5 Things First Time Home Buyers Need to Know
Buying your first home is an exciting milestone, but it can also feel overwhelming. Between securing financing, finding the right home, and navigating the closing process, there’s a lot to consider. If you're a first-time homebuyer, here are five key things to keep in mind to make your journey smoother and more successful.
1. Know What You Can Afford
Before falling in love with a home, you need to determine your budget. Lenders typically recommend that your monthly mortgage payment (including taxes and insurance) shouldn’t exceed 28% of your gross monthly income. But beyond that, factor in utilities, maintenance, HOA fees, and other expenses.
Tip: Get pre-approved for a mortgage before house hunting. This not only gives you a clear budget but also makes you a more attractive buyer in competitive markets.
2. Consider All the Costs
The down payment is just one part of buying a home. You’ll also need to budget for:
✅ Closing costs (typically 2-5% of the loan amount)
✅ Moving expenses
✅ Home inspections & appraisals
✅ Immediate repairs or upgrades
And don’t forget about ongoing costs like property taxes, homeowner’s insurance, and potential maintenance needs. Having a financial cushion will prevent surprises down the road!
3. Location Matters—A Lot
You can change almost everything about a house, but you can’t change its location. Think beyond just the home itself and consider:
📍 Commute times
🏫 School districts (even if you don’t have kids, this impacts resale value)
🏡 Neighborhood safety and amenities
📈 Future property value trends
Spending time in the area at different times of day can help you get a feel for the community before making a decision.
4. Be Patient, But Decisive
The real estate market can move fast, especially for homes in desirable locations. While it’s important to take your time making an informed decision, waiting too long can mean losing out on a great home.
Work with a trusted real estate agent who understands your needs and can guide you through the process. They’ll help you move quickly when the right home comes along while ensuring you don’t rush into a decision you’ll regret.
5. Don’t Skip the Home Inspection
A home might look perfect on the surface, but only a professional inspection can reveal hidden issues like foundation problems, plumbing concerns, or outdated electrical work.
Even if a home is brand new, never waive the inspection—it could save you thousands in unexpected repairs. If major issues come up, you may have leverage to negotiate repairs or a lower price.
Ready to Find Your First Home?
Buying your first home is a big step, but with the right preparation, it can be a smooth and exciting experience. If you’re ready to start your journey, I’d love to help! Let’s chat about your home goals and find the perfect homes in Nashville for you!