dumb question. Nothing is off the table in this process, and your real estate agent should encourage you to ask whatever you feel is important.