It can be Scary to be a first time home buyer!

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young people

I remember when I first decided to purchase a home, I was already a real estate agent, but I was still pretty nervous.  Owning a home is a BIG decision, can I afford to actually own a home?  I had been renting with my sister for a long time, then I was asked the question, finally, will you marry me from my boyfriend.  This was really when I started thinking about buying our first home and could we afford it.  I had been in real estate for about a year, so I did have some idea of what I was getting into.  I was a new home sales agent for mostly first time home buyers in the Loganviile and Monroe, Ga. area.  I was really very fortunate I knew what steps I needed to take being a first time homebuyer. 

Being a first time homebuyer, the first thing I did was call a real estate lender, I needed to get our credit checked and see how much we could afford.  I was very fortunate when I went to college I never got a credit card and did not have any college loans.  But when you are wanting to buy you need to have some kind of credit which I had none and wasn't good.  My soon to be husband on the other hand did have some credit which we used to purchase our first home.  When you talk with a real estate lender and being a first time home buyer please do not be surprised when they ask for your W-2's, tax returns and social security number amongst many other things.  These are all the things they will need to determine if you have good credit and how much you can afford for your first home.  You actually have to do this every time you decide to purchase a home, not just because you are a first time home buyer.  The lender also will be able to see if you have any discrepancies you may need to look into and have fixed.  I already knew several lenders because I was a real estate agent in the Loganville and Monroe, Ga. which I felt comfortable with and contacted.  Your lender may have a variety of different types of loans you can qualify for, there may even be some for first time home buyers.  I know when I worked as a new home sales agent in the Loganville and Monroe area many of our first time homebuyers got loans just for first time home buyers. 

There are so many costs included in buying your first home and any home for that matter.  You will have cost with the appriasal, inspections, escrows, down payments, plus other items that will be discussed with your lender.  After you have a good idea of the cost you need to have in the bank is when the fun part begins.  You will get to see what homes you can afford and you get to start looking.  There are many many many first time home buyer subdivisions out there, that is why I would always suggest to hire a real estate agent to represent you.  Being a first time home buyer is already scary enough and real estate agent will be your confidant, your warrior when there is money on the table.  A good real estate agent can run market analysis for the neighborhood and see what exactly has sold and how much it sold for.  This is a must when you decide a home you like and write up an offer for your first house.  A top real esate agent can advise you as to what you need to do after you get your offer accepted.  For examle there are inspections, like a basic home inspection, or a structual inspection, a septic, termite, radon, water, it really depends on what home and where you are buying.  There are also time lines you must adhere to because if you do not and come in late then it could mean all kinds of not so fun things like losing your earnest money.  But after all the inspections, appraisal and negotiations are complete, you should be set for closing .  My first home was actually in Loganville Ga, we lived there for 7 years before we made the plung again. 

I was kind of upset when I could not use my income since I had no credit history to help buy our first home.  This meant we would only get to use my husbands, but it was a blessing in disquise.  A lot of first time home buyers, myself included, we went to the max of what he could afford and not what we both could afford together.  Looking back this gave us a good nest egg to have so we could purchase furniture, linens, appliances, patio furniture and on and on.  Being a first time home buyer we literally had nothing, and not being able to use my income was really great becuase we were able to buy all of these items within our first year of being first time home buyers.  I have seen many, many first time home buyers go into debt buying all of these items which causes serious problems in their finances thus straining their relationship.  I know being a first time home buyer is exciting and you want to have the biggest first home you can afford, but really think about all these items and how much they cost.  Most first time home buyers have to buy furniture, drapes, blinds, patio furniture, mower, and many other items that can be costly.  Just like talking to a lender and a real estate agent take into consideration these costs.  I know I truly loved my first time home buying experience and I hope you do to.  I really hope this gave you a little comfort being a first time home buyer and atleast some knowledge when deciding to purchase your first home.




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