3 Tips for First-Time Homebuyers

Buying a home for the first time can be intimidating. I’ve listed a few tips to make the process less overwhelming below.

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

Today we’re going to talk about buying your first home. This can be a very exciting process, but it’s also a huge commitment and investment. It can have huge repercussions in your life for years to come. That’s why I want to share with you three tips that can protect you as a first-time homebuyer.

1. Know what you can afford. A mortgage is only part of what you’re going to have to pay each month. This does not include taxes, utilities, repairs, and the upkeep that is required when owning your home. Once you have a clear idea how much everything will cost, you can compare your income to what those expenses will be each month and make sure you feel comfortable moving forward with your purchase.
2. Choose your lender wisely. Don’t just go with a lender that will offer you the cheapest interest rate. You want a lender that is confident and trustworthy and will offer you advice on how to improve your credit. The right lender will also lead you in the direction of taking advantage of the special loan programs that are out there, including ones where you can be pre-approved with 0% down. Make sure you go through the whole underwriting process before putting a purchase agreement on the home you want to buy.
   
   
3. Don’t overlook the details. There are many details you need to pay attention to during this process. An example is getting an inspection for the home you want to buy. This is different from an appraisal as a home inspector spends more time in the home tearing the place apart, looking for anything that might be wrong with it. Inspections generally cost $400, but it’s worth the money in the long run. Another example is understanding the fine print of the contracts. If anything is unclear to you, talk to your real estate agent. There are no dumb questions when it comes to the purchase agreement.

The process of buying a home for the first time can be very intimidating, which is why it’s important that you hire a real estate agent that can walk you through every step of the process. If you have any questions about this topic or you’re looking to buy or sell a home, please give us a call. We’d be happy to help.