Buying your first home is such an exciting step forward in life, but are you really prepared? You’ll want to make sure you’re informed of every part of the process so you don’t make any mistakes which could cost you thousands of dollars. To help you with the biggest and most important financial decision of your life, here are 10 tips to get you started with the purchase of your first home!

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

Decide Which Houston Homes You Can Afford

As with any large financial decision, especially buying a home, you’ll need a well-thought-out budget. At the start of your home search, you should know what your exact limit is so you can find a comfortable price range and narrow down your search to the houses you can afford. Plan to have money left over in case any unexpected expenses arise, like any unforeseen repairs or updates your new home will need.

Consider Mortgage Options

Generally, there are four types of mortgages you can consider: conventional mortgages, VA loans, FHA loans, and USDA loans. The categories will vary in terms of downpayment and timeframe, as well as who has access to them. Before you buy your first home, research the different types of mortgages and decide which plan would best fit you and your financial needs.

And if you want to get pre-approved fast, contact our Team! We have our own in-house Mortgage Company, EmpowerHome Mortgage LLC, which can help you move into your dream home stress-free. Visit HERE for more information.

Look Into Assistance Programs in Your Area

A number of states offer programs—both online and in-person—for assisting first-time home buyers like you to get you any help or advice you may need. If you have questions about buying a home and could benefit from professional advice, it might be a good idea to research these programs.

Fully Utilize Open Houses

When visiting an open house, pay close attention to any potential warning signs that could indicate serious issues with the home. Is there any visible water damage? Will any of the appliances need replacing soon? Things like these could lead to thousands more in expenses than originally anticipated. Additionally, you’ll want to get a feel for the rooms and think about how the house might suit your needs. Ask yourself if you could picture yourself living there. And if you have any questions or concerns, your Real Estate Agent will be able to answer them for you.

Keep Your Credit Score Strong

A high credit score could fetch a substantially lower interest rate on your home and make it easier to navigate loans and mortgages. So, if you’re not already taking steps to track your credit score, start as soon as possible, and do whatever you can to keep it strong leading up to the purchase of your first home.

Start Saving Up Early

This advice may seem obvious to some, but many people put off saving until it’s too late. The truth is, you should start saving long before you consider buying a home. There are so many costs that come with buying a house, so if you’ve already been saving up for a while, you’ll already have a headstart on saving for the various expenses you’ll encounter like home repairs, closing costs, and down payment.

Stay Within Your Budget

Staying within the budget you’ve set for yourself is one of the hardest—and most important—rules to follow when buying a home. When bidding against another buyer for your dream home, it could be tempting to spend just a little bit more, but it’s never worth it to end up owing more money than you have. If you have to give up on one house because the price is higher than your budget, don’t worry! There are always other houses coming to the market. Don’t pay too much, turning your dream home into a nightmare!

Negotiate with the Seller

During negotiations, 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 may vary, and will depend on the current state of the Houston housing market, as well as the current demand for the home. Before you go to the seller with your requests, always 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 any unexpected expenses that come your way. The last thing you want to do is not invest in quality insurance and be caught having to pay for costly home repairs out of pocket.

Pick a Good Real Estate Agent

Since Real Estate Agents are the avenue through which you find and buy a home, they can 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:

  • How to get pre-approved for a mortgage
  • How to determine what you can afford
  • What types of mortgages are available
  • What to do if you don’t love the home you’ve made an offer on
  • And SO much more!

The next workshop will take place on Tuesday, February 7th, at 7PM Eastern Time! Click HERE to sign up for free!