Home shoppers often forget to ask simple but important questions before committing to a home purchase. A new guide from www.GoBankingRates.com highlights the top ten most overlooked questions home buyers need to ask in order to avoid costly repairs and surprise expenditures in the future.
EL SEGUNDO, CA, June 24, 2013 – Americans continue to have home buying fever thanks to continued low mortgage interest rates. However, in order to help eager home buyers avoid costly surprises down the road, GoBankingRates has put together a list of the top 10 most important – but often overlooked – questions home shoppers need to ask before committing to a home purchase and long-term mortgage debt.
Among these questions, potential home owners are encouraged to ask if there are any seller disclosures, or known defects that can affect the desirability and value of the home. According to GoBankingRates expert contributor, Thomas Hill, it’s important to get to know your future home thoroughly before signing on the dotted line.
“Even if you fall head-over-heels for a house, don’t be punch-drunk in love with it,” explains Hill. “A home is just four walls — and there are plenty out there with more being built.”
Those shopping for property should also ask why it is for sale by the previous owner, insight that can be useful when making an offer on the house. Moreover, for those looking to place additions on the home, or are planning on making renovations, it’s wise to ask about the house’s zoning or area disclosure.
However, the GoBankingRates home buying guide identifies the most important question to ask before buying a home is whether it’s better to rent or buy in the first place, based on the shopper’s current financial situation. A large amount of debt or a low credit score may force a prospective homeowner to wait a few more years before buying.
“Before you spend too much time looking for your dream home, you need to weigh all of your options,” says Hill. “Depending on your situation, you may not be ready to buy.”
See full details on all 10 of the most overlooked questions when buying a home here:
For questions about this report or to speak with a GoBankingRates editor, please use the contact information below.
GoBankingRates.com is a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. GoBankingRates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information.
Additionally, GoBankingRates.com partners with a number of major media outlets such as Business Insider and US News & World Report to provide compelling and edifying personal finance content. Its expert editors have been featured and quoted on several premier finance websites like Yahoo! Finance, Forbes, The Street, Huffington Post and more.
Jaime Catmull, Director of Public Relations