Questions to Ask as a First Time Home Buyer
Twenty questions for a first purchase, addressed to the people who actually have the answers: the lender, the agent, the seller, the inspector, and the neighbours. Each rationale notes who to ask and what a thin answer usually means.
The questions
Open any question for the note
What can I borrow, and what would the monthly payment be at that amount?
Why ask it
For the lender, and ask for the payment rather than the loan size. The figure should include principal, interest, taxes, insurance, and any association dues, because that combined number is what you live with. Lenders quote the maximum, which is rarely the amount you should borrow.
How much cash will I need on the day, all in?
Why ask it
One number covering deposit, closing costs, prepaid taxes and insurance, and any lender fees. Ask for a written estimate. Buyers who budget only for the down payment are the ones who arrive short in the final week.
What is the rate, is it fixed for the whole term, and how long is it held?
Why ask it
A rate quoted today may not be the rate at closing unless it is locked, and locks expire. Ask what the lock costs, how long it lasts, and what happens if the purchase is delayed, which is common on a first transaction.
Will I be paying mortgage insurance, how much is it, and what makes it stop?
Why ask it
It is a real monthly cost that buys you nothing and it depends on your deposit size and loan type. Ask what would remove it and whether that happens automatically or on request, because the answer differs by loan and lenders rarely volunteer it.
What are homes here actually selling for compared with what they are asking?
Why ask it
For your agent, and ask for recent closed sales rather than current listings. The gap between asking and sold tells you whether to offer under, at, or over, and an agent who cannot produce comparable sales quickly is not doing the analysis.
How are you paid, and by whom?
Why ask it
Ask your agent directly. Whether their fee comes from the seller's side, from you, or from a fixed arrangement shapes their advice about how much to offer. It is a normal question and reluctance to answer it plainly is the useful signal.
What is wrong with this house that I am not going to notice?
Why ask it
Put to an agent who has walked hundreds of homes, this often produces something concrete: a hot roof, an old panel, a bedroom that will not fit a bed. A cheerful answer that nothing is wrong tells you where their loyalty sits.
How long has this been on the market, and has the price moved?
Why ask it
Days on market and a price reduction are the two facts that set your negotiating position. Watch for a listing that was withdrawn and relisted to reset the counter, which is worth asking about specifically.
Why are the owners selling, and when do they need to be out?
Why ask it
A relocation with a deadline, a divorce, or an estate sale each create different flexibility, and it may be worth more than a price cut if you need time. Agents will often share the timing even when they will not share the reason.
What has been repaired or replaced here, and is there paperwork for it?
Why ask it
Ask the seller through your agent, and ask for receipts and permits rather than a summary. Work done without permits can become your problem at resale, and a new roof with no invoice is worth verifying.
What do the utilities cost here in the coldest and hottest months?
Why ask it
Sellers usually have the bills, and the peaks are what matter. A large, poorly insulated house can cost several hundred a month more than the one you rejected, which quietly changes what you can afford to borrow.
What does your inspection not cover, and what would you bring a specialist in for?
Why ask it
Ask before booking. A general inspection is visual and usually excludes things like sewer lines, chimneys, and buried tanks. Knowing the gaps lets you order the extra checks while you still have the option to withdraw.
Of everything you found, what would you deal with first, and what can wait?
Why ask it
Ask the inspector at the end of the walkthrough. Reports list dozens of items without ranking them, and their spoken answer separates the safety and water problems from the cosmetic ones. This is the conversation that shapes your repair request.
What in this house is likely to need replacing within five years?
Why ask it
Roof, water heater, furnace, and air conditioning all have predictable lives, and an inspector can estimate what is left. Add the total to your budget as a savings target, because these arrive whether or not you are ready.
What are the property taxes and any association dues, and how much have they risen recently?
Why ask it
Current cost plus trajectory. Taxes can be reassessed after a sale, so ask what the figure will be for you rather than what the seller pays. For an association, ask for the accounts and whether a special assessment is pending.
What will it cost to insure this house, and is flood or any other separate cover needed?
Why ask it
Get an actual quote before your inspection deadline passes, using the address rather than an estimate. Roof age, claim history, and location can make a house expensive or difficult to insure, which is better to discover now than a week before closing.
What will I be paying at closing, line by line, and which of these are negotiable?
Why ask it
Ask your lender and the closing agent, and compare the itemised estimate with the final statement. Some fees are fixed by third parties and some are the lender's own. Buyers who read the list often find charges that can be reduced or removed.
What contingencies are in my offer, and what happens to my deposit if I walk away?
Why ask it
Financing, inspection, and appraisal contingencies are what let you exit without losing the deposit, and waiving them is how competitive offers are won and how first-time buyers get hurt. Ask exactly which deadlines apply and what date each falls on.
What is it like living on this street?
Why ask it
Ask a neighbour, not the agent, and ask on a weekend. You get flooding, noise, parking, planned construction, and who is difficult, none of which appears in any disclosure. Two doorstep conversations are the cheapest research in the process.
If I had to sell this in three years, how easy would that be?
Why ask it
A question for your agent and for yourself. Jobs and relationships change faster than mortgages, and the answer depends on the layout, the street, and what you paid. If the honest answer is that you would lose money, buy less house or wait.
Sequencing a First Purchase
Practical guidance for the conversation itself
Getting the Order Right
Settle the Money Before You Look
Talk to two lenders and get a written pre-approval, not a verbal estimate, before viewing anything. It tells you the real payment, exposes credit problems while there is still time to fix them, and means your offer is taken seriously.
Decide Your Own Ceiling and Say It Out Loud
Work out the monthly payment you are comfortable with, which is usually below the maximum you are offered, and tell your agent that figure. Otherwise you will be shown homes at the top of your approval and adjust your expectations upward.
Know Every Deadline in Your Contract
Inspection, appraisal, financing, and final walkthrough each have a date, and missing one can cost you the right to withdraw or your deposit. Write them in a calendar the day the offer is accepted, and confirm each with your agent as it passes.
Attend the Inspection
The written report is a list; the two hours walking through with the inspector is where you learn what matters. You get to ask what a stain means, what a noise is, and what they would worry about, and none of that survives into the document.
Who Actually Knows the Answer
- Lender: what you can borrow, the true monthly payment, cash required at closing, mortgage insurance, rate locks.
- Agent: recent sold prices, how long the home has been listed, what similar homes went for, their own fee.
- Seller: repair history and receipts, utility bills, why they are moving, what they will leave behind.
- Inspector: condition, remaining life of major systems, what needs a specialist, what to fix first.
- Insurer: what the house costs to cover and whether anything makes it difficult to insure.
- Neighbours: noise, parking, flooding, planned building work, and what the street is like at night.
Where First Purchases Go Wrong
Budgeting Only for the Deposit
Closing costs, moving, immediate repairs, and the first set of appliances arrive within weeks of each other. Buyers who spend their last savings on the deposit spend their first year on a credit card.
Waiving the Inspection to Win
In a competitive market this is often suggested, and it transfers every unknown to you. If you must shorten the process, keep the inspection and shorten the timeline instead, or attend a pre-offer walkthrough with someone who knows houses.
Trusting a Fresh Renovation
New paint, new flooring, and a new kitchen are what a flipper does cheaply, and they sit on top of whatever was not fixed. Ask what was replaced behind the surfaces, ask for permits, and have the inspector look specifically at recent work.
Treating Pre-Approval as a Budget
Lenders approve on ratios, not on your life. Childcare, travel, savings, and irregular income are not in their calculation. Set your own figure below theirs and hold to it.