- BY: KATHERINE BULTEMA
- Feb 09 2023 9:15 AM
First-Time Homebuyer's Do's & Don'ts
Is your goal to buy a home in 2023? Let’s make that happen! KBRG is excited to help guide you home with expertise, knowledge, and transparency throughout the process. Let’s learn some do’s and don’ts when purchasing your first home!
The excitement is here, but where to start? First to do, locate a trusted loan officer to discuss the pre-approval process, and what type of loan you qualify for. Perhaps find out if first-time homebuyer’s assistance programs are available in your state/county, and if you qualify for them. Another important item to consider is what your mortgage payment is going to be, not just the purchase price of your new home. We encourage our buyers to take a hard look at their finances to ensure they are not sacrificing their lifestyles when purchasing their first home. Unless that is something they are willing to do. Our focus is to ensure they have a strong sense of their budget before making commitments to a price point. The last thing we want is to watch them buy a home, and have no room to do the activities they love.
Next item on the to-do list, find a qualified Realtor. We have you covered there! Once you receive a pre-approval letter for your lender, KBRG will work with you to curate a selection of homes that meet your ideal home criteria. We are focused on locating properties that match the needs & wants that you have shared with us during our initial conversation.
We suggest narrowing down the city and neighborhood you would like to live in. Notable thoughts to consider: work commute, school systems, restaurants, stores, parks and activities you want to be a part of. Do you want to reside in a community that has an active Homeowners Association? Is it appealing to be located within the city limits or are you seeking a property in the unincorporated part of the county? Making these decisions or at least considering them, will save you valuable time, and allow our group to best match you with your new home.
Let’s get into the don'ts for first-time homebuyers. DON’T make any big purchases that could affect your credit score like buying a car. Or, adding on any new debt that could directly affect your loan allowance. Our suggestion would be to hold off on purchasing the new car until after the closing of your new home. When in doubt, have a conversation with your loan officer!
Once you have located the home you would like to place an offer on, it is important to understand the terms as you prepare to enter a contract. DON’T overlook having a home inspection completed. Homeownership is one of the largest investments you will make, and buyers deserve to have peace of mind knowing there are no underlying issues. From the down payment to closing costs, buyers are putting a substantial amount of money into their first home, and they want to be assured once they move in there are no unforeseen issues to address or additional funds needed to make corrections that they were not aware of. Do ask your realtor for advice on whether a home warranty would be necessary to ask for. Do inquire about having a survey location report completed on the property, or if the sellers may have one available that they can provide. Do receive a copy of the covenants & restrictions for that subdivision, if applicable. It is wise to know the regulations of the subdivision as you begin to envision your life there.
And lastly, DON’T stress! KBRG is a qualified group of real estate advisors, who are here to help guide you through the process of buying your first home. Our goal is to make it a seamless process from start to finish. Take a deep breath, ready, set, contact KBRG today to get started on your dream of homeownership in 2023.