Most Common Home Buying Questions

Buying a home is an exciting and thrilling time.  It can also be stressful and full of uncertainty.  Your home is likely the largest asset, thus it is common to have a lot of questions throughout the process.

• How much home can I afford? 

How much home you can afford depends on your income and your monthly financial obligations. Before you begin searching for a home, it is best to speak with a mortgage professional to determine your maximum purchase amount.

• Can I buy a home and sell my current home at the same time?

Buying a home before selling your current home can be tricky.  Often, to qualify for the home that you’re buying, you need to sell your current home so that you are not hit with the monthly debt. However, that would put most people in a precarious position of not having a place to live.  Finding a short term rental is always an option, so is making an offer contingent upon the sale of your current home.  Timing the purchase and sale of each property is the key to successfully buying a home while selling your current one.

• How many homes should I see before making an offer?

That depends.  If you absolutely fall in love with the first home you see, make an offer!  Most buyers have that sense of “home” when you walk into a place and it is the right one. If you have to look at one home or ten, you will know when it is the right home to make an offer on.

• How do I know if a property is a good deal?

The best way to determine if a property is a good deal is to study the market.  Review recently sold homes in the area so that you have an understanding of what homes are selling for in that area. Also consider the features and amenities of that particular home in comparison to other nearby homes. Ultimately, if it checks off many of your needs and wants, and is similarly priced to other homes in the area it’s a good deal for you!

• How fast can I close?

Typically, the time to close can range anywhere from a couple of weeks to as long as 45 days. This all depends upon if you are paying cash or using a loan. Ask your mortgage professional if using a loan to find out how fast they can close the loan.

• Should I get a home inspection?

It is always recommended that you get a home inspection when buying a home. A home inspector will check out the roof, heating and air, electrical and plumbing. Their job is to ensure that these major systems of the home are in working order, so that you avoid unnecessary repairs right after you close.  If some things are not up to par, you can negotiate with the seller to get these items fixed before you close.

• Can I back out if I change my mind?

Yes.  Purchase contracts provide many contingencies for buyers.  For example, if the home inspection reveals items of major concern then the buyer can back out for that reason without penalty. Same goes for an appraisal that comes in low and neither buyer or seller are willing to budge on the purchase price. However, if you decide to back out outside of a contingency, you may be forced to relinquish your earnest deposit.