There's no denying the fact that your home is one of your largest and most significant assets. Not only will your choice of property determine many aspects of your future, but it will also have an effect on your finances. All the more reason to take a moment to ask the important questions before you sign on the dotted line. Here are some of the most important questions you must ask before buying a home.

Why are you selling?

Homeowners list their properties for several reasons. Not all of these reasons are necessarily bad. They could be obligated to downsize due to personal financial reasons or perhaps they are moving due to changes at work. If there is any sense of urgency created by these personal needs, the buyer might be able to convince the seller to lower their price in order to make a quicker sale.

When was the property first listed?

When a house is fresh on the market, you can expect plenty of interest, and they will most likely not drop their price too easily. If the house is proving to be a hard sell, the seller might start to feel the pressure and let their asking price slide. A house that remains on the market for too long could also indicate one of several issues. For example, the area might not be all that desirable for whatever reason or the price could be too high in relation to the size and features of the property.

Property history

As a potential buyer, it's in your best interests to know and understand the history of the home you may purchase. Ask the current owner how long they have owned the house and don't be afraid of asking about any significant events such as a death on the property. If you are not comfortable asking the home owner directly, ask the estate agent for a comprehensive history of the home.

What is included?

Many homes have features that are built in (like ovens and closets). Make sure that any such features are listed as included in the sale. Each item must be specified before you agree to the purchase. If the seller removes any of these items prior to the new owner taking residence, the buyer will have documentation to support their claim.

The age of the house and fixtures

Houses don't last forever, and they are by no means maintenance free. The older a house gets, the more attention it requires. This is why age plays such a significant role. Ask the seller when the house was built and, if any fixtures are included, find out how old these fixtures are too. If, for example, the built-in oven is fairly old, it might not be as an attractive a feature as a relatively new oven would be. You should also find out if any of the included fixtures require repairs or maintenance.

Where are the local services?

When you buy a home, it's not just about buying the property itself. It's important to consider various aspects like schools, hospitals, grocery stores, and so on. Local services are essential for modern day life, and it wouldn't make sense to buy a home that's nowhere near any of these – unless you are intentionally seeking an escape. The location of these services and facilities will greatly impact your choices based on your personal needs.

How is the selling price justified?

Regardless of the price, it's always in the buyer's best interests to get the best value for money. Property prices vary based on the size of the property, the size of the home itself, the features of the home, the area in which the property is located, and so on. Homes that require very little maintenance will also fetch a higher price because owners see the possibility of saving in the long run. Homes that are furnished will obviously fetch a higher price, but it's important to understand the value of the furniture. For example, if the home is fully furnished, it's a good idea to establish how much the property alone is worth. Then list all of the fixtures and furniture included in order to calculate a separate value. Remember, used furniture is never worth as much as new furniture, but if the furniture is antique or of particularly high quality, it could be worth more than the average mass produced products that fill stores today.

Navigating the real estate market in search of your ideal home can be tricky without the right expert on your side. For professional assistance shopping for properties in the Greater Toronto Area, call Marina Rigenco on (647) 834-2292.