Time and Money Saving Tips For First Time Home Buyers

For first time home buyers, the home buying process can be overwhelming which is why the LCT Team of real estate experts shares some of their top tips for first time home buyers.

Don’t Scared Of What You Don’t Know– First Time Home Buyers

If this is your first time buying, don’t be scared of what you don’t know says LCT Team Realtor Amy Pappas.

“There are several misconceptions which first time home buyers might have including you have to have a 20% down payment to purchase a home. This can stop a lot of people from buying a home but there are many options where you can put down as little as 3% of the home price. Don’t be scared of the process. Pull back the curtain so you have a knowledge and understanding,” Amy explains.

Start Process Sooner, Rather Than Later – Forbes Magazine

LCT Team Realtor Lisa Culp Taylor agrees with Amy and says don’t let a lack of knowledge slow you down.Forbes reached out to Lisa for her expertise on first-time home buying in this recent article .

“This process should be started sooner, rather than later. Talk to the professionals long before you start shopping for a home. If buying a home is the goal for a year or two down the road, it costs nothing to talk with a lender to understand that part of the home buying process,” says Taylor.“In addition to helping you understand the various loan options, professionals can offer advice on what you need to do to position yourself for success.”

Get Offline, See Real Homes

You have to get offline, stop looking at perfect photos and start looking at homes in person, says LCT Team Realtor Ashlee Baker.

“Don’t fall in love with the photos! I can’t tell you how many times the photos don’t match with the reality of the home’s condition. Last weekend, I looked at a home with clients and it looked great online but had water damage in the ceiling not repaired properly. And, sometimes a home can look really clean online but be really dirty in reality,” Ashlee said.

Ashlee is working with some smart, first-time home buyers who aren’t rushing the process.

“In the current market, I’m finding home buyers to be cautious which is good.I’ve been on the other side where people are rushing into an offer and then backing out.Take your time. Do your research by looking at homes in person to determine what you like, don’t like and your priorities.”

Don’t Skip Important Steps

One of my biggest pieces of advice when buying a new home is don’t skip the home inspections which can save you money or a big headache in the future, says LCT Team Realtor Megan Jones Campbell .

“Three years ago when people were fighting over homes, people were opting out of home inspections. No matter what is going on with the home market, I advise all my clients to have a home inspected.Even if you are buying new construction, you should have an inspection. People don’t always think they need one but I say always, always, get one,” Megan said.

Another important step is no big purchases when you are applying for a mortgage.

“From first-time home buyers to those buying a second or third home, I remind my clients, no big purchases.You hear horror stories and I haven’t had a mortgage denied over this, thank goodness,”Megan said.“People get excited about buying big appliances or furniture for the new home and this can cause big problems. Also, do not apply for a new credit card during this process.”