10 key questions to ask when buying a house in Bangalore

 

When embarking on the journey to find your dream home, it's essential to ask the right questions to ensure you make a wise and affordable choice. Let's break down these crucial queries into ten simple headings when buying a property in Bangalore:

1. What Can You Afford?

Before diving into the world of house-hunting, understand your budget. Your expenses go beyond the sale price, encompassing property taxes, homeowners insurance, maintenance, and potential renovations. To show sellers you mean business, get preapproved for a mortgage. This not only helps you know your limit but also assures Realtors that you're a serious buyer.

2. Is It Prone to Natural Disas+ters?

Discover if your potential home is located in a flood zone or susceptible to natural disasters like earthquakes. Properties in high-risk flood zones require separate flood insurance. Earthquake-prone areas, such as California, may require earthquake insurance. Ensure you have sufficient homeowners insurance to cover total rebuilding costs if disaster strikes.

3. What's Included in the Sale?

Make sure you understand what's included in the property sale. Fixtures like cabinets, appliances, and window treatments are typically part of the package, but it can vary depending on state laws. Clarify in your offer what's included and what's not. This way, you can negotiate for items like washers, dryers, or chandeliers.

4. Are There Any Major Renovations?

Review the history of major repairs or renovations done by the seller. This knowledge helps assess the property's condition and whether the asking price is fair. It's crucial to ensure that the property complies with local building codes.

5. Age of Roof, Appliances, and Systems

Find out the age of the roof, appliances, and essential systems like the furnace and water heater. Roofs are expensive to replace, and appliances nearing the end of their lifespan could require costly replacements. Knowing this information helps you plan for future expenses and possible home warranties.

6. How Long Has the House Been for Sale?

A house's time on the market can indicate the seller's motivation to negotiate. If a property has been listed for a while, you might have room to bargain on the price, terms, or repair credits. Multiple price reductions or extended time on the market might imply underlying issues.

7. Local Market Prices

Understanding the local market is essential for gauging the fairness of the seller's asking price. Your Realtor can provide data on comparable homes currently on the market and those sold in the past six months. With this information, you can make more informed decisions, such as offering a lower price or asking for concessions.

8. Safety Hazards, Insurance Claims, and Problems

Discover any safety hazards like lead paint, radon, or mold. These issues can be expensive to rectify and could delay loan approval. Ask for documentation on past problems and how they were resolved. Consider obtaining a Comprehensive Loss Underwriting Exchange (CLUE) report to check for any insurance claims filed in the last seven years.

9. Neighborhood Insights

Understanding the neighborhood is just as crucial as the house itself. Inquire about the neighbors, whether it's a noisy or quiet area, and if it's pet-friendly. Don't solely rely on the seller for this information. Take a drive through the neighborhood and speak to the neighbors to get the real scoop. Research online for community amenities, school ratings, crime statistics, and traffic conditions.

10. Closing Costs

Don't forget about closing costs. These expenses, which include various fees like title research, loan-related fees, and administrative tasks, can range from 2% to 5% of the purchase price. The closing disclosure, provided by the lender three business days before closing, will outline all the costs. Even if you're not financing, you should receive a closing statement detailing all the expenses associated with closing the deal.

In summary, these ten straightforward questions will guide you on your path to buying the right home while ensuring it fits your lifestyle and finances.