Five Questions Every First-Time Home Buyer Should Ask
November 27, 2018 | by QualicoCommunities
For most people, purchasing a home is a big decision and an even bigger investment. So, it makes sense to want to be as informed as possible before taking the final leap into home ownership. We’ve outlined a few questions you should ask before embarking on your home search and during the process as well.
1. Is this the right time to buy?
This question can be interpreted in a few different ways. The first is in terms of market conditions. The state of the real estate market determines whether or not it’s a good time to go house hunting, and there are different market conditions to look for when thinking of making your first purchase. Ideally, you want to make your purchase when it’s a buyers’ market. This is when there are fewer buyers than sellers, resulting in more favorable prices. You may also want to go house hunting when interest rates are low, or at certain times in the year when you’re more likely to find a large selection of homes.
You can also interpret this question in a more personal way. Is it the right time for you to buy a home? When answering this question, you want to consider different things like your financial well-being, priorities and desires. If you’ve always wanted to buy a house, can afford to make a down payment and have a steady income, then you may be ready to be a first-time home owner!
2. What is a mortgage and should I get pre-approved for one?
If you’re a first-time home buyer, you may not be familiar with mortgages and mortgage pre-approvals. Since most home buyers require a mortgage to be able to purchase their homes, it’s a good idea to understand what it is and why it’s important. Mortgage pre-approvals let you know just how much you can spend on a home, while a mortgage loan provides you with the funds to purchase a home. Before looking for your dream home, it’s a good idea to sit down with mortgage professionals and sort out your finances. This makes the process easier and more fun. Sometimes you will get approved for more than you might be comfortable spending, be realistic with your finances.
3. Is this community right for me?
After making the decision to purchase your first home, the first step is finding the perfect community for you and your family. When choosing a community to settle down in, you want to consider the type of lifestyle you live. If you’re very active, you may want to consider a community like Crestmont West with ample green spaces to encourage active living. On the other hand, you may work a full-time job and prefer a community that is close to work and makes your daily commute easy. The community you choose should be at the right location, and have amenities that accommodate your lifestyle.
4. Does this home/floor plan suit my family’s lifestyle?
When picking a floorplan for your home, you should choose one which bests suits your lifestyle and caters to your needs. If you’re a family that loves to entertain, you may want to opt for an open concept floor plan. If you’re someone who loves to cook, a home with a large kitchen and ample counter space might be a better fit. It all depends on what you like to do with your space.
5. Am I getting a good deal?
This is an important question to ask yourself before finalizing your purchase. Seeing that your home is a major investment, it’s important that you get the best value for your money. When answering this question, you may want to weigh the price of your home against its location, features and the amount of space you get. At the end of the day, you want to make sure you’re completely satisfied with your decision.
When it comes to purchasing your first home, the more questions you ask, the better! Don’t be afraid to seek information from your builder of choice, sales associates, mortgage partners etc. in order to gain a better understanding of what you’re getting yourself into. Reaching out to friends and family who’ve purchased their own homes to get more insight about the buying process is a good idea as well. Online tools and calculators can also help arm you with the information you need to feel good about your purchase.