First Time Home Buying Tips

Buying a house can seem like an overwhelming decision and many renters are hesitant to make the leap into homeownership. There are so many advantages to buying vs. renting. To start with, let’s discuss some of the pros and cons of buying.

Pros: 
-building equity
-tax benefits
-freedom to renovate/decorate your home however you want
-bring your animals 🙂
Cons: 
-maintenance fees
-less flexibility in moving from place to place

If you’ve decided that buying a home is the next step for you then take a few steps to get prepared!

Tip One
Save up for a down payment. Many people think you have to save up 20% to purchase your first home, but there are first time home buyer loans that only require 3% down. It doesn’t hurt to save up a larger net for an emergency funds or any upgrades you might want to make to your new home.

Tip Two
Check your credit. Many banks now offer a free soft credit check to give you an idea of where your credit is at. Also, meeting with a mortgage lender is a great idea. They can give you advice and put together a plan on how to improve you credit or let you know if you’re already in a good place to move forward.

Tip Three
Figure out what monthly mortgage you’re comfortable with. Make sure you take all costs into consideration, such as taxes and upgrades/repairs. If you’ve met with a lender and decided on what price you can afford then you’re ready to get pre-approved!

Tip Four
Meet with your real estate advisor and discuss what you’re looking for in your home. It’s great to get on the same page with what is a WANT vs. what is a NEED. This way your real estate advisor can save you time and show you the best homes that fit your requirements.

Tip Five
Trust your real estate advisor. We are here to guide you through the process and answer any questions you may have.

I’d love to help any first time homebuyers get started and provide any other advice I can. If you have any questions, feel free to reach out to me at brianna@blackpinerealty.com or on social media.