The Brief and Only First-Time Home Buyer Checklist You’ll Ever Need

Are you getting ready to buy the very first home of your dreams? Here's the brief and only first-time home buyer checklist you'll ever need to succeed.

Nearly 65% of adults ages 25 to 40 are dealing with regrets about buying their first home in the United States.

Buying a home can be stressful and packed with information, so you must do everything you can to prepare.

If you want to find the home of your dreams, there are a couple of steps that you should know about. 

Continue reading to discover the most important steps to take as a first-time home buyer! 

Save Money & Focus on Credit

The first thing on the first-time home buyer checklist is to start saving and to prepare your credit score.

When it comes to buying a new home, you will likely get a loan to pay off over the next 30 years. Unfortunately, there will be some expenses that you have to cover. A down payment, closing costs, and moving expenses can quickly add up. 

Make sure that you have enough money in your savings account so that you don’t have to walk away from a home. You should also work on improving your credit score if it is weak. Strong credit scores can result in lower interest payments and better loans. 

Review Your Mortgage Options 

A smart homeowner reviews all of their mortgage options before making a decision.

Many people get FHA loans or Federal Housing Administration loans. They allow down payments of around 3.5%, which can come in handy if you don’t have a lot saved up. Conventional mortgages are another common option, however, they aren’t guaranteed by the government. 

The Department of Veterans Affairs will also extend loans to veterans who qualify. If you are looking for a home in a rural area, you could even consider getting USDA loans that don’t require a down payment. 

Get the Home Appraised

If the curb appeal of a home has captured your attention, and you like what you are seeing on the inside, it is time to move forward.

People who are serious about purchasing a home should get the house appraised.

By getting an accurate home appraisal value, you can ensure that the price is fair. Home appraisals are also beneficial. This is because the inspector reviews everything inside and outside of the house and records anything that needs to be fixed. 

You should also consider the home warranties that you qualify for. Check here for more info about how these warranties work in California!

Put In an Offer

Once the appraisal comes back and you review all of the information, you can talk to your real estate agent about putting in an offer.

Homeownership will occur after you have put in an offer and gotten it accepted by the current owners. This process can take a bit of time, so keep this in mind if you have to be out of your house or apartment by a certain date. 

Follow This First-Time Home Buyer Guide

As a first-time home buyer, there are many things that you need to consider and prepare for. 

Getting money saved up and strengthening your credit score can relieve a lot of stress throughout the entire process. Not only do they help prepare you for home buying expenses, but they can also reduce your interest rates. 

Take time to view all of your mortgage options to see what best suits you. Once you have found the home of your dreams you can get it appraised and submit an offer. 

Be sure to check out our blog for more articles about buying a home and the real estate market!