Home buyers’ questions

Woman holding a house and thinking

It’s not a small step to buying a home. It’s not something to be taken lightly, and there is a lot to consider. There will be a lot of factors to think about, and you may encounter unexpected costs or hoops to jump through as the process progresses. Here are some questions you need to ask as a home buyer.

Can I afford this much of a home loan?

If you are a  first-time homebuyer, this is a crucial question to ask, as it can help you set realistic expectations and begin the mortgage application process.

Approximately how long does it take for mortgage approval?

When the market is steady, it can take anywhere from three to six weeks to finalize the full mortgage process, from application to closing.

What are closing fees?

Buying a home, you need to pay some extra fees which are called closing costs. they are a collection of various fees and levies such as:

  • Appraisal fees
  • Title insurance
  • Government taxes
  • Lender fees
  • Prepaid costs, such as property taxes and homeowner’s insurance

Man with happy expression holding house maquette

What are the costs of using a realtor?

Instead of getting paid an hourly wage, real estate agents typically are paid a percentage of the sale price. Most of the time, this is a fraction of the home’s final selling price. Though the precise number can vary, commissions are typically between 3% and 6% of the home’s selling price.

Why is the seller leaving?

You might be able to negotiate a better price if you know the homeowner’s motivation for selling, such as a downsizing, a work transfer, or a major life event.

How old is the house’s roof?

Roofs are both important and costly. It can cost a lot of money if you buy a house with an old roof and have to fix it. In addition, if the roof already has damage, the lender may insist that it be fixed before approving the loan.

How long has this home been on the market?

The longer a home has been on the market without a sale, the more likely the seller is to accept a lower offer. As a result, you may be able to negotiate the cost, as well as any terms and conditions.

What are the local housing prices compared to this one?

If you are familiar with the state of the local real estate market, you can tell if a home seller is asking a fair price or if they are trying to make a killing. For purposes of comparison, your realtor can obtain listing information for similar houses that are now for sale and for properties that have sold within the past six months or so.

What is the most important piece of guidance for first-time homebuyers?

The correct answer is to have faith in experts. Don’t take the word of those who don’t work in the field. Many people feel they have valuable knowledge to share on the issue of real estate. When it comes down to it, those who work in the industry are the ones who have the most relevant knowledge.

Smiling real estate agent young couple using laptop during meeting

What is the neighborhood like?

When it comes to schools and education, how are the local institutions? Just how high of a murder rate do we have here? How reliable are the transportation options? Where can I find a grocery store near me? What are the coordinates of the closest gas station? See what the real estate agent has to say, but also do your own investigation.

Buying a home in Vancouver

When looking to buy a property, it’s important to keep the big picture in mind. The listing can only tell you so much about the state of the house. You can learn as much as possible about a property by attending an open house, taking many tours of it, and familiarizing yourself with the appropriate questions to ask at such a viewing. Our professional realtors at Matin Homes real estate agency located in Vancouver, go over all of these issues and more to find the best available home for you.