Answering Common Homebuyer Questions!

Buying a home is exciting but it can also feel overwhelming especially if it is your first time or if it has been a while since you last went through the process. We hear many of the same questions from buyers so we thought we would take a moment to answer some of the most common ones in plain language with no fluff.

Here is what we get asked the most:

1. Where do I even start?

Start with a conversation, not a contract. Talk to a trusted real estate agent who can guide you through the process. Your next step is usually to speak with a mortgage advisor to find out what you are pre approved for. Knowing your budget helps you focus your search on the right price range from the very beginning.

2. Do I need a big down payment?

Not always. Many people think you need to put down twenty percent of the home price, but that is not always the case. Especially for first time buyers, some loans allow you to put down as little as five percent. The exact amount depends on the type of loan and the home you want to buy. What is really important is making sure your money is in order and knowing how much you can comfortably pay each month. That way you can find a home that fits your budget without stretching yourself too thin.

3. What does it cost to buy a home besides the price?

That’s a great question. The price you see is just part of what you’ll pay when buying a home. There are extra costs called closing costs that come at the end of the process. These include things like legal fees for your lawyer to handle the paperwork, land transfer tax which is a government fee when you buy property, a home inspection to check the condition of the house, and insurance to protect your home and mortgage. These costs can add up, so it’s smart to plan for them ahead of time. A good rule of thumb is to set aside about one and a half to two and a half percent of the home’s price to cover these extra expenses. Contact us today to hear about all the closing costs you can expect!

4. How long does the process take?

It varies. Some buyers find a place in a week, others take months. The closing period from offer to getting the keys is typically thirty to sixty days depending on the sellers timeline and the agreement. The key is to take the time you need to feel confident without feeling rushed.

5. What should I look for in a home?

It really depends on what you need and want from your home. Think about the things that matter most to you, whether it’s being close to work or schools, having enough space for your family, or a yard for your kids or pets to play in. It helps to figure out what you absolutely need versus what would just be nice to have. If you’re not sure, we’re here to help you sort through those priorities and find the right fit for your lifestyle.

6. What is the difference between being pre approved and pre qualified?

Pre qualified means a lender has given you a rough estimate of what you might be able to borrow. Pre approved means your finances have been reviewed in detail and the lender has committed pending the home and final paperwork to lending you a specific amount. Pre approval gives you more credibility and confidence when making an offer.

7. Is now a good time to buy?

The best time to buy is when you are ready both financially and personally. Markets go up and down, and while that can feel overwhelming, if you plan to stay in your home for several years, it’s more about finding the right fit for your life than trying to time every price change. Markets change all the time, which is why it’s important to stay informed and understand what the current market looks like before making any big decisions. Working with a realtor can help you get a clear picture of the market in your area so you can make confident, informed choices that work best for you.

Still Have Questions?

We want to help because that is what we do. Whether you are just thinking about buying or already looking, feel free to ask any questions. We can help guide you with no pressure and no confusing talk. Just real answers from people who care about helping you make the right decisions and find the right home.