Tips for First-Time Homebuyers

by Lori Madden 01/19/2020

If you know absolutely nothing about buying a house, don’t learn the hard way. There’s plenty of information available to help you avoid the many potential pitfalls in the process. You want your first home buying experience to be exciting, not exhausting. Here are some tips to get you started the right way.

Know when you’re ready. Sometimes the pressure to buy comes from well-meaning family and friends. Even your boss might press you to buy a home. But there are personal and financial milestones you need to pass before jumping into the housing market. These include paying down debt, monitoring your credit report and credit scores and freeing up cash to save for a down payment. If you can’t adjust your cash flow so that you can set some funds aside, you may not be ready to buy a home. Yes, there are zero-down and low-down-payment loans out there, but you still have closing costs, taxes, insurance and maintenance to cover. If you’re not there yet, start by making small adjustments to your financial picture. Trying living on a budget. You’ll find plenty of apps online or for your phone to help you follow the money. Once you know where your money goes, you can redirect it to where you want it.
Learn what you want. While you’re working on your financial adjustments, start visiting open houses. Go to single-family homes, new builder developments, condominiums, townhomes, patio communities and hi-rise buildings. Keep a list of what you like and dislike about each. Then, consider the time it takes to maintain the property. Calculate the hours spent mowing the lawn or caring for landscaping, or the cost to have it done for you. Consider if you want a ready-to-live-in home, or if you’re up to the challenge of a renovation. If so, will you do the work yourself or hire out to have it done? While not a perfect depiction, watch television shows about home renovations and remodels. You’ll see some of the disasters that might be lurking behind an innocent-looking wall.
Hire the right help. Buying a home for the first time is not the time to go it alone. Hire a professional real estate agent that represents buyers. You need someone in your corner during negotiations and the contract process so that necessary paperwork gets completed and a seller’s potential lack of disclosures doesn’t slip by you. Your agent can refer a home inspector to find out everything that might need repairs. Then they can negotiate for you to get the price reduced or the item fixed during the closing process.

If you follow these suggestions, when your agent finds the perfect home, you’ll be ready to take the exhilarating leap to purchase your first home.

Homebuyer

First Time

About the Author

Lori Madden

As a Florida native growing up in Sarasota, I have seen my hometown grow from a sleepy coastal town to a highly sought-after destination along the shores of the Gulf of Mexico. After working in Chicago for 5 years, I returned to Sarasota and saw it through a new lens and really began to appreciate what makes Sarasota so desirable, including temperatures that allow for year round outdoor activities including tennis (a personal favorite), golf, boating, kayaking, fishing, paddle boarding, or just relaxing and/or shelling on our pristine sandy shores, including Dr. Beach’s #1 beach in the United States for 2017, Siesta Key! Sarasota’s cultural amenities are many and diverse, appealing to a wide range of arts lovers. Downtown Sarasota has become a destination in itself, drawing many new developments for those who want to be within walking distance of Main Street's offerings and the picturesque bayfront and marina. Foodies will find an eclectic mix of locally owned and operated restaurants offering something for everyone, and there are now Farmers Markets every day of the week in various locations throughout Sarasota, but the Saturday morning Farmers Market in downtown Sarasota draws the biggest crowds. Since 1988, my passion has been selling real estate, representing both buyers and sellers. I have been recognized by my clients and customers for an uncompromising work ethic and dedication to helping them achieve their real estate goals. Relying on my experience as a real estate paralegal and being highly organized, I am able to help make the transition between contract and closing a smooth one for my clients. With an eye for interior and landscape design, I've been known to pitch in and help Sellers minimize and/or reorganize their belongings in order to stage their home to maximize its sale potential. I specialize in out of state buyers looking for their piece of paradise along the Gulf Coast and make it a priority to keep them up to date on our quickly changing local real estate market. I welcome the opportunity to share with you all Sarasota and her surrounding islands have to offer!