5 ThingsFirst-Time Homebuyer Need To Know
Master the Austin real estate market and save money!
As a first-time homebuyer, there are several important things you should know (but many people don’t!) before jumping into the real estate market. We’re Austin based, but these tips can apply to most markets in the US. Here are the top 5 things to keep in mind:
First-time homebuyer programs:
There are TONS of programs aimed specifically toward first-time buyers. These include grants, down payment assistance, loan programs, tax incentives, and more. Your state most likely offers a few, and specific cities and counties also often incentives aimed at helping you become a homeowner. If you’re looking in Texas, these are great places to get more information: TSAHC and HUD.
Get Pre-Approved for a Mortgage:
Getting pre-approved for a mortgage is an essential step in the home-buying process. This will give you a better idea of how much house you can afford and will make you a more attractive buyer to sellers. We recommend speaking to multiple lenders so you can shop for rates and programs to get the best deal for you. If there are any blockers to getting approval, your lender can help you find the best way to resolve them BEFORE you spend time searching.
Don’t Overlook Additional Costs:
When budgeting for your first home, it’s important to consider additional costs beyond the purchase price. Property taxes, homeowners insurance, and closing costs can add up quickly. Down payments are also not your only up-front cost – save extra for closing costs and possible repairs that may be needed. You can estimate your costs and monthly payment here.
Know what you want:
This is a BIG purchase. Consider what you absolutely need from your home, what would be nice, and what you’re not willing to accept. Also, take the time to explore the different areas and determine which one is right for you. Look at factors like commute time, proximity to amenities, community, schools, and overall safety. Your agent should also be able to provide insight into what will be the best fit for you and your needs.
Work with a Trusted Real Estate Agent:
A trusted and experienced real estate agent can make all the difference in your homebuying journey. They can help you navigate the complex real estate market, negotiate on your behalf, and provide valuable insight throughout the process. In a tough market, having a knowledgeable agent by your side can be essential to finding and securing your dream home without overpaying or missing important things.
Searching for your first home can be scary, but it should also be a fun and exciting experience. Get educated, ask tons of questions, and start searching! If you’re considering a purchase in the Austin, Texas area, we’d love to meet and help you find your perfect home.