Buying a house for the first time? It’s a big deal to take on the responsibilities of being a homeowner, as this may be the biggest purchase you’ll make in your life.
Doing your homework ahead of time and knowing what to expect will help you to prepare for the home buying process ahead.
If you are looking to become a homeowner, you’re likely feeling overwhelmed with emotions and lots of questions - but this, my friend, is what I’m here for!
I’ve put together a list of FAQs for first-time buyers
Should I buy instead of rent?
- There are many benefits that come with purchasing a house (rather than renting). These include tax breaks, equity, security, financial gains, value appreciation, freedom, capital gains, and more.
Am I ready to buy?
Some questions you might want to ask yourself include:
- Do you have a steady job?
- Do you plan to stay in the same area for a long period of time (3-5 years)?
- Is your current income reliable?
- Have you saved for a downpayment and other moving costs?
- Can you afford a monthly mortgage payment?
- Is your credit score decent?
Do I need to work with a real estate agent?
Technically, you can buy a home without a realtor. But it’s a whole lot harder to do it on your own, and it’s actually free for buyers to work with a real estate agent, as the seller pays realtor commissions!
What happens during the closing process?
The closing process lasts between 30-60 days. Home inspections and appraisals are done, documents are finalized, the purchase contract is written and signed. and other legalities will be handled during this time. The buyers and sellers will meet on closing day to sign the final documents and you’ll get the keys to your new home!
How do I find a lender?
You can start by talking to a lender at your bank or credit union, search online and do your research for someone in your area, or ask your real estate agent for a recommendation. You’ll want to shop around a bit to figure out who you work best with and who can offer you the best rates!
These are just a few and there are always so many more questions - what questions do you have? I'd love to answer them!
Until next time