According to the National Association of Realtors, 2015 has been dubbed ‘The Year of the First-Time Home Buyer.’ With the housing crisis now safely in the past, many people are considering purchasing their first home. However, the process is not always as straightforward as you may think. Outer Banks Real Estate suggests, “If you’re wondering if you’ve found the house of your dreams, here are five questions you need to ask before signing on the dotted line.”
5. Does this house fall under a Home Owners’ Association (HOA)?
HOAs can be wonderful, but you don’t want to be blindsided. While some are common-sense organizations that exist largely to make sure no one allows their property to become an eyesore, others can be pedantic to the point of absurdity. Some people have lost their homes over planting too many roses, having a fence that’s a few inches too tall or even by taking in foster children. Horror stories abound, so you want to ask if an HOA exists before your decide to buy a particular home.
4. What school district does the home actually belong to?
It pays to get clarification when it comes to the school district, as the most obvious answer is not always the correct one. If you have children, the last thing you need is to discover that the school right down the block isn’t your district and your kids will be spending 45 minutes on the bus each way to get to your zoned school. This can be especially troublesome in rural areas, where district lines are drawn willy-nilly and commute times can be tedious.
3. Is this house on a flood plain?
If the prospective home is in a flood plain, flood insurance will be an added expense. You can search your prospective address on the Federal Emergency Management Agency (FEMA) website to determine its status. Be aware that properties you’d never guess were on a flood plain can be deemed as such, so being marked as ‘on the plain’ doesn’t necessarily mean the home has ever flooded or ever will be flooded.
2. Are there any pets buried on the property?
This is something a lot of people don’t even think about until their child has unearthed remains or they’ve found a grave while digging up soil for a garden. If the answer is yes, you can ask the owners to remove the remains or you can simply avoid digging in the area. If you’re buying farmland that’s been used for horses or other large livestock, you definitely need to ask. Large animals are often buried at home, and discovering the grave can be grisly and upsetting.
1. Has there been any nefarious or paranormal activity reported?
Half of all states have laws that your real estate agent must disclose if the house is a ‘stigmatized property,’ while other states operate on a strict buyer-beware policy. If you’re seriously considering a property, don’t be afraid to approach the neighbors and run a few searches online. If there has been a murder in the house or other nasty business, you may be able to use that as a bargaining point. As for tales of haunting or other paranormal activity, it’s up to you to decide if such claims will bother you.
Deciding to purchase your first home is an exciting time in your life, but you need to think methodically and logically. By asking these questions before you sign, you’ll know more about the property and what to expect. While it can be heartbreaking to receive news you don’t like about your dream house, it’s better to find out ahead of time than to be shocked later.
Sources:
http://realtormag.realtor.org/daily-news/2014/12/05/2015-year-first-time-home-buyer
http://www.bankrate.com/finance/real-estate/homeowner-horror-stories-associations-are-heaven-or-hell.aspx
https://msc.fema.gov/portal
http://www.americanbar.org/content/dam/aba/publishing/probate_property_magazine/rppt_mo_premium_rp_publications_magazine_2005_mj_perlin.authcheckdam.pdf
