10 Tips for First-Time Home Buyers in Orlando, FL

Buying your first home is an exciting journey, but it can also be filled with uncertainty. After all, for most first-time home buyers, it’s the largest and most important purchase of their life, so there’s a lot of pressure to make sure it runs smoothly. Luckily, we’ve got your back. Let’s go over our Top 10 tips for buying your first home so you can be prepared!

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

Keep Your Credit Score Strong

If you have a high credit score, you could earn yourself a much lower interest rate on your home and make it easier to navigate mortgages and loans. So if you haven’t already started tracking your credit score, do so ASAP, 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 procrastinate and avoid saving until it’s too late. Really, you should start saving long before you even consider buying a home. If you’ve already been saving up for a while, you’ll have a headstart on saving for the various expenses you’ll encounter like home repairs, closing costs, and down payment, as well as any unexpected costs.

Consider Mortgage Options

In general, there are four types of mortgages you can acquire: conventional mortgages, VA loans, USDA loans, and FHA loans. The categories will vary in terms of downpayment and timeframe, as well as who has access to them. Before buying 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 assistance programs—both online and in-person—for first-time home buyers, to get them any help or advice they may need. If you have questions about buying a home and could benefit from professional advice, it might be a good idea to research which programs are available to you.

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? Little things like these could cost you thousands more than you originally expected.

You’ll also 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.

Decide Which Orlando 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.

Stay Within Your Budget

Staying within the budget you’ve set for yourself is one of the hardest rules to follow when buying a home, but it’s also one of the most important. 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 will vary, and will depend on the current state of the Orlando housing market, as well as the current demand for the home. Before you go to the seller with your requests, you should 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

Real Estate Agents are the avenue through which you find and buy a home, so they have the potential to make or break your house-hunting experience. You want to make sure you pick an experienced agent who has the knowledge and skill required 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 at 407-890-1977 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 first-time home buyers 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: