A Guide for First Time Home Buyers! How to Prepare and What to Expect

by Jasmine Hanonu

A Guide for First-Time Home Buyers!

Buying your first home is an exciting journey—one I’ve personally experienced! When I purchased my first home, it was a mix of excitement, nerves, and pride. That experience inspired me to become a Realtor, so I could help future buyers navigate the process and make it to the closing table with confidence and ease.

I’ve put together my top 10 tips for first-time homebuyers to help you get started on the path to homeownership:

Step 1: Review Your Finances

Dreaming big is great, but you need a solid financial foundation to make it happen. Start by calculating your Debt-to-Income (DTI) ratio to understand how much debt you have compared to your income.

Review your credit report for free at AnnualCreditReport.com or use apps like Credit Karma to monitor your credit score.
Pay down high-interest debts and avoid opening new credit accounts. Lenders want to see stable finances.

Step 2: Meet with the Professionals

Your first two professional stops:

A Loan Officer:
- Get pre-approved to determine your budget.
- Shop around with different lenders to compare rates, fees, and incentives—they’re not all the same!
A Realtor (Hi, that’s me!):
- As your Realtor, I’ll be your advocate, helping you navigate the market, negotiate on your behalf, and keep you informed every step of the way. With my background in project management and knowledge of the local market, you’ll be in great hands!

Step 3: Research and Plan

Think about your "must-haves" versus your "nice-to-haves" in a home. Is a big backyard non-negotiable? Do you need to be near specific schools or your workplace?

During our initial meeting, we’ll discuss your goals in detail.
I’ll tap into my network and databases to compile a list of homes that match your needs and wants.

Step 4: Save for Your Down Payment

While a 20% down payment is ideal, many loans allow for less. Options like FHA loans (3.5% down) or VA loans (no down payment) can make homeownership more accessible.

Start saving early by setting aside bonuses, tax refunds, or establishing an automatic savings plan.
Don’t forget to account for closing costs, which can be an additional 2-5% of the home price.

Step 5: Get Preapproved

Preapproval gives you an edge in competitive markets. It shows sellers you’re serious and gives us a clear picture of what you can afford.

Step 6: Explore Neighborhoods

Location is key! Drive through neighborhoods at different times of day to get a feel for the area. Think about proximity to schools, work, shopping, and parks.

Step 7: Be Open-Minded but Stay Realistic

No home is perfect, but finding one that meets your most important needs is key. I’ll help you weigh the pros and cons of each property, ensuring it aligns with your goals and budget.

Step 8: Make a Strong Offer

When you’ve found “the one,” it’s time to make an offer. I’ll guide you on competitive but fair pricing, while negotiating on your behalf to get the best deal possible.

Step 9: Get a Home Inspection

Never skip a home inspection—it’s your chance to identify potential issues. If anything significant comes up, I’ll negotiate repairs or credits to protect your investment.

Step 10: Celebrate!

Once the keys are in your hand, it’s time to celebrate becoming a homeowner! This is a huge milestone, and I’m here to cheer you on every step of the way.

Buying a home doesn’t have to be overwhelming. With the right team and preparation, it can be a smooth and exciting process. Ready to take the first step? Let’s chat!