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Tips for First-Time Home Buyers
Buying a home for the first time can be exciting and daunting at the same time. However, it can be a much easier and quicker process with the help of a real estate professional by your side.
First-Time Home Buyers
Buying a home can be an overwhelming process. From financing to negotiating to closing, there are a lot of moving pieces that can leave home buyers bewildered.
A real estate agent can help guide you through each step of the buying process, offering sound advice along the way. By working with a professional agent who knows the ins and outs of the real estate industry, you’ll not only end up with a great home but also walk away with a great experience.
Benefits of Being a First-Time Homebuyer
Buying a home is still considered a vital aspect of the American dream. As a first-time buyer, you have access to state programs, tax breaks, and federally backed loans if you don’t have the usual minimum down payment—ideally, 20% of the purchase price for a conventional loan—or are a member of a specific group. And you may qualify as a first-time buyer even if you’re not a novice.
Tips for when you're preparing to buy
- Before you start looking for a home, you should ask yourself a few questions:
- Where do you want to live? Are there particular neighborhoods or communities that you like?
- What kind of house would you like (need)? Are you looking for a particular style like an apartment, a condo, a townhouse, etc.? How many bedrooms and bathrooms do you want?
- Are there any particular rooms you need? Is a home office a necessity? Do you need a bonus room or a flex room?
- Do you entertain often? Do you have guests over often? Is a home suitable for entertaining something you’re looking for?
- Do you want a yard, pool, or guard gated community?
Searching for your dream home can be a long, time-consuming process. However, working with our professional team will make the process much more efficient!
- Start saving early. Here are the main costs to consider when saving for a home:
- Down payment: Amount needed depends on mortgage type and lender. Use a calculator and set up automatic transfers from checking to savings to save.
- Closing costs: Fees and expenses range from 2% to 5% of the loan amount. Ask the seller to pay part in a buyer’s market and save on expenses by shopping around.
- Move-in expenses: Set aside money for immediate repairs, upgrades, and furnishings after purchasing a home.
- Check and strengthen your credit. Your credit score will determine whether you qualify for a mortgage and affect the interest rate lenders will offer. Having a higher score will generally get you a lower interest rate, so take these steps to strengthen your credit score to buy a house:
- Check credit reports and dispute errors.
- Pay bills on time and minimize card balances.
- Keep current credit cards open to maintain credit utilization ratio.
Stick to your budget to avoid financial stress. Set a price range based on your budget and stick to it, even if a lender offers to loan you more or if you feel pressure to spend beyond your means to outdo another buyer.
Be flexible with your property price range. Look below your limit in a competitive market and above it in a buyer’s market. Consult with your real estate agent to determine an appropriate offering price.
Pay for a home inspection to assess the property’s structure and mechanical systems. Inspectors identify potential issues, providing you with critical information for informed decision making. Remember to:
- Check if additional inspections are needed for radon, mold, or pests.
- Confirm inspectors can access all parts of the house.
- Attend inspections to ask questions and understand the home. Review reports carefully if you can’t attend and seek clarification on unclear items.
