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November 2nd, 2020 by

First Home Checklist

Are you ready to buy your first home? Congratulations! This is a major milestone and an awesome accomplishment that you should be proud of. Our real estate agents understand how important this decision is, and we're here to help anyone who feels ready to enter into homeownership. Get ready to buy your first home by using this helpful checklist.

  1. Check Your Credit Score
    First, we recommend all first-time buyers check their credit score, resolve any issues, and increase their score if possible. A few simple tricks can increase your credit score in a matter of months, which may help you secure a better mortgage rate.

  2. Determine Your Budget
    Before you determine how much home you can afford, you should look at how much your rent and bills cost now. This will give you a baseline of what you can afford, which you can then use to determine how much farther your budget can stretch.

  3. Know Your Finances
    As you look at your expenses, you should also determine how you can save for a down payment. See where you can not only cut expenses but find additional ways to proactively save each month to hit your down payment goal.

  4. Learn About Real Estate Transactions
    Educating yourself about real estate transactions is never a bad idea. Learning the lingo, uncovering the "hidden" costs of buying a home (such as closing costs and moving expenses), and understanding how a transaction proceeds from start to finish will better prepare you for your own experience.

  5. See if You Qualify for Assistance
    Many first-time homebuyers qualify for federal, state, or local programs that either provide financial assistance or enable you to secure a lower mortgage rate. You should also look into other assistance programs available to see if you qualify for assistance.

  6. Get Pre-Approved
    Getting pre-approved for a mortgage loan is extremely beneficial. Not only will you discover how much you qualify for before you put in an offer, but you'll also look better in the eyes of the seller when you place an offer that already has pre-approval from a mortgage lender.

  7. Make a Wish List
    Before you begin your house hunt, create a list of what home features you need, want, and can live without. This will help you view each home objectively and not become distracted.

  8. Find a Real Estate Agent
    A knowledgeable, experienced, and honest real estate agent will be your best resource throughout the homebuying process. 

  9. Tour Homes
    It's time for you to begin your home search. Once you've narrowed the inventory down to your favorite homes, schedule private showings with your agent. Be sure to revisit your favorites multiple times at different hours of the day and night so you can truly get a feel for what the property and neighborhood are like throughout the day.

  10. Trust Your Instincts
    Ultimately, you need to trust your gut when buying a home. This is one of the largest purchases you'll ever make, and you must be completely confident and comfortable with your decision. Trust your instincts, and you'll achieve your homeownership goals.

Would you like to schedule tours of our latest Richmond homes for sale? Let us help you. Contact us today to tour the best homes in the RVA.  

Categories: Buying a House
Tags: preparation, Richmond, Joyner Fine Properties, For buyers, First-time buyers, Home-buying tips, Buy a Home, Moving Tips
Related Markets: Richmond
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