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FIRST TIME HOME BUYER TIPS

Wednesday, February 1, 2023   /   by Lance Kelehan

FIRST TIME HOME BUYER TIPS

As a realtor, I understand that the homebuying process can be overwhelming, especially for first-time homebuyers. However, with the right preparation and guidance, it can also be an exciting and rewarding experience. Here are some tips and advice for those looking to purchase their first home:



    1. Start saving early: One of the biggest hurdles for first-time homebuyers is coming up with the down payment. Start saving as early as possible, and consider using programs like FHA loans, which require lower down payments. There are also state and local down payment assistance programs available in some areas.

    2. Determine your budget: Before you start shopping for a home, it's important to determine your budget. Consider your monthly income and expenses, and factor in additional costs like property taxes, homeowners insurance, and maintenance expenses.

    3. Get pre-approved for a mortgage: Getting pre-approved for a mortgage can help you determine how much you can afford to spend on a home and can also make you a more competitive buyer in a competitive market.

    4. Work with a real estate agent: A knowledgeable real estate agent can help guide you through the homebuying process and provide valuable insights and advice. They can also help you find homes that fit your budget and preferences. Need a recommendation? I know a GREAT agent! ;)

    5. Be patient: The homebuying process can take time, and it's important to be patient and not rush into a decision. Take the time to thoroughly research and visit potential homes before making an offer.

    6. Don't forget about closing costs: In addition to the down payment, there are also closing costs associated with buying a home. These costs can include fees for the appraisal, title search, and attorney fees.

    7. Be prepared for unexpected expenses: Owning a home comes with unexpected expenses, such as repairs and maintenance costs. It's important to factor in these expenses when determining your budget.

    8. Understand the homebuying process: The homebuying process can be complex, and it's important to understand each step in the process. This includes understanding the offer and negotiation process, the home inspection, and the closing process.

These are just a few tips and advice for first-time homebuyers. Remember, it's important to consult with a real estate professional throughout the homebuying process. A good agent can help guide you through each step of the process and provide valuable insights and advice.


 

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Keller Williams Realty Acadiana
100 Asma Blvd. suite 100
Lafayette, LA 70508
337-735-9300

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