3 Things Every First-Time Homebuyer Needs To Know

Understand your budget before you start looking

• Why it matters: One of the most common mistakes first-time homebuyers make is not having a clear understanding of their budget before they start touring homes. Knowing your price range will help narrow down your options and prevent you from falling in love with homes that are out of reach.

• Action tip: Use an online mortgage calculator to estimate your monthly payment and get pre-approved for a mortgage to know exactly how much you can borrow.

Factor in all the cost, not just the price of the home

• Why it matters: The cost of buying a home isn’t limited to just the purchase price. Additional costs can include property taxes, homeowner’s insurance, maintenance, utilities, and potential home association fees (HOA).

• Action tip: Budget for both upfront costs (e.g., down payment, closing costs) and ongoing expenses (e.g., monthly mortgage, taxes, insurance).

Know your must-haves vs. your deal-breakers

• Why it matters: First-time buyers often get caught up in the excitement of house hunting and overlook what they really need. Establish a list of non-negotiable features (e.g., number of bedrooms, proximity to work) vs. features you can live without (e.g., a pool or large backyard).

• Action tip: Make a list of your "must-haves" and "nice-to-haves" and stick to them. It will make it easier to evaluate homes and stay focused.