A First-Time Homebuyer’s Guide: Everything You Need to Know

Buying your first home is an exciting milestone, but it can also feel overwhelming. With so many steps in the process, it’s important to be prepared and work with the right professionals to make your experience as smooth as possible. Whether you’re just starting to explore your options or ready to take the plunge, this guide will walk you through everything you need to know as a first-time homebuyer!

1. Understand Your Budget 

Before you start looking at homes, it's important to determine how much home you can afford. Consider:
Down payment – Many first-time buyers believe they need 20%, but there are low down payment options (as low as 3-5%) available.
Monthly mortgage payment – Factor in principal, interest, property taxes, and homeowner’s insurance.
Closing costs – Typically 2-5% of the home’s purchase price, covering fees like inspections, appraisals, and lender fees.
Ongoing expenses – Consider utilities, HOA fees, maintenance, and unexpected repairs.

Pro Tip: Get pre-approved for a mortgage early! It helps you understand your price range and makes your offer stronger when you find the right home. Contact Shelley for some preferred local lenders!

2. Find the Right Loan for You 

There are several mortgage options available for first-time buyers, including:
FHA Loans – Lower down payment and credit score requirements.
Conventional Loans – Flexible terms and competitive interest rates.
VA Loans – No down payment required for eligible military service members.
USDA Loans – No down payment for homes in qualifying rural areas.

Talk to a lender to explore your options and find the best fit for your financial situation.

3. Make a List of Must-Haves vs. Nice-to-Haves 

Before touring homes, create a list of priorities to help narrow your search. Consider:

Location – Commute times, school districts, neighborhood amenities.
Home size & layout – Number of bedrooms, bathrooms, and overall space.
Features – Garage, yard, updated kitchen, open floor plan.
Condition of the home – Are you open to renovations, or do you want something move-in ready?

Knowing what you need versus what you want can help you make confident decisions.

4. Work With a Knowledgeable Realtor 

A great real estate agent makes the homebuying process easier and less stressful. As your Realtor, I will:
 Guide you through every step, from home searches to closing.
 Help you negotiate the best price and terms.
 Provide insight on neighborhoods and market trends.
 Recommend trusted lenders, inspectors, and service providers.

Buying a home is one of the biggest investments you'll make—having an expert in your corner is invaluable!

5. Start Touring Homes & Making Offers 

Once you're pre-approved and know what you're looking for, it’s time for the fun part—house hunting!

 Schedule tours and attend open houses.
 Take notes on homes you visit.
 If you find "the one," your agent will help you submit a strong, competitive offer.

Sellers may counter your offer, so be prepared for some negotiation before reaching a final agreement.

6. Get a Home Inspection & Finalize Your Loan

Once your offer is accepted, you’ll need a home inspection to uncover any potential issues. If needed, you can negotiate repairs or credits with the seller.

At the same time, your lender will work to finalize your mortgage by reviewing financial documents and ordering an appraisal.

7. Closing Day: Get Your Keys! 

Once all paperwork is complete, you’ll attend the closing appointment to sign final documents and officially become a homeowner! After closing, you’ll receive your keys and can start moving in. 

Ready to Buy Your First Home? Let’s Talk!

Buying your first home is a big step, but you don’t have to do it alone! I’m here to guide you through the process, answer your questions, and make homeownership a reality.

 Call or text me at 832-890-3504 to get started!