Whew! We made it, we got through the storm called the “home buying process”! Back in March of this year my husband and I decided that we could no longer deal with apartment living. We have been married for over 3 years and we both have steady careers, a decent savings (but nothing over the top, don’t get me wrong), and we were beginning to seriously think about our future and where we wanted to lay down our roots. Where would we want to raise our children, more closet space, and a place that was more private…we were ready to begin looking for our very first home.
Call me naive but I was under the impression that buying a home was as simple as find a home, get a mortgage, and close. Boy, was I wrong! You mean it’s not how they make it look on “House Hunters”? 🤔 After a long 6 months of searching for homes for at least two hours each day and viewing nearly 20 homes, my husband and I can officially say we are homeowners, we officially have this part of the “American Dream” checked off our list, we are officially grown-ups! haha
Our journey was not without tears, stress, and me almost throwing in the towel multiple times (God Bless my husband for his patience and unconditional love lol). At the end of the day we found the home that I walked in to and knew it was our home the second we entered the vestibule. Everything about it was the light at the end of the tunnel, the “aha! This is why none of the other ones worked out” moment for us. Let me tell you a little about how we got there and some tips I have for other first time home buyers out there!
THE BEGINNING OF THE PROCESS:
- Create a separate savings account specifically for your down payment, closing costs, and moving costs of your potential home.
- 20% is standard but you can actually put down as little as 3.5% in some states, just ask your mortgage lender about this since there are a ton of mortgage options to meet your needs! Don’t get discouraged thinking that there is no way you can afford to own a home. What I have learned during this process is that almost ANYONE can own a home with a little preparation and education 😉
- Credit Credit Credit! I can’t stress this enough! Your credit score, you know that thing that everyone tells us about growing up and how important it is to have a good one? Well, yea, this is where all that advice comes into play.
- Having a good credit score leads to better chances of getting a good mortgage with a good interest rate! It also means that mortgage companies will want to give you a mortgage and you can’t buy a home without a mortgage (unless you are a unicorn and can pay cash for your first home, God Bless lol) so this is super duper important! Right when you think of purchasing your first home, begin dissecting your credit and thinking of ways to improve it.
- During your home buying process, try and limit big splurge purchases that will affect your credit score.
- Get Pre-Approved! You will need to be pre-approved in order to put an offer on any homes you see. We would often bring our letter to the homes we went to see. This showed that we were serious about purchasing a home and sellers and their agents love to see serious buyers!
DURING THE PROCESS
- Look for homes within your budget. Know your budget and stick to it!
- Don’t look for homes that are in the max price you were approved for. We were approved for about $175k more than the price range we were looking in. We went over our finances and came up with a number that would still allow us to take the occasional vacation, eat out once in a while and have electricity and hot water haha
- Are you willing to put a little work into a home? This is an important question to ask yourself because whether or not you are a little handy can really funnel homes out for you.
- If you’re looking for something turn-key with little to no work required, you will most of the time pay a little more. Be honest with your abilities and what work you’re willing to put into the home to make it your dream.
- Prioritize your list of must haves and know that you most likely won’t find a home that has them all, which is why this list is important.
- Hire a good real estate agent, preferably someone recommended to you with experience. This is the person who walks you through the entire process so you need to trust them, feel like they are working hard for you and be comfortable talking to them almost everyday sometimes.
- Attend open houses! This is when you can ask questions about the home like when it was built, how old the roof is, etc. and a general condition of the house. My husband and I would spend every Sunday driving around locations that we liked attending open houses. This is also a great way to see what you can get in those areas in your price range.
- Go into each home with an open mind, paint changes and refinishing floors can make a world of a difference so go in with a flexible mindset.
- Location Location Location! When you purchase a home, location should be at the top of your list. This goes a long way should you resell your home down the line.
I have officially been in my home for a just about a month and I have been doing small home renovation projects here and there that I can’t wait to share with you all! Nothing feels better than coming home each day to our very own home sweet home. 😊🏡
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