When buying your first home, it’s easy to get overwhelmed. A few words of advice can go a long way, so we’ve enlisted tips and tricks from our network of Coldwell Banker professionals. See their insight on the process, what to look for in a home, and home improvements. And most importantly, best of luck in your journey to becoming a homeowner!
“Be patient…don’t over pay for something because you feel pressure. Good things come to those who wait!” – Shari Pesa, Executive Business Consultant, Coldwell Banker Real Estate
“Remember you are buying the house the way it is. Yes you may plan on renovating, but plans change. Can you live in the house the way it is for a few years? If so, then go for it! Don’t compromise on what you want thinking you will redo everything tomorrow.” – Tracy Freeman, Coldwell Banker Residential Brokerage
“Make sure to align your expectations with the reality of where you want to live and what your price range truly affords. We all want the home near the beach for $200k but when it’s more like $2M, it is important to adjust expectations.” – Cara Ameer, Coldwell Banker Vanguard Realty Inc.
“Make sure you work with a realtor that is experienced and knows the area, especially in flood plains where additional insurance costs may impact your finances. Every house is different. Do not make assumptions.” – Jennifer Cavanaugh Ronzo, Coldwell Banker Harbor Light
“Don’t buy a home for the total amount the bank approves you for because you will need to buy things for the house when you move in. Things you never thought about until you’re living there (i.e.: hoses, grass seed, window treatments, snow blower, lawn mower…) If you buy at the highest loan approval level you could end up “house poor” and not have extra money for emergency expenses that arise or fun things for your new home.” – Holly Fetherlin, Regional Marketing Manager, Coldwell Banker Real Estate
“Ask questions. Lots and lots of questions.” – David Siroty, VP of Communications, Coldwell Banker Real Estate
1059 SE Portlandia Ave, Hillsboro, OR listed by Joseph Charny with Coldwell Banker Seal
“Don’t be scared of a little work. It might be worth investing in something that doesn’t necessarily look like your dream home now, but with a fresh coat of paint and a few minor upgrades, you could have your dream home without paying the price of your nightmares.” – Jimmy Hammel, Manager, Digital Marketing, Coldwell Banker Real Estate
“Don’t buy a home for the total amount the bank approves you for…”
Absolutely. I think many first time home buyer think if they’re approved for a certain amount, that what they should be looking for. They forget to take into consideration all of the other costs associated with homeownership. You can absolutely go “house poor” very quickly.
Make sure to assess all of the other costs that will come with owning a home, i.e. HOA dues, home warranty, termite bond, just to name a few.
What’s up, I read your blog on a regular basis. Your writing style is awesome, keep it up!
Great post! Buying your first home can be a fun experience as long as you follow all the important steps! Thanks for sharing!
My friend is getting ready to buy a home, and they weren’t sure what to do. One thing that I really like is that you say to align your expectations with where you want to live. It just sounds like you need to be realistic when looking in your price range.
These are great tips for first time home buyers. It is very easy to get overwhelmed or excited and make avoidable mistakes such as buying a house for the full amount you’re approved for or rushing into a house that might prove to have major issues. This is a great post, thanks for sharing!
Great tips! Thanks for sharing. I agree about getting a skilled realtor. If you don’t know anything about the process of buying a house it is also good to ask for help.
It’s hard to come by well-informed people about this topic, however, you seem like you
know what you’re talking about! Thanks
I agree that you shouldn’t buy a home that is uncomfortably close to your budget. You should feel comfortable and happy with your home purchase without feeling like you are stretching yourself too thin. It’s wise to set this budget well in advance and understand what kind of payments would be possible and comfortable for you to pay with your current financial situation. That way, you will pick a home that makes you the most happy.
Thanks for the information on buying a home! My wife and I are planning to buy our family’s first home this year, and we want to make sure that we have all the information we need. I like that you mentioned to set up realistic expectations based on where you want to live and what your budget is. We will be sure to do this.
Best of luck Burt! Let us know if we can help in any way!
A friend of mine really wants to buy a new house, but we weren’t sure how to find the right one. It’s interesting that you say to not buy a house for the total amount that the bank approves. It would be nice to know that you will be able to afford the monthly payments in the end.
Thanks for the tips for buying a home. My wife and I really want to buy our first home this year, but we want to make sure we are informed first. I like that you mentioned to align your expectations with where you are going to be and how much you can actually afford. We will make sure we only look at homes within our budget and know what we can afford!
Best of luck to you and your wife in buying your first home! If you need help finding a real estate professional in your area, we’d encourage you to head to coldwellbanker.com and do a search for an agent in your area.
Aw, this was a really gоod post. Taking a few minutes and actual effort to generatе
a ѕuperb article… but what can I say… I put things off a whole lot
and never seem to get anything ⅾone.
My husband and I are first-time home buyers and we’re hoping to find some advice on what to do during the process. So we really appreciate your tip to make sure that the home we buy is under what the bank approves us for since we’ll have expenses and items we need to buy that we hadn’t thought about. We will definitely make sure that we buy a house that’s below what the bank is giving us so we can buy things like a lawn mover and hoses.
My wife and I have decided to stop renting and get our own place. The first try is always the most daunting one, I reckon. Whether it be as simple as driving your first car to as big as buying your own place. I agree that you shouldn’t use all your loan money for the house. If anything, I would encourage anyone that you shouldn’t be afraid nor be embarrassed to negotiate! It’s a way to save money which you can use for much more things. Thanks for the great tips!
These are some great home buying tips. I like how you said to not buy a home that is exactly how much the bank approves you for. My wife and I want to buy a home, so we’ll be careful to buy one that leaves us enough money for other costs, like you said.
It’s difficult to find well-informed people about this topic, but you sound
like you know what you’re talking about! Thanks