My husband and I are getting ready to buy our first home. We plan to start shopping around and looking at homes in July. We intended on doing it in May but everything got pushed back because of the outbreak and lockdown. I am just wondering if anyone has any tips for a couple who will be buying our first home together. What should we expect?
Most first time home buyers are a bit lose and confused the first time. I know I was. I have since purchased two other homes and the process is made a lot easier the second time around. Since I do have a real estate license now, I know the process way more thoroughly. I would advice working with someone local who lives in the area where you are buying or looking to buy and work with someone who works solo if you want more of a one on one interaction.
I highly recommend getting an inspector of your own to check over the property. Usually realtors will offer this when the house is put on the market, but sometimes people get swindled and get a house that's in rough shape. I suggest getting an inspector for any house you have your eye on, just so you know you're getting the best house you can get.
Another tip, is to not rush into a purchase right away. Wait it out and keep your options open. There are a lot of houses out there for sale, so don't rush into it.
Being a first-time home buyer is exciting! But I know it can also feel overwhelming—especially when you see homes being purchased at a median of $250,000 and available homes flying off the market in just three weeks.
Put these into practice today so your first home is a blessing, not a burden.
Pay Off All Debt and Build an Emergency Fund
Determine How Much House You Can Afford
Save a Down Payment
Save for Closing Costs
Get Preapproved for a Loan
Find a Home for Sale in Your Price Range
Research Neighborhoods for Best Fit
Attend Open Houses and Think Long Term
Make a Competitive Offer (That’s Within Your Budget!)
Prepare for Closing
Buying a home might be the most important financial transaction you'll make in your life.
If you're looking to become a homeowner, you'll likely be considering a mortgage to help you finance the purchase.
I would only advice you to plan ahead 10 years. Do you plan on having kids? If you do, buy a home with at least 3 bedrooms. You never know if you might end up with twins. It is also wise to have spare space in the form of a finished basement. It is better to have unused space than not enough!