5 First-Time Homebuyer Tips

Buying your first home is exciting! Homebuyers can achieve the best results by following these guidelines:

1. DON’T FALL IN LOVE WITH A HOUSE
   When shopping for your first home, it’s okay to pick a favorite, but also consider other properties that meet your needs within your price range. Determine, as objectively as possible, which home would be best now and in the future so you don’t put yourself at a negotiating disadvantage or overlook significant issues or defects.
2. GET YOUR FINANCES IN ORDER FIRST
   Review your credit report before talking to any potential lenders. Pay down your debt and keep some money in the bank. Talk to lenders and get pre-approved for a loan. This way you can receive any financial issues in advance and improve your negotiating position.
3. BUY WITH RESALE IN MIND
   When you purchase your first house, you may think you’ll never want to leave it. But for most people, a first home is a financial stepping stone. Try to ensure you buy in an area where home values are increasing. Look for proximity to parks, shopping, and other perks that will improve the home’s resale value.
4. BUDGET FOR REPAIRS
   If you find the home you want and an inspector discovers significant repairs are needed, try to negotiate with the seller to have those items fixed or to reduce your purchase price by the amount of the required repairs.
   However, even if no significant issues are discovered, it’s best to set aside some money for repairs since all homes require periodic maintenance, and you’ll likely want to make some updates after moving into your new home.
5. INVESTIGATE FINANCIAL PROGRAMS AND INCENTIVES FOR FIRST-TIME BUYERS
   There are many resources out there for first-time homebuyers. Some different options are down payment assistance programs, first-time homebuyer loans, and first-time homebuyer grants. These are offered at the local, state, and federal levels, as well as through various lenders. Do your research and find out what you’re eligible to apply for.