Buying your first home can feel overwhelming. Asking the right questions can help you avoid common pitfalls and make informed decisions. Here are ten questions every first-time homebuyer should ask:
What Can I Afford?
Before you start looking, figure out your budget. Talk to a lender to understand how much you can borrow and what your monthly payments will look like.
What Are the Total Costs?
The purchase price is only part of the cost. Ask about property taxes, insurance, closing fees, and ongoing maintenance. Make sure you factor these into your budget.
What Type of Mortgage Should I Get?
Learn about the differences between fixed and variable rates. Ask your lender about terms, prepayment options, and potential penalties.
How Much Should I Save for a Down Payment?
A larger down payment can lower your monthly mortgage payments. In Canada, you’ll need at least 5% for homes under $500,000, but 20% or more can help you avoid mortgage insurance.
Is the Home in a Good Location?
Think about the neighborhood. Is it close to work, schools, or amenities? Research crime rates, future development plans, and resale potential.
What Condition Is the Home In?
Don’t skip a home inspection. Ask about the age of the roof, furnace, and windows. Find out if there’s a history of major repairs or renovations.
Are There Additional Monthly Costs?
Ask about utilities, HOA fees, or special levies. Knowing these costs upfront helps you avoid surprises.
How Long Has the Home Been on the Market?
If a property has been listed for a long time, it could mean there’s less competition or that there are issues to investigate.
What’s Included in the Sale?
Clarify what comes with the house. Ask about appliances, window coverings, or any fixtures you’re unsure about.
What Happens After I Make an Offer?
Understand the steps after your offer is accepted. This includes the deposit, financing conditions, and closing timeline.
Asking these questions can help you feel more prepared and confident as you start the homebuying process. Take your time, do your research, and don’t hesitate to ask for advice from professionals.
