Questions First-Time Homebuyers Should Ask: Expert Advice from Fardad Farhanian in North York

Questions First-Time Homebuyers Should Ask

Asking the right questions is essential when buying a home. While many inquiries about the property should go to real estate agents and sellers, it's wise to ask various questions to ensure it's the best decision for yourself, your family, and your future. Here's what you should find out before purchasing a single-family home or a 1+1 condo suite:

9 Questions First-Time Homebuyers Should Ask

What Is My Purchase Budget?

Determine your homebuying budget based on regional averages (e.g., Toronto averages above $1 million, Saskatoon around $300,000).

Do I Have a 20 Percent Down Payment?

Understand the importance of a 20 percent down payment to reduce borrowing costs and avoid mortgage insurance premiums from CMHC.

Will I Qualify for a Mortgage?

Check if you meet top lenders' criteria including income, employment status, credit score, down payment, stress test, and debt-to-income ratios.

What Are the Hidden Costs of Purchasing a Home?

Factor in costs like land transfer tax, GST/HST, title insurance, land survey, condo fees (if applicable), mortgage default insurance, legal fees, hook-up costs, and moving expenses.

Can I Afford to Maintain a Home?

Budget for ongoing expenses beyond mortgage payments such as home insurance, utilities, property taxes, maintenance, repairs, water heater rental, and condo special assessments.

Should I Book a Home Inspection?

Ensure a thorough inspection to uncover any potential issues that could impact the property's value or safety.

How Old Is Everything Anyway?

Assess the age and condition of appliances and major systems (e.g., roof, HVAC, electrical) to anticipate future maintenance or replacement costs.

Is a Real Estate Agent Necessary?

Consider the expertise of a trained professional like Fardad Farhanian (Contact: Call or Text: (416) 707-1031, Email: [email protected], WhatsApp: (416) 707-1031) to navigate the complexities of buying and selling properties, saving time and money.

Is This the Right Neighbourhood for Me?

Evaluate factors like schools, transportation, amenities, and daily commute to decide if the neighborhood aligns with your lifestyle and preferences.

Final Thoughts for First-Time Homebuyers

Buying a home is a significant investment and milestone. Conduct thorough research, ask questions, and seek guidance to ensure you make the right decision for your future and financial well-being.

Contact Fardad Farhanian Today

Contact Details

Fardad Farhanian

Phone

(416) 707-1031

[email protected]

Address

7646 Yonge St Thornhill ON L4J 1V9

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Questions First-Time Homebuyers Should Ask