You’re buying your first new home – congratulations!

While making that first big purchase is exciting, leaping into home ownership is a stressful and scary process. Big decisions need to be made, and it’s easy to get swept up in the exciting whirlwind of home shopping.

You don’t want to make any mistakes that will leave you with buyer’s remorse later in life!

For those that are in the process of buying their new abode, here are the first time home buyer questions you should ask.

1. How Much Can I Afford?

This is one of the very first home-buyer questions you need to ask yourself when deciding to purchase a property for the first time. Be realistic with your budget, and take a good hard look at your personal finances.

Assess your income, monthly expenses, credit rating, and any debt to help you figure out how much you can afford to spend.

And when it comes to making an offer, it’s best to think strategically. Jeff Stewart from Stewart Realty of Idaho explains that when the housing market experiences low inventory, it is important for buyers to make their best offer initially.

2. Will Taxes and Insurance Be Included in the Mortgage?

Remember that your mortgage isn’t the only cost you’ll have to consider when buying a home. Additionally, you may be responsible for choosing a homeowner’s insurance policy and paying property taxes.

This insurance policy and these property taxes are sometimes included in the mortgage, but often they aren’t.

First-time home-buyers are often shocked at the price of property taxes when they aren’t included, so always question whether they come as part of the mortgage or not. If they’re not, be sure to ask what the estimated taxes will be to save you from any shocks.

3. What’s Included with the Home Purchase?

Likewise, one of the biggest mistakes home buyers make is assuming that what they see in the home they’re interested in purchasing is what they’ll get when it comes to fixtures and appliances.

Some sellers will take away as much as they can, so to avoid disappointment, you should always ask your agent to clarify what’s included and what’s not.

4. What Other Expenses Should I Expect?

When purchasing a house, there are often extra upfront costs to shell out on.

These include new furniture and appliances, moving costs, homeowner’s association fees, closing fees, realtor or lawyer fees, home warranty, pest inspection, plus more.

This can all, of course, add up so be sure to factor in these extra costs into your budget.

5. Who Will Schedule the Home and Pest Inspections?

This leads us on to pest inspection. This process is an important part of home buying to ensure the property is in good condition before purchase and that there aren’t any major issues.

While many real estate agents will set up an inspection on your behalf, not all agents provide this service. Check with your agent and mortgage lender to discover when home and pest inspections need to be completed by.

After all, it’s not a step first time home buyers will want to fall through the cracks!

First Time Home Buyer Questions Revealed

It’s easy for first-time home-buyers to become overwhelmed, but an organized and knowledgeable approach can reduce your chances of making any expensive mistakes.

We hope these first time home buyer questions help guide you through an easier process of home-buying.

For more tips and help on property and home buying, check out the rest of our blog!