These are some of my top tips for first-time homebuyers. I remember my experience as a new home buyer and wish I knew some of these things when starting out. As a realtor, I want to help my first-time homebuyers feel confident and competent throughout the entire process. Here are my tips to get you started on the home buying process:
Find a Realtor
This is such an important step because you should never go into the home buying process unrepresented. Your realtor is committed solely to you and will ensure your needs are top priority. A realtor is there to help you throughout the process, educate you on the things you need to know, ensure you get things done like an inspection, and help you understand real estate language.
Get pre-approved
My next tip after securing a realtor is getting pre-approved by a lender. This is the most important step before starting the home search process. The worst thing you can do is start house shopping before speaking with a lender. You can set yourself up for heartbreak if you start looking at and falling in love with homes before you have a snapshot of your financial status and know what you can afford. A lender will do this for you by looking at your financials and giving you an amount that tells you how much house you can afford. This will help guide your search and give you a budget within which to stick when searching.
Determine your wants and needs
Determining your wants and needs is the next most important thing to do before you begin your home search. I like to tell my home buyers to prioritize their needs and list those out along with their wants. Doing this with your realtor can help you decide what needs your focus in the home search process and can help you keep that search narrow. You may prioritize the number of bedrooms over the color of hardwood floors, or a big backyard over a 3 car garage. Although all of these things may be things you want in your next home, one may be a priority over the other.
Your first home is not going to be your forever home
Your first home may also not be perfect, but that’s okay! Typically people stay in their first home 3-5 years, so when you think about that your first home doesn’t have to have everything in it and it doesn’t have to be perfect. This goes back to the last tip in making sure you prioritize your needs. The beauty in owning your own home is that you can do updates and upgrades whenever you are able, so focusing on things that you cannot change is important when shopping for your first home.
You will have more than just a downpayment
When saving for your first home, keep in mind that you will have other costs besides the down payment. Once you go under contract you will have to pay for your inspection which on average is about $450. Then there are costs associated with your closing costs like the appraisal, title fees, taxes, attorney fees and down payment.
These are just some of my favorite tips to help you get started. I shared one additional tip in a video on my YouTube channel, you can check it out below. Be sure to like and subscribe!
Let me know in the comments if you have any topics you want me to cover.
