What You Need to Know About Buying Your First House

Buying your first home can be a very exciting time. However, to many first time home buyers, the process can be scary or, at the very least, intimidating. You may not be sure what to expect or how to proceed.

When buying your first house you will want to keep a few things in mind as you learn to navigate the process of buying a home.

  • Hire a Realtor – Unless you have a family member who is a Realtor, you will be much better off having a realtor on your side to help your through the process of finding a home and going through the buying process. 
  • Make sure you are ready – Just because everyone says you should buy a house now, because it’s a good time to buy, does not mean it’s a good time to buy for you. Run your budget, ensure you can afford a home, and make certain that you are ready for the commitment of home ownership. Home ownership costs much more than the sales price of the home.
  • Assistance is available – Make sure that you speak with your lender and realtor about the programs that are available for first time homebuyers. These programs can be useful if you do not have 20% for a down payment or you want to purchase a fixer-upper that typical lenders won’t lend you the money to buy.
  • Get pre-approved – One of the best things you can do to prepare for your house hunting days is to get pre-approved. Being pre-approved by a lender means that you have turned in your financial paperwork and application, your credit report has been run, and your credit score has been determined. This allows the lender to let you know how much of a loan you will be able to secure thus allowing you to determine how much house you can purchase. Just don’t forget that just because you “qualify” for a specific amount does not mean that is how much loan you need to secure.

Buying your first house is exciting. Be sure to do your research and hire a professional to help you navigate the process. This will make the home buying process go much more smoothly and help you be in your dream home as quickly as possible.

Here are a few short sale listings provided by IDX/IMLS under $150,000 that are available in Ada County that are updated each morning Monday through Friday.