Buying your first home is an exciting milestone! As you start your search, it’s normal to have many questions about the process and what to expect. Here are some common queries from first-timers with helpful responses to guide you.

What can I afford?

As a first step, get pre-approved for a mortgage so you understand your budget. Your lender will assess factors like income, existing debt, and credit score to determine the loan amount you qualify for. This helps narrow your home search to a price range you can comfortably afford.

What features are most important to me?

Make a wish list! Rank location, size, layout, yard space, garage, etc. in order of preference. This keeps your search focused on must-haves vs. nice-to-haves.

How do I find the right real estate agent?

Ask friends for referrals or search online reviews. Look for an agent who is highly knowledgeable about your target neighborhoods. Meet with a few agents before deciding – you want someone responsive who’ll advocate for your needs.

What inspections do I need?

A general home inspection checks the home’s structural and mechanical systems. If issues are found, you can request the seller make repairs. Specialty inspections for pests, radon, lead, mold etc. may also be wise depending on the home. Your real estate agent can explain typical inspections for your area.

How do I prepare for closing?

As your closing date nears, confirm your moving truck reservation and time off work for moving day. Review the paperwork from your lender and real estate agent to ensure all details and costs are correct. You’ll sign important financial documents at closing, after a final walkthrough of the property.

First-Time Home Buyer FAQs

What paperwork do I need to buy a house?

Key documents you’ll need include proof of income (W-2s, paystubs, tax returns), bank statements, investment account info, identification, and a letter from your employer if starting a new job. Your lender will let you know any other required paperwork.

Should I use a real estate agent or for sale by owner?

Using a qualified real estate agent is strongly advised for first-timers. An agent guides you through the complex process, including paperwork nuances, negotiations, and market valuation. Their expertise saves you time, trouble, and money in the long run.

How much are closing costs?

Closing costs range from 2-5% of the home’s purchase price. They include lender origination fees, appraisal/credit check fees, taxes, title insurance, etc. Ask your lender for a detailed closing cost estimate tied to your specific mortgage loan.

Should I get a home warranty?

Home warranties cover repairs for a home’s systems and appliances for 12 months. They provide peace of mind in case an expensive issue like an AC breakdown occurs soon after moving in. Warranties average $300-600 per year. Your real estate agent can provide reputable home warranty company options.

What first home maintenance is needed?

When moving in, change the locks if keys weren’t obtained from the prior owner. Check that smoke/CO detectors work and replace batteries as needed. Inspect caulking around windows/doors/showers and touch up as required. Beyond that, follow the home maintenance calendar for seasonal upkeep tasks.

Related posts:

When to Buy a Home Based on Mortgage Rates, the Housing Market, and More Money Tips from Experts Ellevest CEO Sallie Krawcheck’s Best Investing Tips for Women Who Want to Grow Their Money How to Get Organized with Bill Pay and Money Organization It’s Time for a Credit Card Refresh: Here’s How to Pick the Right One for 2023 NYC Pilates Legend Brooke Siler on Why ReAB Is Closing After 2 Decades Freeholder Building Insurance: An Ultimate Guide 20+ Useful Counselor & Social Worker Forms [Therapy Intake, Case Management & More] An inside look at the Well+Good retreats at Cedar Lakes Estate