How to Buy Your First House for the Best Price Possible

If you’re looking to buy your first house, you’ve probably already learned that it’s not as easy as you thought it would be. You might have also heard that the real estate market can be unpredictable and even risky, which could scare you away from buying your dream home altogether. However, this doesn’t mean that you can never own your own home – it just means that you need to do your research in order to make sure you don’t overspend or lose out on great opportunities.

How to Buy Your First House for the Best Price Possible

Do your research

First-time homebuyers are often unsure of what they should be looking for, and how to buy a house at the best price possible. You can help yourself by first understanding what kind of property you're looking for and your budget. Then, get pre-approved or prequalified with a lender before beginning your search so that you have an idea of what you can afford. Keep in mind the closing costs on top of your mortgage payments. Finally, make sure you understand all potential costs associated with homeownership like maintenance, insurance, taxes and utility bills. Once you've done this research it'll be easier to determine if this is something that's right for you!

Get pre-approved for a mortgage

The first step in buying a home is getting pre-approved for a mortgage. This helps you figure out how much you can afford, and it also helps you get your foot in the door of listings that require pre-approval. Getting pre-approved means that you’ve submitted documentation and your credit has been checked so that when you find a home, you’re ready to buy! 

The next step is figuring out how much money you need for closing costs. First-time Homebuyers should expect to pay around 3% of the purchase price in cash or trade equity. With this amount, you'll be able to cover necessary expenses such as home inspections, property taxes and legal fees before closing. As well as any other additional items such as furniture or appliances.

Hire a real estate agent

If you are a first-time homebuyer, you may be wondering how to buy your first house. Or maybe you're just starting out in real estate and want to learn about what it's like for first-time homebuyers. Either way, we have put together some tips for those of you who are new to this process. 

First-time Homebuyers: So if you're looking for help with buying your first home or if you're a first-time homebuyer who needs some advice before jumping into the process, read on! We'll help point you in the right direction!

Make a list of must-haves

When looking for your first house, you will find that there are many factors to consider. The best way to find a home that meets your needs is to make a list of must-haves. For example, if you have a family and kids, you may need extra bedrooms. If you have pets, you might want a yard or neighbourhood with less traffic. First-time Homebuyers should also do their research on how much they can afford in mortgage payments, property taxes and insurance. With help from the bank, they can determine what price range they can afford based on these costs as well as their monthly budget.

Don't be afraid to negotiate

If you're a first-time homebuyer, there are some things that can help you buy your first house. For example, as a first-time homebuyer, you may be eligible for grants and tax credits from state and federal governments. There are also many programs out there that provide help for first-time buyers. Mortgage rates have been at historic lows, making it easier to qualify for loans or get help paying them off. As a result of these low rates, homeownership is within reach of more Americans than it has been in years.

Get a home inspection

If you are a first-time homebuyer, it is important to ask questions and be aware of what you are getting into. One thing you can do is get a home inspection before signing anything. This will help inform you of any potential issues with the property so that you know if they can be repaired or if they need more extensive work that could lead to higher costs. A home inspector should look at the roof, foundation, plumbing system, electrical system and heating/cooling systems in your prospective home. They may also test things like ceiling height and door widths to make sure they are appropriate for your body size.

Understand the closing costs

Closing costs are often overlooked when buying a house and are just as important as the down payment. Closing costs include fees like homeowner's insurance, taxes, title search, etc. and can range from 3-5% of the purchase price. The good news is that many of these closing times can be negotiated or paid over time with a low-interest loan. Homeowners will also find that most lenders will give them an estimate of their total closing costs before they submit an offer on a home. A first-time homebuyer may qualify for the HomeReady mortgage which does not require mortgage insurance but does have higher income limits.