5 Common Questions Asked By Homebuyers

Are you thinking about purchasing a new home? Do you have one in mind but haven’t been able to pull the trigger yet? You may even wonder if you can sell your current home while looking for your dream home. Here are some of the most common questions asked by homebuyers! 

 

Should I buy or rent a home?

For most people, one of the most common questions is whether they should buy or rent a home. While renting a home is cheaper and requires less maintenance, buying a home comes with some tremendous long-term benefits. In most areas of the U.S., buying a home is cheaper after six years – the homeowner’s mortgage payment ends up being lower than that of a renter. At Bergen Realty Team, we can help you decipher what you are looking for and what will match the stage that you are currently in. 

 

What kind of home can I afford?

We understand that everyone’s budget is different, which is why another common question that we get asked is what can you afford? We can answer this for you, but our online home mortgage calculator can help. You can quickly determine your budget and set a price range based on your income. Visit our website to use our mortgage calculator and see what you can afford – then contact us to start browsing

 

How big a down payment should I make?

Taking out a mortgage loan when purchasing a house is expected. However, a mortgage lender will require a down payment as proof of your financial capability. A 20% down payment is typically the ideal down payment amount for most loan lenders. You’ll reap the benefits if you can put 20% down on your home. Putting down less than 20% means taking out private mortgage insurance. 

 

How can I buy a home in a seller’s market?

Another common question is whether or not you should buy a home in a seller’s market. With the market fluctuating as much as it has been, it can be frustrating to wait for the right time. As a buyer’s agent, we can help you land your dream homes despite the competitiveness of a seller’s market.

 

Is it possible to buy a home and sell my current one simultaneously?

Lastly, many people ask if they can buy a home and sell the current one simultaneously. While it is possible to do both simultaneously, a homebuyer should assess the pros and cons of doing it this way. If you’re buying and selling a house simultaneously, you’ll need to navigate a hot seller’s market as both the seller and buyer. You’ll benefit from a seller’s market but could also face challenges as a buyer.

 

Contact Bergen Realty Team today, and we can provide you with a trustworthy team to answer tricky questions and find the right home for you. 

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