10 Questions Every First-Time Home Buyer Asks (And Honest Answers You Can Count On)
Buying your first home is exciting, emotional, and, let’s be real, a little overwhelming. If you’re feeling unsure about where to start or what to ask, you're not alone. Most first-time buyers share the same questions, worries, and “I have no idea what that means” moments.
The good news is that all of these questions have simple, clear answers, and I’ll make sure you understand each part, so the whole process feels much easier.
Below are the questions I hear the most from first-time buyers in Canada, based on consistent trends from CREA, CMHC, and major Canadian lenders. If you’re just starting your journey, this guide will help you feel more prepared and empowered.
1. “How much can I actually afford?”
This is always the first question. Many buyers come in with a number in mind, but affordability depends on several factors: income, debts, down payment, credit score, and mortgage stress test requirements.
What helps: a mortgage pre-approval or a chat with a mortgage specialist who can calculate your true purchasing power.
2. “Do I really need a mortgage pre-approval before viewing homes?”
Short answer: yes, and you’ll thank yourself later.
A pre-approval shows your real budget, locks in a rate for a few months, and gives your offer much more strength, especially when you’re competing with other buyers.
3. “What hidden costs should I be prepared for?”
Buying a home involves more than the down payment. First-time buyers are often surprised by the additional expenses:
Land Transfer Tax (LTT): In Ontario, this is often the biggest surprise.If the buyer qualifies as a first-time homebuyer, they may get a refund, but the tax still needs to be calculated upfront so there are no surprises on closing day.
Lawyer Fees: Your lawyer handles title searches, registration, reviewing documents, and closing the transaction.
Most first-time buyers underestimate this cost, so it’s worth setting the right expectation early.
Home Inspection: Optional, but highly recommended. It’s a small cost compared to discovering issues later.
Title Insurance: This protects the buyer from title defects, fraud, or surprises with the property boundaries. It's usually a one-time fee.
Property Tax Adjustments: If the seller has prepaid property taxes, the buyer reimburses them for the portion after closing. This catches a lot of buyers off guard.
Utility Adjustments: If the seller prepaid utilities (like water), the buyer may need to reimburse them for the remaining period.
Moving Costs: Renting a truck, hiring movers, switching utilities, new locks , all of this adds up quickly.
Appliances & Immediate Fixes: Even when a home is “move-in ready,” buyers often end up buying curtains, small repairs, new paint, or replacing old machines.
Condo Buyers: Status Certificate & Fees: For condos, there’s an additional cost for the status certificate, and buyers should budget for monthly condo fees as well.
4. “Is now a good time to buy, or should I wait?”
This is a very common concern. The truth is, “the perfect time” depends more on your personal situation than the market. That said, interest rates, inventory levels, and competition all play a role. Understanding what’s happening in your local market (Niagara behaves differently than Toronto, for example) helps you make a smart decision.
5. “How does the offer process actually work?”
For many first-time buyers, this step feels mysterious or intimidating. I always break it down clearly:
We draft an offer with conditions
The seller accepts, counters, or declines
If accepted, you provide the deposit (usually within 24 hours of acceptance)
Conditions begin (inspection, financing, etc.)
It’s a structured process, and you’re never alone. I guide you from start to finish.
6. “What if the inspection finds something wrong?”
Inspections almost always uncover something, that’s completely normal. What really matters is whether the issues are minor, something we can negotiate, or true deal-breakers. You always have options: we can renegotiate, ask for repairs, or walk away if it doesn’t feel right. And just to clarify, there’s no such thing as “passing” an inspection. The inspector’s job is to point out anything that needs your attention, and from there, you decide if it still feels like the right home for you.
7. “How do I know I’m not overpaying?”
This fear is very real. I rely on comparable sales, neighbourhood trends, condition of the home, and current market data to help you understand value. When numbers and facts guide the process, you make informed decisions instead of emotional ones.
8. “What happens if interest rates change?”
Interest rates directly affect your monthly payments, so understanding how they work is important. Choosing between fixed and variable comes down to your comfort level, risk tolerance, and long-term plans. A rate hold from your lender can protect you during your search, and it’s always smart to stay in touch with your mortgage broker, they can guide you, review your file, and even check if your rate can be renegotiated as the market shifts.
9. “What does the closing process look like?”
Once your offer goes firm, your lawyer becomes your main point of contact. They review the agreement, handle the title search, prepare all closing documents, communicate with the seller’s lawyer, and make sure the transfer of funds is done properly and safely.
You’ll need to complete a few steps on your end:
A final walkthrough (I'll be there with you)
Home insurance arranged before closing
Closing funds delivered to your lawyer
All documents signed
Closing day can feel busy, but it’s very structured, and your lawyer’s job is to make sure everything is accurate, legal, and on time. And then comes the best part: getting your keys and starting your new chapter.
10. “What if I’m not 100% sure what I want yet?”
This is completely normal. Exploring different neighborhoods, home types, and budgets helps you get clarity. Many buyers refine their must-haves only after visiting a few properties. My role is to guide, educate, and help you focus on what truly fits your lifestyle and long-term goals.
Final Thoughts
Buying your first home is a milestone, and you don’t have to navigate it alone. With the right guidance, information, and support, the process becomes clear, manageable, and even enjoyable.
If you ever have questions, or want to start your own journey, I’m here, always happy to help.