5 Tips for the First-Time Homebuyer

Being a first-time homebuyer is stressful—but it’s much easier when you know what to look for. We’ve put together some tips to help you out as you navigate the home-buying process for the first time.

1. Consider What You Can Afford

When thinking about buying a home, it’s essential that you know your budget before you start shopping. Real estate agents, home sellers, and mortgage lenders all want to get as much money out of you as they can—so it’s important to determine this number before you start. 

Remember that there are loads of hidden fees in the home-buying process to be aware of. In addition to a down-payment, you’ll need to budget and set aside funds for closing costs of the sale, as well as all the move-in expenses you’ll have once you move in. These move-in expenses could be anything from home repairs to furniture to a new paint job. 

2. Think About What You Need in a Home

When shopping for homes, there are likely three categories that matter to you: location, features, and price. Your top priority will differ depending on what matters to you. Are you willing to sacrifice your dream kitchen for a home closer to the park? Would you rather have a quiet street or a claw-foot tub? The home-buying process includes a lot of decisions, so it’s helpful to think about which priorities matter most to you beforehand. 

3. Compare Mortgage Lenders and Get a Pre-Approval Letter

If you want to let a home seller know that you’re serious about buying, the best way to demonstrate that is to make your offer with a pre-approved mortgage rate in hand. Before getting this, though, you should make sure to shop around for a mortgage to ensure you get the best rate possible. There are loads of tools available online, but we like to use this one because of its ease-of-use. 

4. Research First-Time Homebuyer Assistance in Your State

If you’re a first-time homebuyer, your state housing authority might offer assistance programs that help reduce the cost of buying a home. Some states lump in your closing costs with your mortgage to help you get a better rate; others offer tax credits that you can be reimbursed for when you next file for taxes. Nerdwallet has this handy guide to help you see what you might qualify for in your state. 

5. Take a Virtual 3D Tour of Homes You’re Interested In!

Although COVID-19 has prevented many people from taking in-person tours of potential homes, many real estate agencies have moved online with virtual tours that let you see the entire home from the comfort of your bed, couch, or office. Not only does this mean less work for you, it means you can see multiple houses in the time it would’ve taken you to physically visit just one! Have some fun trying out this virtual tour format to get a better feel for what you want in a new home. 

…And lastly, once you’ve bought your first home—make sure to keep it secure with a home security system. WISE Home Solutions has a variety of plans, products, and features that’ll make your house feel like a home in no time. Call us at 1-844-904-9473 for a free, no-obligation quote.