4 Tips for Buying Your First Home

tips on buying your first home

January 27, 2022

Buying a home today is certainly a different experience than it was two years ago. Now, there are fewer homes on the market due to high demand and disruptions in various supply chains. When they do become available, they sell quickly. If you're ready to make the (very smart) leap into homeownership, there are a few things you can do to make sure you're ready when you find that perfect space.

First-Time Home Buying Tips

1) Focus On Your Priorities Today

Most people live in the first home they buy for an average of seven years. When you're considering homes, think about what would make your life better today, rather than try to guess what your priorities will be in the future. If your quality of life would improve by being close to your job, living in a walkable neighborhood, or being close to restaurants and shops, make those the priorities that guide your home search. In seven years or so, as your life circumstances change, you'll be ready for a home that better fits your lifestyle at that time.

2) Get Pre-Qualified

If you know what you’d like your monthly payments to be, but need an idea of what your total investment might be, take the very first step and speak with a preferred lender. He or she will give you a breakdown of home prices within your budget, down payment and loan options, and monthly costs. A good idea is to go one step further and get pre-qualified. Your lender will gather important financial documents and produce a letter stating the loan amount that you qualify for. This will be helpful if you need to make an offer on your dream home quickly and show the seller you are a serious buyer.

3) Start Shopping Early

High demand for homes over the past two years, along with the high price and scarcity of materials, have caused home supplies to dwindle, even as builders work hard to build new ones. If you are interested in all the perks that homeownership brings, start your home search early, ideally 12 months or so before you'd like to close. In case there are no quick move-in homes available, this will give you time to go through the building process (and personalize your new home!).

4) Keep An Open Mind

Focus on your needs first, then your wants. For example, you may need home office space because you work remotely. Or you may need to live close to your office so you don't have a long commute). Because homes are not in great supply these days, find something that checks MOST of your boxes. To get more of what you want, new construction is a great choice because you can give input on the layout and design of the home.

Whether you plan to buy a home in a few months or next year, it’s best to start planning and preparing now. If you are considering a new home in Greenville, SC, we’d love to help you kickstart that planning process! To learn more about Conthran's Homes available homes, or floor plans that you can build and personalize, please contact us.

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