Buying a home can be so exciting but at the same time confusing and overwhelming - especially for first-time homebuyers. But there's a few things to know right off the bat that will help you navigate the process with a little bit more confidence and ease. Whether you're already in the market for your first home or just beginning to consider it, here are the three things that I wish every first time home buyer knew before they started shopping for a home.
1. You shouldn't go house shopping until you are pre-approved.
Going to see houses with a real estate agent without a pre-approval in hand is a waste of time for you, the agent and the seller, there I said it. Not only is it a waste of time, but it's also setting you up for potential heartbreak and disappointment right from the start; nothing is worse than falling in love with a house you ultimately can't afford. Getting pre-approved will give you a clear idea of the price point you'll want to shop in, that fits your budget from a monthly payment and cash-to-close perspective. Plus, when you do find a house you love, you'll need a pre-approval in order to be able to make a strong offer.
2. Your first home most likely isn't your "forever home."
While I'd love to say that we all get everything we want in our first home, the reality is that most of us don't. We have to sacrifice here or there in order to make it happen. Be open to compromise on your list of "wants" to find a home that fits your needs AND your budget. Now, I'm not saying you have to give up every "want" on your list, but if a house is in that perfect location, has a 2-car garage, but no bathtub, will you live for a couple of years? Statistically, most people wind up moving every 5-7 years, so don't miss the opportunity of homeownership over something you can compromise on.
3. You are going to be a little scared & that's okay!
Honestly, if you're not even a tiny bit scared to buy your first home, I'm slightly worried about you. Buying any piece of real estate, but especially your first home is a huge commitment, both financially and emotionally - but is why it's important to choose your team wisely. Your agent, lender & inspectors have got your back and are here to remind you that this is a safe and sound investment, and that everyone is nervous about buying their first home but it will all be okay in the end.
I hope this helps anyone thinking of buying their first home - if you've got questions about buying, our local market or anything real estate related feel free to reach out via the contact page!