Buying a house is both exhilarating and daunting. With so many factors to consider, from location to pricing, and even peculiarities like a dip in the living room floor, it's crucial to have a trustworthy realtor by your side. Your realtor isn't just a guide; they’re your buying buddy, there to ensure you make informed decisions. Here are some key questions to ask your realtor before diving into the home-buying process, helping you become a house-hunting pro and ready to find your dream home with confidence.
[Continue reading or watch instead on YouTube]
Interview Your Agent
Before signing a buyer agency agreement, it’s essential to interview your realtor. Understanding their experience and specialization can significantly impact your home-buying journey. Key questions include:
- How long have you been a realtor?
- Do you specialize in a certain area?
- Can you share references from past clients?
Personally, I have 15 years of experience and a specialize in working with lakefront sellers who are animal owners. As a seasoned agent, I can provide references which you can also find on platforms like realtor.com, Zillow, and Google.
Financial Planning
Knowing your budget is critical. Factor in your down payment, closing costs, and any potential repairs if buying a fixer upper. Ask your realtor about their negotiation strategies:
- How do you determine the best offer price?
- What recent market data do you use?
A good realtor will compare the condition, square footage, and recent sales of similar properties to help you make a competitive and protected offer. This is why the MLS is so valuable with history of sold, active and expired properties.
Market Conditions
Understanding the current market is vital. Ask your realtor about:
- Is it a seller's or buyer's market?
- What’s the likelihood of facing a bidding war?
Currently, with rising prices and interest rates, it’s more of a seller's market, though increasing inventory offers more choices. Its important to stay in contact with your agent as the market can change at any time.
Property-Specific Queries
For those considering unique property investments like lakefront homes, additional questions are necessary:
- Do I need higher liability insurance?
- Is flood insurance required?
- Do you have a list of area contractors to do improvements?
Lakefront properties might require higher liability insurance due to increased risk, and while flood insurance is less likely, it’s still worth checking with an inspector. Many waterfront properties may require flood insurance depending on if any structures are in the flood plane. Make sure you talk to an insurance provider once you have a property in mind to get specific details and make sure your budget can cover you properly. We do have a list of registered contractors from our local city office. They can be contacted to hire for construction work or as owner of the property you can do the work by yourself.
Construction vs. Purchase
Deciding between building a home or buying and remodeling? Here’s what to ask:
- What are the costs per square foot for building?
- Is it more economical to buy and remodel?
In many areas, buying and remodeling is often cheaper than building new, with costs of construction around $150 per square foot compared to purchasing at about $100 per square foot. We currently do have a few new homes in our area, but we are way behind like the rest of the country. While building does allow you to give your home more customization, there can be a significant savings by finding a good floor plan and updating a home to your liking.
Infrastructure and Amenities
Questions about local amenities can impact your quality of life:
- What’s the proximity to the nearest airport?
- Are there hardware and appliance stores nearby?
While Cherokee Village has a small municipal airport, the closest commercial airports are in Little Rock, AR and Memphis, TN, about 2 1/2 hour drive away. There are several local hardware stores available within a few miles for electrical, plumbing and lumber supply in Highland and Ash Flat. For larger stores like Lowe's or Home Depot for large projects, there are a few different locations about an hour away.
Temporary Housing Options
For those planning renovations or needing temporary housing:
- Can I use my lot for an RV during renovations?
- Are there storage options for boats and RVs?
You can park an RV on beside your home as long as it is sitting on a prepared surface. You can also use your RV on any property for 72 hours at a time, but you may have difficulty if wanting to hook up to utilities. You'll want to contact them and see any requirements they have before purchasing land. The lots in Cherokee Village are not designed to be used for camping, so that is a restriction. There is a camping site near the base heart fire station near town center and an RV park being developed now closer to our office. There are local storage facilities offer options for boats and RVs, ensuring your assets are safely stored. There is one just down the road from our office and also at the Lake Sequoyah boat launch (mid-lake marine).
Community and Regulations
Understanding community regulations and amenities is crucial. Make sure to check out cherokeevillage.org and cvsid.org for more information about rules and regulations.
- What is the Suburban Improvement District (SID)?
- What are the annual fees and services provided by SID?
SID maintains community areas like golf courses and lakes, with fees included in your annual taxes. There are no additional regulations imposed by SID so it is not like an HOA. The city does have bills of assurance for restrictions on building as well as city ordinances to comply with. Most SID cost is $90/year for a lot with or without a home. If your lot is adjacent to a lake or golf course, it could be as high as $340 and if there is a home on it as high as $740. This cost is based on the assessor's value of the land, multiplied by 36% and divided by 10, for a 10-year plan.
Local Services
For practical needs like shipping or storage:
- Are there nearby UPS or FedEx drop-off locations?
- Is there a landfill nearby and recycling services?
Local banks and even Dollar General offer drop-off points, but to go to a store where you need to send a package you would have to travel about an hour. USPS sites offer boxes to send packages as well. There is a landfill just outside of Cherokee Village. They share a location with the recycling facility. All local towns have a collection day for recycling, but there is not roadside pick-up.
Next Steps
These questions cover the essentials of working with a realtor and understanding our Cherokee Village area. This will ensure you find your dream home with confidence and clarity. If you have further questions, please reach out to us directly by email, text or phone. If you're ready to start the buying process, check out this video on what to look for when touring a home. Thanks for stopping by and have a blessed day.
