Our Top 3 Tips for First-Time Homebuyers

Buying your first home can be exciting and overwhelming. To protect yourself during this process, follow our top three tips.

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Buying your first home can be a very exciting time that requires a great deal of commitment. After all, a home is an investment that can have repercussions for years to come.

Here are the top three tips to protect yourself during this exciting but crucial period:

1. Know what you can afford. The fact is that your mortgage is only part of what you need to pay when you buy a home. There are a number of other expenses involved, such as closing costs, property taxes, insurance, maintenance costs, and HOA fees.

We can give you a good idea of what all of those costs will entail ahead of time so you can prepare for those expenses. That way, you can compare those expenses to your income and current monthly expenses. Knowing what you can afford helps you buy a home without getting bogged down in debt.
Knowing what you can afford prevents you from getting bogged down in debt.
2. Choose your lender wisely. I cannot emphasize this enough. Don’t just choose a lender based on the interest rate or loan. A competent, trustworthy lender will offer you advice to help you find a loan that best fits your finances. They will also tell you about special homebuyer programs that may benefit you and provide a range of programs that will fit your personal financial circumstances.

Your lender will give you a PQF, also known as a pre-qualification form. The state of Arizona requires that all homebuyers have this form in order to make an offer on a home. The PQF also shows the seller that you are a bonafide, serious buyer.

How do you find the right lender? I strongly advise that you go with a lender that someone personally recommends to you. Talk to your friends and see who they worked with. You can also talk to me; I’ll put you in touch with one of our preferred mortgage partners. We have longstanding relationships with knowledgeable, experienced lenders that we trust to do a good job for our clients.

3. Don’t overlook the details. There are a lot of details involved in the home buying process, and overlooking any one of them can lead to a critical and costly mistake.

For example, I always advise buyers to get a professional home inspection separate from an appraisal. The lender requires the appraisal. Yes, an inspection will set you back a few hundred dollars, but it could save you thousands of dollars down the line and prevent you from buying a home that you might regret.

It’s also important to understand the fine print in the various contracts you might be signing. We always take our clients through the contract step by step. That way, you know what you’re signing before you put your name on the dotted line. Trust me, there are no dumb questions. We will spell everything out for you.

The process of buying a home can be intimidating, especially when it’s your first home. That’s why professional real estate agents are here to help.

While these three tips are important, they are only the start of what you need to watch out for when buying your first home. If you have any additional questions about this process, just give me a call or send me an email. I would be happy to help you!


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