Common Questions Home Buyers Ask
When you're looking to buy a home, there are a lot of questions that come up. What should you do first? How much can you afford? What's the process like? In this blog post, we'll answer some of the most common questions home buyers ask. We'll cover everything from the initial search to making an offer and beyond. So whether you're just starting out or you're almost ready to close, read on for answers to some of your most pressing questions!
What's the first step in buying a home?
The first step is to start doing your research. Look online, talk to friends and family, and read books or articles about buying a home. Start thinking about what you want in a home, what neighbourhood you would like to live in, what amenities or schools you want to be close to, and what your time line looks like. The more you know about what you are looking for, the quicker the process can go as your Real Estate Agent can really narrow down the search and find the house that suites you best. Once you have a good understanding of the process and what you want, you can start looking at homes in your price range. It's also a good idea to talk to a real estate agent at this point and to reach out to a mortgage agent to get you started on the financial side of the transaction.
How do I know how much house I can afford?
I recommend that you do up a monthly budget of how much money you pull in right now and what you are spending per month. This will give you an idea of what monthly payment you will comfortably be able to make while maintaining your current lifestyle. Now is a good time to get pre-approved for a mortgage by a mortgage agent. This will give you an idea of the interest rate you'll be paying and how much your monthly payments will be. You can then plug this number into your monthly budget and see if it does work with your lifestyle or if you will have to make some changes. Always ask your mortgage agent if you can lock in that rate they are pre-approving you as rate changes can really impact your monthly payment.
What should I look for when viewing a home?
There are a few things you'll want to keep in mind when viewing homes. First, think about the size and layout of the home. Does it have enough space for your needs? Second, take a look at the condition of the home. Are there any major repairs that need to be made? And finally, pay attention to the neighborhood. Is it a place you can see yourself living in for the long term? You can always change the look of your home however, you can't relocate it to a different neighbourhood. I recommend viewing all homes with your Real Estate Agent as they are professionals in knowing what to look out for and will be tuned to see any red flags that you should be concerned about. If you like attending open houses, bring your Real Estate Agent along. It's always a bonus to have another person who has your best interests in mind to do the walk through with you.
When is the best time to buy a home?
There is no one answer to this question. It depends on a number of factors, including your financial situation, your current living circumstances, the housing market, and your personal needs. Talk to a real estate agent or lender to get their opinion on when the best time for you to buy would be.
These are just a few of the questions home buyers ask. If you have more questions, or if you're ready to start looking at homes, contact us today. We'll be happy to help you through every step of the process!