Frequently Asked Questions

🏡 Home Buying FAQs

How do I know if I’m ready to buy a home?
If you have stable income, good credit, savings for a down payment, and a budget for homeownership costs, you’re ready. Consulting a mortgage broker can help assess financial readiness.
What’s the first step in the home buying process?
The first step is getting pre-approved for a mortgage to determine your buying power.
How much down payment do I need to buy a house?
Typically 5%-20% of the home’s price, but some loans allow as low as 3% down.
What are closing costs, and how much should I budget for them?
Closing costs include legal fees, title insurance, taxes, and lender fees, usually 1.5%-5% of the home price.
What is mortgage pre-approval, and why is it important?
Pre-approval is a lender’s estimate of how much you can borrow, helping narrow your search and strengthen offers.

How do I determine the best price to list my home?
A comparative market analysis (CMA) by a real estate agent evaluates recent sales in your area.
What is the best time of year to sell a house?
Spring and summer typically see higher buyer activity, but the best time depends on your market conditions.
Should I make repairs before listing my home?
Minor repairs and cosmetic updates can help maximize your home’s value and appeal.
How long does it take to sell a house?
The timeline varies, but on average, homes sell in 30-60 days, depending on pricing and market conditions.
What happens if I get multiple offers on my home?
Your agent will help review offers, negotiate terms, and select the strongest one.

Is real estate a good investment in 2024?
Yes, due to rising demand, but location, market conditions, and strategy matter.
How do I finance an investment property?
Options include conventional loans, private lenders, and hard money loans.
What is the difference between flipping houses and rental investing?
Flipping focuses on short-term gains, while rental investing generates long-term passive income.

How do I find the best rental property?
Consider location, amenities, rent potential, and neighborhood demand.
What questions should I ask before signing a lease?
Ask about maintenance policies, lease terms, rent increases, and security deposits.

Is it better to buy a new construction home or an existing home?
New construction offers customization but can be more expensive.
Can I negotiate the price on a new construction home?
Yes, especially on upgrades, closing costs, or incentives.

Is now a good time to buy or sell a home?
It depends on interest rates, supply, and demand in your local market.
What factors influence home prices?
Interest rates, employment trends, inflation, and housing supply impact pricing.

What is capital gains tax on real estate?
A tax applied to the profit made from selling property, with exemptions for primary residences.

What is the difference between pre-qualification and pre-approval?
Pre-qualification is an estimate; pre-approval requires financial verification.
What is private mortgage insurance (PMI)?
Insurance lenders require if your down payment is below 20%.

How do I prepare my home for winter/summer?
Insulate pipes, service HVAC systems, and check insulation.
What are the best home renovations for resale value?
Kitchen and bathroom remodels, new flooring, and curb appeal improvements.

Do I need a real estate agent to buy or sell a home?
While not mandatory, agents provide expertise, negotiation skills, and access to listings.
What’s the difference between a REALTOR® and a real estate agent?
REALTORS® are members of CREA and adhere to a stricter code of ethics.
What should I do if my home doesn’t sell?
Consider adjusting the price, improving staging, or increasing marketing efforts.