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The Fashionable Housewife

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Essential Home Buying Guide For First Time Buyers

Modified on December 10, 2021 at 6:29 PM

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Buying a home can be a daunting process, especially for first-time home buyers. There are many factors to consider and you need to ensure that you are fully prepared for everything that comes along with buying your first property. As a novice, you might feel apprehensive and slightly concerned about all the things you have to get done, however, if you just take it one step at a time, everything should eventually work out in your favor. 

Here is a simple home buying guide to help you simplify the process of purchasing your first home.  

Before you start searching for a home, take the time to ask yourself the following questions: 

How is your financial health? 

Before you even consider buying a home, you need to make sure that your finances are in order. Some first-time buyers make the mistake of rushing into a house purchase without checking their long-term financial health.

 Do you have enough savings to pay your down payment, insurance and other costs associated with buying a home such as buying new furniture and other items? Calculate all the costs involved and ask yourself if it is financially viable for you to purchase a home right now. 

What is your credit score? 

This does fall into the category of financial health however, your credit score is such an important aspect of your finances that it deserves its own separate mention. If you plan on buying your home with cash instead of a mortgage then you donโ€™t need to worry about this aspect of your financial health. However, if you want to apply for a mortgage, you would need to make sure that your credit score is good enough to meet the mortgage lender criteria. 

If your credit score is lower than it should be, enlist the help of a professional financial advisor or a credit repair specialist to provide you with the tools you need to improve your credit score. 

Find Out if you Qualify for a Mortgage 

Before you even begin your search, you need to find out if you qualify for a mortgage. The mortgage lender will usually give you a rough idea of how much they can lend you. If you have enough funds to pay a 20% down payment, that will certainly increase your chances of being approved for a mortgage. 

What is Your Budget? 

Once you are preapproved for a mortgage, you will have an idea how much you can spend on a property. Remember, just because a lender offers you $300,000 it does not mean you have to accept all the cash available to you. If you can comfortably afford the monthly payments then go ahead and sign on the dotted line however, if you know that you cannot comfortably afford the repayments, reduce the amount of money that you accept. 

Once you know your budget, you can start searching for a property that fits into your budget.ย 

Where do you want to live? 

Do you have an idea of where you want to live? Location is key, it will determine the price and type of property you can afford to purchase. If you want to live in the heart of the city, you should expect to pay more than you would pay if you lived on the outskirts of the city, in the suburbs for example. 

Deciding on a location is difficult but you have to ask yourself what do you need most? Do you want convenience? Restaurants and great nightlife? Or, do you prefer a quiet life? Do you have children? If you do have children, you might want to live close to the good schools or close to parks and activity centers.

 If you have no idea where you want to live, choose three to four areas and do as much research as you can, spend time in each area, and talk to the locals. Go to the area at night to check the noise levels and various other factors that could affect your decision to purchase. 

What type of property do you want? 

Do you want an apartment? Would you prefer to live in a gated community or a standalone house? Do you want a townhouse or a bungalow? How many bedrooms do you need? Take all these things into consideration because they will ultimately determine the price of the property. 

Searching for a Property 

Searching for a property is probably the most tedious part of buying your first home. Will you conduct the search yourself or will you enlist the help of a registered real estate agent instead? Real estate agents can help you find a property that closely matches your requirements, thus saving you the hassle of searching for a property on your own.ย 

Inspection 

When you find a property that you like, consider hiring an expert home inspection team to inspect the property, they will provide you with an extensive report pertaining to the property. This can facilitate the decision-making process and save you money in the long run. 

Consider All the Costs Involved 

When you buy a home, there are many hidden costs associated with it. Legal fees, tax, and insurance. Aside from the actual cost of the property, there are other costs to consider. Therefore, it is vital that you analyze your finances thoroughly to make sure that you can afford the repayments and the other costs associated with buying a home. 

Negotiating 

As a first time home buyer, you might be scared of negotiating down, however, if you can save a significant amount of money by offering lower than the asking price. Donโ€™t just accept the asking price as it is, try and negotiate to get a cheaper deal. 

Signing on the Dotted Line 

Once your offer has been accepted by the seller, your mortgage company will also have to formally approve your loan for that particular property. It will take some time before you get the keys to your new home. However, if all goes well, you should be able to move in soon after your loan has been formally approved. If you are buying outright, the process will be much faster. 

Buying a home for the first time is often a challenging yet exciting experience. The process will take time and you will have to exercise patience however, if you take all the things listed in this article into consideration, the process should be much easier for you. Good luck with your new house purchase! Remember, buying a home for the first time might be difficult but it will certainly be worth it in the end. 

