What is the Hardest Part About First-Time Homebuying?

FastExpert partner and Kerrville, TX REALTOR®, Caitlin Hamilton, breaks down the hardest part about first-time homebuying and how to succeed in this housing market. As a first-time homebuyer turned REALTOR®, Caitlin understands both sides of the home-buying experience.

PING.

This is another Zillow alert letting you know that a house that meets all your wants and needs has just arrived on the market in your city. The house is immaculate, and you need to see it NOW. 

But are you fully prepared to make a move as a first-time homebuyer?

The most challenging part is getting started.

As a one-time, first-time homebuyer and now a REALTOR® and broker associate, I have experienced the homebuying process from both sides. As a hopeful homeowner, I was utterly lost. I relied heavily on friends who had gone through the process previously, but the agent I was using was not very helpful. 

Today, there is so much information (and misinformation) on the Internet that it is easy to become overwhelmed and never progress in your journey to homeownership. 

Regardless of your home-buying progress, it is wise to reach out to a REALTOR®.

Before you choose your agent, read reviews and interview several REALTORS®. Then, you can determine who the best fit is for you as you navigate this first-time home-buying journey.

While many people talk about the best time to buy a house; the timing of your purchase is irrelevant. What matters is that you have a REALTOR® ready to inform and serve, leveraging their expertise to guide you through the process. 

Know your budget.

There is nothing worse than seeing and falling in love with a home that is way out of your price range. Before you even start the home tours, get pre-approved with a lender of your choice. Your pre-approval will provide a maximum loan amount; however, take a look at your budget and determine the price range that makes you comfortable.

Mortgage pre-approval gives you a great starting point and keeps things in perspective when on the hunt!

Talk to experts about the cost of homeownership.

One of the biggest struggles for hopeful buyers, especially in today’s economy, is the downpayment on a new home. People across the country are seeing an increase in everyday items such as groceries that strain finances.

Before proceeding with your purchase, chat with industry experts. As an agent, I have lists of people to refer you to for answers! Many agents are willing to accompany you to any meeting with lenders and insurance agents. 

Some areas, like Kerrville, TX, offer homebuyers no-to-low downpayment financing options. Be sure to ask your local agent and lenders what is available!

Don’t forget to get the big picture of all costs.

Talk to an agent and lender about all the homeownership costs.

These costs include earnest and option money, downpayment, cost for repairs, home loan origination fees, appraiser fees, property tax, homeowners insurance, furniture, home décor, and items needed for home maintenance. 

Don’t get discouraged in your hunt for your home.

With apps like Zillow and Realtor.com keeping homebuyers updated with the latest homes to hit the market, it is easy to get excited and start dreaming about your life in a specific home. But what if it looks completely different in person?

That is entirely normal! Maybe there is a weird alcove you didn’t see in the photos, the primary bedroom is tiny, or the house needs some significant work. Potential homeowners run into this all the time!

Not every home can be the winner. Take your time and make sure you’re choosing a home that fits YOUR needs.

Keep your expectations in check.

We’ve all seen the HGTV shows where a couple can make a deal on a home and renovate it to their taste and style with money to spare. Unfortunately, this doesn’t work in all areas.

Chat with an agent, go over the current market, and browse through listings together to get a feel for what your price range can accommodate. 

Don’t fear the inspection.

Inspections are crucial aspects of the home-buying process. An inspector of your choice will go in and inspect the home for any deficiencies and give you a picture of its overall “health.” 

Regardless of the home’s age, whether it is historic or a new build, something will always appear on the home inspection report because building codes are constantly changing! 

Your agent and the inspector can guide you through the aspects of the home that might need to be addressed. Remember that no house is perfect. The major issues to watch out for are safety, structure, and sanitation. 

Chat with your agent ahead of time about “dealbreakers” (items that make you feel very uncomfortable or that your budget cannot tolerate) and readdress them once you have the report in hand. Many items can be negotiated, especially in a buyer’s market. 

Ready, set, go!

Regardless of where you are (or aren’t) in your process, contact an agent and have a conversation! Our goal is to educate and guide anyone who has ever dreamed of homeownership.