10 Tips for First-Time Home Buyers in Charlotte, NC

Here’s a scary question for first-time home buyers: Are you really prepared to buy your first home? There’s a lot that goes into a home purchase, so it can be hard to know for sure whether or not you’re ready to make the biggest and most important financial decision of your life. Let’s go over our ten tips for first-time home buyers like you, so you can be better prepared for the purchase and all that comes with it.

Fully Utilize Open Houses
Keep Your Credit Score Strong
Decide What You Can Afford in Charlotte
Consider Mortgage Options
Start Saving Up Early
Stay Within Your Budget
Look Into Assistance Programs in Charlotte
Negotiate With the Seller
Buy Quality Home Insurance
Pick a Good Real Estate Agent

Fully Utilize Open Houses

When you’re considering buying a particular home and you visit an open house, pay close attention to any potential red flags which might be warning signs of more serious issues. Is there any water damage? Or are there any appliances that may need replacing? These could lead to costly repairs that lead to spending thousands more than you first anticipated. You’ll want to get a feel for the rooms and think about how the house might suit your needs. And if you have any questions or concerns, don’t hesitate to ask your Real Estate Agent.

Keep Your Credit Score Strong

A high credit score could earn you a substantially lower interest rate on your home and make it easier to navigate loans and mortgages. If you’re not already tracking your credit score, start as soon as possible before you purchase a home, and take steps to keep it strong leading up to the purchase.

Decide What You Can Afford in Charlotte

A strong budget is necessary whenever you make a large financial decision, especially with buying a home. At the start of your home search, you need to know exactly what your limit is so you can have a clear idea of your price range and the houses you should be considering. You’ll also need to make sure you have some leeway so you have money left over in case of unexpected expenses that could come with the home, like any repairs or updates.

Consider Mortgage Options

Most mortgage plans fall under one of four categories: conventional mortgages, FHA loans, USDA loans, and VA loans. The down payment and timeframe of all these categories will vary, as well as who has access to them. Before shopping for a home, do some research and decide which mortgage plan would best suit your needs. And at EmpowerHome Team, we have our very own in-house Mortgage Company, EmpowerHome Mortgage LLC, which can help you get pre-approved fast so you can move into your dream home. Visit HERE for more information.

Start Saving Up Early

It may seem obvious to some, but it’s always a smart idea to consider setting aside money long before you intend to buy a house at all. There are so many costs that come with buying a house beyond the price of the house itself, so if you’ve already been saving up for a while, you’ll already have a starting point to pay for the various expenses you’ll encounter like closing costs, down payment, and home repairs.

Stay Within Your Budget

Staying within the budget you’ve set for yourself is one of the most important rules to follow when buying a home. The pressure can be high when you’re bidding against someone to pay whatever it takes to get your dream home, but in the end, it’s never worth it to end up owing more money than you have to give. If you have to give up on one house because the price gets too high, don’t fret! There are other houses on their way to the market. Don’t let your dream home turn into a nightmare by paying too much for it!

Look into Assistance Programs in Charlotte

There are lots of online and in-person programs designed to help first-time home buyers make the right decisions and get help or advice where it’s needed. Many states offer these programs in different cities and counties, and it might be a great idea to research these if you have questions about buying a home and could benefit from professional advice.

Negotiate with the Seller

During the negotiation period, you can ask the seller to make repairs to the house beforehand or even pay a portion of the closing costs for you. Their willingness to do these things will heavily depend on the current state of the housing market in Charlotte and the demand for the home, so be sure to discuss any negotiation tactics you have with your real estate agent first.

Buy Quality Home Insurance

Look into different homeowner’s insurance plans and make sure you’re prepared for anything that comes your way. The last thing you want to do is not invest in quality insurance and be caught having to pay for home repairs out of pocket.

Pick a Good Real Estate Agent

Since they are the avenue through which you find and buy a home, a real estate agent can really make or break your house-hunting experience. You want to make sure you pick an experienced agent who has the knowledge and skill to find you the best deal for your dream home. At EmpowerHome Team, we have decades of Real Estate experience, so you can rest assured that we know just how to find you the perfect house stress-free! Call us today to find out what sets us apart from other realtors!

And if you’re a first-time buyer who still has questions, don’t worry! We’ve got you covered! On the first Tuesday of every month, we hold a FREE virtual First-Time Homebuyer Workshop for people just like you, who are looking to take the next big step in life! Hosted by Sarah Reynolds, EmpowerHome CEO, our workshop will tell you all the helpful insider tips you need to know before you buy your first home, including: