Buying a home is most likely the largest purchase you'll ever make. And like any big investment, you need to understand the process so that you can make informed, intelligent decisions regarding your financial future. Asking the right questions and doing your homework prior to buying that first home is essential. We’ve compiled a list of answers to the 7 most frequently asked questions about buying your first home.
1. What are the benefits of buying a home?
The benefits of buying a house rather than renting a house or apartment include:
- Tax breaks
- Financial gains
- Appreciation in value
- Capital gains
- A sense of pride
2. Should I talk with a bank before looking at homes?
The answer to the question is YES! There are tons of reasons why you should talk with a bank and get pre-approved before looking at homes. First and foremost, talking with a bank before looking at homes can help you understand exactly how much you can afford. It also helps you to understand exactly what costs are associated with buying a home.
3. Should I buy or continue to rent?
Buying a home is a great option in many cases, but not always. Buying a home can be a very solid investment. On the contrary renting can also be a better option for some, depending on the circumstances.
4. Do I really need a Realtor when buying a home?
When buying a home, it’s strongly recommended you have a Realtor. There are many reasons why you should have a Realtor represent your best interests when buying a home. They are experts who know the area and the process well. They can guide you through the complete process. The whole buying process can become hassle-free if you have the right realtor.
5.How are the neighborhood and schools?
When buying a home, a common question home buyer have is regarding the neighborhood. As a buyer, you would like to know how the neighbourhood is, what are the amenities in proximity and how safe the area is. If you have children of school-going age, you would be keen to know which the good schools are located nearby.
6. How much should I offer the sellers?
When buying a home, you are the only one who can determine how much you should offer a seller. Certainly, it’s recommended you ask for your realtor’s advice thoughts and advice, but eventually you are the only person who can determine how much you should offer.
7. Do I need to do a final walk-through?
As a buyer, you have the option to perform a final walk-through. Is a final walk through required? Yes. Generally, when buying a home several weeks go by between when you last walked through your home. Lots of things can change during that time. When doing a final walk through a few things you should check whether the home is in the same condition it was when you visited earlier.
As a new home buyer, you might have a lot of questions, some of which you might think are too basic or silly to ask. But remember, as the adage goes, there are no dumb questions. If you’re unsure of something when buying a home, ask! When buying a home, being prepared and well educated can really make a huge difference. ask all the questions that come to your mind without any hesitation, after all, it’s about your dream home!