5 Things to Know as a First Time Home Buyer

Buying a house for the first time is an exhilarating experience but there’s a lot of things that go into the process that most first time home buyers don’t know, simply because it’s their first time going through the process. If you’ve been dreaming of owning your own house and are ready to take the leap, here are five tips for first-time home buyers to make the process more manageable.

Make a List of Your Must-Haves

When it comes your first home, it’s likely that you won’t get everything on your wishlist, which is why it’s important to make a list of must-haves. These are the things that you don’t want to budge on.

Try to keep these must-haves realistic and consider what’s important to you.

Stick to a Budget

When you’re house hunting, it can be easy to get wrapped up in what’s bigger and better than the last house you viewed, but it’s never worth going over your budget and being stressed about necessary payments. Before starting the house hunting process, we recommend coming up with two budgets:

The first budget will be a comfortable budget. You’re able to easily afford the amount and you’d be comfortable staying around this amount, but you’re also willing to go above it. This gives you a little wiggle room when it comes to negotiations, or any additional fees that come up.

Your second budget will be the final price you can afford. No matter what, you cannot go above this budget.

Look Into Different Neighborhoods and Areas

You might have your heart set on a specific area or neighborhood, but it’s always good to keep your options open. Who knows, you could find a house in a different neighborhood that is more affordable or checks off more items on your must-haves and wishlists, or even offers more convenience.

Work with a Real Estate Agent

Working with a realtor that knows the area you’re looking in and has experience with first time home buyers will make your home buying experience that much better. They’ll not only be able to show you properties that fit within your budget and check off items that are important to you, they’ll also be able to provide you with more support when submitting an offer, educate you about the home buying process, and attend inspections and closings with you.

Don’t Stop Learning

There are so many great resources out there for first-time home buyers, including courses, assistance programs, and specialized mortgage rates. While your realtor will be able to answer any questions you have throughout the process, doing your own research is so important.

Are you ready to purchase your first home? Contact our team at RESOURCE360 today at 203.594.0360 or by filling out our contact form!