Buying a home for the first time? Review these handy questions and answers before you start the process.
Thinking about taking the leap into homeownership but unsure where to start?
Whether completely new to the process or refreshing before you get your search started, review the following homebuyer FAQ to find out the most common questions and answers every first-time buyer needs to know. What’s included in a home warranty?
Structural home warranties provide performance guidelines and warranty coverage for workmanship, distribution systems, and load-bearing structural components on a given home. In other words, home warranties are valuable risk management tools that protect everyone involved in the buying process, from the builder to the homeowner.
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Will I have to buy appliances when I move into my new home? Not necessarily . Whether or not you’ll be required to purchase appliances for your new home depends on the builder, the property, and the package you purchase. Builders like Legend offer appliance packages that can be added to home contracts for an additional charge. Typically, these packages include a stove, microwave, and garbage disposal (though not a washer, dryer, or fridge).
The information presented here was valid at the time of publication. Legend Homes reserves the right to make changes at any time and without notice, and assumes no liability for damages incurred directly or indirectly as a result of errors, omissions or discrepancies. Buyer must independently verify and confirm information. Copyright © 2025 Legend Classic Homes, Ltd.
Am I able to make changes to the home, pick my colors, and other customizations? It depends on the home and the builder. Some homebuilders permit customers to make customizations for pretty much every component of a home. For example, people who work directly with an architect and builder to construct the home of their dreams likely have much more say over the look and feel of a home versus those who purchase an inventory home.
On the other hand, inventory builders like Legend instead offer design packages with popular colors and materials that buyers can choose during their new home search.
How does the tax rate impact the price of a home? States, counties, and cities often levy property tax rates to homeowners, though these rates can vary widely from one area to the next. For example, in Texas, residents are not charged a state income tax, which means that municipalities often account for this in the budget by levying higher property taxes. Even a 1% change in tax rate could mean the difference between being able to afford a home and not.
How do I get prequalified for a home loan? Work with a preferred lender to get pre-approved for a mortgage. First, contact a preferred lender to get the process started. Lenders will request financial information from the buyers to prove their income, which helps establish the size and terms of the loan. However, keep in mind that as Rocket Mortgage points out, a preapproval is different than approval. The former is great when people are shopping for homes, but the latter is needed once a buyer finds the home they want to purchase. Legend Homes works with First Choice Lending Group to help buyers find the right home loan for their situation. There are several other steps to the home loan preapproval process, so we first recommend reaching out to our Online New Home Advisors to get the process started. Email them now at onlinesales@legendhomecorp.com.
What are closing costs? Closing costs are expenses, fees, and other charges that are associated with the purchase of a home in addition to the down payment. Per Quicken Loans, closing costs typically range from 3–6% of the purchase price of a home. These fees cover insurance and property charges and charges related to the transaction itself as incurred by the lender.
Do I need a REALTOR® to represent me when buying a home? Not necessarily, though many buyers get a lot of value from working with experienced onsite new home consultants. Why? An experienced onsite new home consultant who is employed by the homebuilder knows every little detail about the brand, the construction process, and the homes themselves. As a result, first-time shoppers can locate the right home that matches their needs— and be fully prepared through every step of the process.
How much should I be expected to pay on a down payment? There’s no exact percentage or amount that buyers are expected to pay on their down
payments, though there are industry standards that lenders recommend.
Traditional advice recommends that buyers put down at least 20% on their homes but to qualify for an FHA loan, buyers only need to put down 3.5%. Rocket Mortgage reports the average down payment made in the U.S. is only 6% of the home’s value, and some lenders will offer mortgages for as low as 3% down depending on the borrower’s credit score and other factors.
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How much home can I afford? The size and value of your home ultimately depends on your budget, income, and other financial factors. Handy mortgage calculator tools can be used to help first-time buyers identify exactly how much they can expect to spend based on a home’s value, the loan amount, the interest rate, and other factors.
This resource plus the assistance of a trained sales professional can help buyers find exactly the right home based on their budget.
How long does it take to construct a new home? The time it takes to construct a new home is about 3-5 months , though this depends on a variety of factors, including everything from the size of the home and supply chain health to weather and labor. While delays are certainly possible, the best sales professionals consistently communicate construction updates to their clients. That way, everyone is in the loop and the future homeowner can better anticipate shifting completion updates.
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