First-Time Home Buyers Checklist

Buying your first home is an exciting and sometimes overwhelming experience. As you navigate the process, it’s crucial to stay grounded and make informed decisions. This checklist of do’s and don’ts was inspired by the recent experience of our clients: first-time buyers Kevin and Lari.

Do’s

1. Treat Home Buying Like a Second Job

Commit to regularly viewing properties, even if it means balancing a busy work schedule. Kevin and Lari made it a priority to see at least one or two places every weekend; consistency is key.

2. Set a Clear Budget

Establish an end price you’re comfortable with. Be prepared to adjust your offer within your budget based on the negotiation process, but don’t exceed your financial comfort zone. Kevin and Lari had a monthly payment in mind (mortgage + taxes + insurance) where they wouldn’t be sad if someone else paid just a dollar more.

3. Be Willing to Look in Different Areas

Explore various communities to find the best fit. Consider factors like commute times rather than just distance, as this can significantly impact your daily life. Kevin and Lari were open to different cities, eventually narrowing it down to what truly met their needs.

4. Stay Grounded During Inspections

Focus on health and safety issues during the home inspection. Consult with your real estate agent to walk you through inspection reports. This isn’t a list of repairs, but rather an understanding of what the house is and what to expect from a maintenance standpoint of the major systems of the house. Kevin and Lari paid close attention to health and safety issues rather than being alarmed by every flagged item, understanding that some things are just part of owning an older home.

5. Consult Trusted Advisors

In addition to a real estate agent and lender, seek advice from family or trusted friends. Take input seriously, but also ensure the final decision aligns with your true needs and values. Kevin and Lari wisely consulted their families, weighing in on decisions in a reasonable way.

Don’ts

1. Don’t Buy Emotionally

Don’t let disappointment derail you if an offer falls through. Stick to your budget and keep the big picture in mind. Kevin and Lari didn’t get discouraged after their second offer was outbid; they simply moved on to the next opportunity.

2. Don’t Overlook Big Issues

Don’t shy away from homes with significant repair needs, like a new roof or electrical work, if you’re prepared to handle them. These are straightforward (albeit costly repairs, so be ready to factor them into your budget. There are often ways to manage or fix big-ticket issues, especially with the right advice and resources.

3. Don’t Underestimate the Value of Different Perspectives

Don’t limit yourself to one area or type of home too early in the process. Kevin and Lari initially loved older homes but recognized that the upkeep might be too much. They adjusted their criteria accordingly. Also, don’t make decisions in isolation. Regularly check in with your family or advisors to ensure you’re considering all angles.

4. Don’t Panic Over Inspection Reports

Don’t be scared off by the inspection report or let it turn into a daunting task list. Understand that it’s a snapshot of the home’s current state, not a make-or-break list. Kevin and Lari realized that some items, especially in older homes, are normal and not as alarming as they might seem.

5. Don’t Lose Sight of What Matters

Don’t get bogged down in the small details. Focus on the aspects that truly matter to you in a home and in your lifestyle. Homeownership comes with challenges, but with the right mindset, you can navigate them successfully. As Kevin and Lari learned, big issues can often be managed with perspective and a logical, solution-minded approach.

Buying your first home is a significant milestone. By staying focused, being prepared, and keeping your priorities in check, you can navigate the process with confidence. Remember, like Kevin and Lari, you don’t have to do it all alone—lean on your real estate agent, family, and trusted advisors to help guide you to the right decision. We are always here for any real estate needs!