As a first-time homebuyer, you have a lot to look forward to! You’ll finally be in a place of your own that you can paint, renovate, and put holes in the walls to your heart’s content.
But buying a home isn’t as easy as it seems, especially in a seller’s market. As a first-timer, you’re at a disadvantage in comparison to investors and people who have bought homes in the past.
We’re here with a brief guide to buying your first home so you can get started on the right foot. Keep reading for our top tips for first-time home buying.
New or Old: Pros and Cons
When you’re looking for your perfect home, you need to decide whether you’d like a new build or you want something old and well-loved. There are pros and cons to both.
When it comes to old homes, they have a lot of character. You can get older styles, like Victorian or craftsman style homes, that aren’t always available with newer builds.
Older homes often tend to be more affordable than new homes (though it still depends on the size and quality of the home). As long as the home has updated appliances, a newer roof, and good floors, it’s a great choice.
That said, old homes often come with problems. Many of them are fixer-uppers. If you’re not someone who likes to work around the house, this will end up costing you more money in repairs in the long run.
New homes are more expensive than old homes, but you get the benefit of brand-new floors and appliances. The homes should pass inspections with ease because they were just built.
While new homes don’t have the same character as older homes, they’re often “basic” so new homeowners can make changes on their own. Check out new homes at fieldstonehomes.com/new-homes/ for inspiration.
Budgeting
Too many first-time homebuyers don’t realize how large their budget has to be for a new home. Sure, they may have factored in the cost of the house itself, but what about everything else?
First, do you have enough for a competitive down payment? You’ll be more likely to be approved for a home if you put down 20%. While you can get a home with 5%, it’s less likely.
Set aside money for your down payment, any hidden fees (like HOA fees), a home inspection, and a realtor. Don’t forget the money that you’ll need to move.
Finding The Right Realtor
A good realtor will take care of most of the buying process for you. They’re your real step-by-step guide to buying your first home.
Not all realtors are good realtors. With the housing market booming, more and more people have decided to try their hands at being real estate agents. You want to find a realtor that has great reviews either from strangers online or your own friends and family members.
A good realtor will find you the perfect house for a price that you can afford. They’ll handle all of the nitty-gritty details for you so you can relax.
Use This Starting Guide to Buying Your First Home
We hope this brief guide to buying your first home can help you get started! Buying a house for the first time is exciting! Don’t let anything get between you and your new dream house.
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