Buying Your First House? Here Are 25 Questions to Keep in Mind

by Ana Bastas

Buying your first home is an exciting journey, but it also comes with many questions. As a first-time homebuyer in Canada, being well-prepared can help you make informed decisions and avoid costly mistakes. At Ana Bastas Realty, we specialize in guiding buyers through the process with our Accredited Buyer’s Representative (ABR) certification, ensuring you receive expert advice and advocacy. Here are 25 essential questions to ask when buying your first home.

Financial Readiness

How much can I afford based on my income and expenses?
What is my credit score, and how does it impact my mortgage approval?
How much do I need for a down payment?
What are the different mortgage options available in Canada?
What are the current mortgage rates, and should I choose a fixed or variable rate?
What additional costs should I budget for (e.g., closing costs, land transfer tax, home insurance)?
Am I eligible for any first-time homebuyer incentives or rebates in Canada?

Choosing the Right Home

What type of home best suits my needs (condo, townhouse, detached)?
What are my must-haves versus nice-to-haves in a home?
What neighborhoods align with my lifestyle, commute, and future goals?
How do property values in my preferred area compare to the overall market?
Are there any upcoming developments that could affect property values?

The Buying Process

Should I get pre-approved for a mortgage before house hunting?
How does an offer work in Canada, and what conditions should I include?
What is the importance of a home inspection, and what should I look for?
How long does the closing process take?
What is the role of a real estate lawyer in the transaction?

Understanding Market Conditions

Is it currently a buyer’s or seller’s market?
How do interest rate changes impact my purchasing power?
What is the historical appreciation of homes in my desired location?

Long-Term Considerations

How does homeownership impact my taxes in Canada?
What maintenance costs should I expect as a homeowner?
How can I build equity and maximize my investment?
Is this home a good fit for my long-term needs, or will I need to move in a few years?
What are my options if I decide to sell in the future?

Why Work With an Accredited Buyer’s Representative (ABR)?

As an ABR-certified real estate team, Ana Bastas Realty is dedicated to providing buyers with exclusive representation, ensuring your best interests are always prioritized. Our ABR designation means we have specialized training in:

Negotiating the best terms and price for buyers.
Providing expert insights on market trends and investment potential.
Guiding first-time buyers through financing, home selection, and closing.

With more choices and competitive market conditions, having a knowledgeable advocate by your side is crucial. Let’s make your first home-buying experience a success!