The Top 10 Questions Every Home Buyer Should Ask in 2026 (And the Answers You Need)
Buying a home is one of the biggest financial and personal decisions you’ll ever make. Whether you’re a first-time buyer or moving up, the process comes with a lot of questions — and getting clear, honest answers early can save you time, money, and stress.
After working with hundreds of buyers on Long Island’s North Shore, we’ve noticed the same questions come up again and again. Here are the top 10 most important questions home buyers are asking right now, along with straightforward answers to help you navigate the process with confidence.
1. How much house can I afford?
This is almost always the first question buyers ask — and it should be. Your affordability depends on your income, debts, credit score, savings, and current interest rates.
What to do: Start with a mortgage pre-approval (not just a pre-qualification). This gives you a realistic price range and makes your offers stronger. Use the 28/36 rule as a general guideline: keep housing costs under 28% of your gross monthly income and total debt under 36%.
Long Island note: High property taxes and insurance costs mean the same purchase price can feel significantly more expensive here than in other parts of the country. Always factor in local taxes when running the numbers.
2. What credit score do I need to buy a home?
Credit requirements vary by loan type:
- Conventional loans: Typically 620 minimum (740+ for the best rates)
- FHA loans: As low as 580 with a larger down payment
- VA and USDA loans: Often more flexible
Lenders look at your full credit profile, debt-to-income ratio, and employment history. Even improving your score by 20–50 points can save you tens of thousands of dollars over the life of the loan.
3. What are closing costs, and how much should I expect?
Closing costs are the fees required to finalize your purchase and are separate from your down payment.
Typical range: 2%–5% of the purchase price. On a $500,000 home, expect roughly $10,000–$25,000. These costs usually include lender fees, appraisal, title insurance, attorney fees (required in New York), and prorated taxes and insurance.
Buyers can often negotiate seller concessions to help offset some of these costs.
4. How much do I need for a down payment?
According to the latest NAR data, the median down payment in 2025 was 19% overall — 10% for first-time buyers and 23% for repeat buyers.
Many loan programs allow much lower down payments:
- Conventional: As low as 3–5%
- FHA: 3.5%
- VA/USDA: 0% possible for eligible buyers
Putting down less than 20% usually requires private mortgage insurance (PMI), which increases your monthly payment.
5. What are the ongoing ownership costs for this home?
Your monthly housing payment includes more than just principal and interest. Be sure to budget for:
- Property taxes
- Homeowners insurance
- HOA fees (if applicable)
- Utilities
- Ongoing maintenance and repairs (budget 1–2% of the home’s value per year)
Long Island note: Property taxes here are among the highest in the nation, with effective rates often exceeding 2% in many Nassau and Suffolk towns. Home insurance is also higher than average, especially for coastal properties. Flood insurance is not included in standard policies and can be a significant additional cost in certain areas.
6. What is the condition and age of the major systems?
Age is a helpful guide, but condition matters more. Here are general life expectancies:
- Roof (asphalt shingles): 20–30 years
- HVAC systems: 15–25 years
- Plumbing: 20–70+ years (depending on materials)
- Electrical: Copper wiring can last 50–100+ years
A professional home inspection is essential. Ask for service records and any transferable warranties.
7. Why is the seller moving, and how long has the home been on the market?
These details can reveal important information. A highly motivated seller (job relocation, divorce, or upsizing) may be more open to negotiation. Homes that have been sitting longer than the local average can sometimes indicate pricing issues or underlying concerns.
Your agent can also pull permit and sales history to give you more context.
8. What’s included in the sale, and are there any known problems or disclosures?
Fixtures like lighting and built-ins usually stay with the home. Appliances, window treatments, and sheds should be clarified in writing.
Sellers are required to disclose known material defects. Pay close attention to any history of water damage, pest issues, or structural work. Always have a thorough inspection — and consider additional testing (such as radon or sewer scope) depending on the age and location of the home.
9. What is the neighborhood like, and does it fit my lifestyle?
Location often matters more than the house itself over the long term. Consider:
- School districts and ratings
- Commute times
- Walkability, parks, and amenities
- Safety and future development plans
- Flood zones or environmental factors
Long Island note: School district quality varies dramatically across the North Shore and heavily influences both desirability and long-term resale value. Flood insurance considerations are especially important for South Shore and coastal properties.
10. How long does the homebuying process take?
Once your offer is accepted, the typical timeline to closing is 30–60 days, though it can vary based on the loan type and market conditions.
Key stages include:
- Home inspection period
- Appraisal
- Title work and attorney review (required in New York)
- Loan underwriting and final approval
- Final walkthrough
- Closing and receiving the keys
The full process — from the first pre-approval meeting to moving in — often takes 2–4 months.
Buying a home doesn’t have to feel overwhelming. When you have clear answers to the questions that matter most, you can move forward with confidence.
If you’re thinking about buying on Long Island’s North Shore and want personalized guidance through this process, we’re here to help. Feel free to reach out — we’re happy to answer your questions and walk you through what buying looks like in today’s market.
The Fasano Team at Compass
Helping North Shore families buy and sell with clarity and confidence.
