First-Time Home Buyers

Pre-Qualification

Meet with a mortgage broker and find out how much you can afford to pay for a home.

Pre-Approval

While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You'll also avoid being disappointed when going after homes that are out of your price range. With pre-approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you're interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property. Costs for pre-approval are generally nominal and lenders will usually permit you to pay them when you close your loan.

List of Needs & Wants

Make two lists. The first should include items you must have, such as the number of bedrooms you need for the size of your family or a one-story house if accessibility is a factor. The second list should include your wishes — things you would like to have, such as a pool or den, but that are not absolutely necessary. Realistically, first-time buyers may not get everything on their wish list, but it will help keep you focused on what you are looking for.

Representation by a Professional

Consider hiring your own real estate agent — one who is working for you, the buyer, rather than the seller.

Focus & Organization

Keep the items that will assist you in maximizing your home search efforts in one convenient place. These may include:

1. One or more detailed maps with your areas of interest highlighted.
2. A list or file of the properties that your agent has shown you.
3. Paper and pen for taking notes as you search.
4. A camera to take pictures of homes you have toured so you can remember your favorites and the features you liked most.

Visualize the House Empty & With Your Decor

Are the rooms laid out to fit your needs? Is there enough light? Try to picture the home with your own furniture and style rather than focusing only on the current owner's decor.

Be Objective

Instead of thinking only with your heart when you find a home, think with your head. Does the home really meet your needs? There are many houses on the market, so avoid making a hurried decision that you may regret later.

Be Thorough

A few extra dollars well spent now may save you significant expenses in the long run. Don't forget these important steps:

1. Include inspection and mortgage contingencies in your written offer.
2. Have the property inspected by a professional inspector.
3. Request a second walk-through within 24 hours of closing.
4. Check that no changes have been made that were not agreed upon, such as a chandelier being replaced with a different light fixture.