10 Things to Remember When Buying Your First Home

Home buying is complicated. There are a million questions to consider. It’s almost impossible to get everything right. So, it helps to hear advice from those who have gone through the process.

Before you begin looking at property, obtain mortgage pre-approval. Speak with more than one lender; they might have different loan products, rates, and terms. Once you know your budget, you are ready to shop.

1. Visit the neighborhood at night and on weekends.
2. Research the local schools.
3. Visit the property after a rain.
4. Get a home inspection. Use a reputable home inspector recommended by your realtor.
5. Start small, make improvements, then sell and upgrade as your family grows.
6. Be flexible. Don’t be fixated on specific criteria, such as a certain number of bedrooms or bathrooms, acreage, or house style.
7. Ask questions. There is no such thing as a stupid question when you are making the largest purchase of your life.
8. Consider the down payment. A large down payment will help lower your monthly payment, but it may not be worth it if it depletes your emergency savings. People often think a 20% down payment is the standard. However, that’s not necessarily the case, especially if you are a first-time homebuyer. There are FHA loans, which allow you to put down as little as 3.5% if you meet certain financial requirements.
9. Be prepared for closing. It helps to understand the documents that you will be signing and the items that you need to bring.
10. Know your limits. Which repairs can you do yourself, and which require a contractor? A fixer-upper may seem appealing or a good investment, but you must be realistic about your abilities.

However, the number one mistake of first-time home buyers is not hiring a reputable real estate agent. The agent is the person who sets expectations during the process and negotiates a good deal for you. Your agent works for you and has your best interests at heart; they listen to your needs and wants and match you with the best property your money can buy.