Asking questions helps you make a good home purchase

When you're ready to purchase a home, there are many questions you need to ask. Failing to ask certain questions could result in problems down the line, so it's important to take the time to get a full understanding of the property you're purchasing as well as when the contract to purchase can be cancelled or voided.

The first thing you should ask is how much you can afford versus how much the house is listed for. Many owners will negotiate within reason. You can help yourself get a better price by looking at neighboring houses and offering a price in line with what the home is worth in its respective neighborhood.

You should also make sure to ask about a home inspection. It's in your best interests to have an inspection performed before you ever purchase a property. An inspection gives you more information on the condition of the home, so you can make a realistic offer knowing what problems you may have to fix in the future.

If you're not familiar with financing options, mortgages and the closing procedure, you should also ask about those steps to purchasing a home. There are many kinds of financing options available, so you don't want to take the first one you run into in most cases. Make sure to understand the terms of the financial agreement and if you can pay off the loan early. Some penalize you for doing so, while others encourage paying down your loans quickly.

Your attorney can help you be certain that your contract is solid and a good arrangement for your situation. Understanding your situation is vital when you're making a major purchase.

Source: FindLaw, "Questions to Ask When Buying a Home," accessed Feb. 07, 2018