First Time Home Buyer Basics
Many times, agents get a call from a first time buyer asking how they are supposed to start the process of buying their first home. They aren’t certain where to begin and need guidance to get them from the desire of owning a home to the reality of owning a home. At Keller Williams, our agents have experience walking first time buyers through this process and can be a perfect guide to help them navigate through the following questions:
Where do I begin?
The very first thing a REALTOR may suggest to a first time homebuyer is to talk with a lender. This will give them the insight to a couple of things; 1. Is the buyer financially ready for a home loan? 2. Do they qualify for a loan? 3. How much do they qualify for? All of these questions must be answered before proceeding in the purchase of a home.
What are my options?
Once the buyer has found out that they qualify for a loan, and has been given a price range they can afford, it is time to begin looking at houses. But first, they should be aware of all the different housing options available to them. There are a few different options when it comes to housing. The two most common options are single family homes and condominiums. Single family homes are the most common type of property home buyers search for. The home could be new construction or an older home, on a big lot or a smaller lot that requires less maintenance. A condominium is a single unit in a multi-unit property. These are often low maintenance living spaces, similar to apartments. Typically, there will be a homeowners association that manages and maintains the condominiums and will require the owners of each unit to pay dues every month or every quarter.
Where should I live?
While most buyers have an idea of where they want to live, some may have to change the location they are looking in due to lack of availability of homes, or the area being too high of a price range for the buyer. If a buyer isn’t sure where they should live, they should ask themselves the following questions: How long am I willing to commute to work? How close is shopping, dining, entertainment, churches, and schools? How comfortable do I feel in the neighborhood? What is the quality of the schools? Answering these questions and then prioritizing what is important will help narrow down an area that will match the buyer’s needs and wants.
What now?
Once the buyer has set a price, thought about their home desires, and settled on a location, it is time to begin the buying process! This will consist of looking at homes, putting an offer on a home, and closing on a home. For a more detailed look at the home buying process, check out Home Buying Timeline.
We know that buying a home for the first time can be a thrilling and nerve-racking experience. The learning curve can be overwhelming and it may be difficult to know exactly what to expect. There are many loan programs out there for first time home buyers, giving peace of mind to the financial aspect of buying your first home. And when it comes to finding a home and the buying process, the experienced REALTORS at KW are here to make sure your home buying experience goes smoothly.