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Posted By The Fashionable Housewife
on August 16, 2021 at 5:36 PM
Filed Under: Home Life
Tagged With: buying a home, buying a house, home buyer, home buying, home buying guide, home owner, home owners, home ownership

About The Fashionable Housewife

Sarah-Jean Ballard is the Editor in Chief of The Fashionable Housewife blog and Founder of Fashionable Media. Married to a sexy Molecular Biologist, housewife, mom to 5, homeschooler, Certified Personal Nutritionist and entrepreneur who's mission is to help moms just like you look and feel GREAT! Other interests include dancing, yoga, positive intactivism, natural birth and breastfeeding support, babywearing, paleo & gluten-free cooking, and promoting an overall healthy lifestyle to all.

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The Fashionable Housewife is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for blogs and websites to earn advertising fees by advertising and linking to Amazon.com. We alsoย participateย in various other affiliate programs, and we sometimes get a commission on purchases made through our links. There is no extra cost to you! For more info, please see our Disclosure & Privacy Policy.

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Sarah-Jean Ballard

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Work from home? You need @flexispot_official The Work from home? You need @flexispot_official 

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Our new @kingofchristmas 7.5' Queen Flockยฎ Artificial Christmas Tree is absolutely amazing! ๐Ÿ™Œ๐Ÿป๐Ÿ™Œ๐Ÿป

The kids couldnโ€™t be happier so I have no regrets putting our tree up before Thanksgiving. ๐Ÿ˜‚๐Ÿ’๐Ÿผโ€โ™€๏ธ

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Loving our new 5 bin storage unit for the playroom Loving our new 5 bin storage unit for the playroom from @guidecraft_official !!

The bins hold a surprising amount and I love how solid and sturdy this is. Perfect for organizing toys at kid eye level. Itโ€™s also great for seasonal home decor! ๐Ÿคญ๐Ÿ๐Ÿ‚

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This is what our homeschool looks like sometimes. This is what our homeschool looks like sometimes. ๐Ÿฅณ

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Drop a comment and wish this boy a happy birthday! ๐ŸŽ‰๐ŸŽ‚ 

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Work from home? You need @flexispot_official The Work from home? You need @flexispot_official 

Their standing desk and exercise chair is a GAME CHANGER!! ๐Ÿ™Œ๐Ÿป๐Ÿ™Œ๐Ÿป

Whether you have a laptop or a desktop pc, being able to adjust your desk at the push of a button and stand for a while is absolutely essential to working long hours at a computer. 

This bicycle chair is designed specifically for this desk and a great way to keep your body moving. You could also use an under desk treadmill like @superun_fitness for even more flexibility! ๐Ÿ’ƒ๐Ÿผ

Just because you have to work at a desk all day doesnโ€™t mean you need to be out of shape. ๐Ÿ’ช๐Ÿป๐Ÿ‹๐Ÿผโ€โ™€๏ธ๐Ÿคธ๐Ÿปโ€โ™€๏ธ

Motherhood and working from home is hard. FLEXISPOT makes it easier. 

Check out my blog and search โ€œFLEXISPOTโ€ for more info!!

Comment and tell me how many hours a day you spend sitting! Be honest! ๐Ÿ‘‡๐Ÿป๐Ÿ‘‡๐Ÿป๐Ÿ‘‡๐Ÿป

#motherhood #motherhoodunplugged #workfromhome #athomeworkouts #athomefitness #fitmoms #fitmomsofig
If putting up your Christmas tree brings you joy, If putting up your Christmas tree brings you joy, go for it!! 

Our new @kingofchristmas 7.5' Queen Flockยฎ Artificial Christmas Tree is absolutely amazing! ๐Ÿ™Œ๐Ÿป๐Ÿ™Œ๐Ÿป

The kids couldnโ€™t be happier so I have no regrets putting our tree up before Thanksgiving. ๐Ÿ˜‚๐Ÿ’๐Ÿผโ€โ™€๏ธ

Follow my shop @fashionablewife on the @shop.LTK app to shop this post and get my exclusive app-only content!

#liketkit #LTKSeasonal #LTKHolidaySale #LTKHoliday #kingofchristmas 
@shop.ltk
https://liketk.it/4n9gW
Loving our new 5 bin storage unit for the playroom Loving our new 5 bin storage unit for the playroom from @guidecraft_official !!

The bins hold a surprising amount and I love how solid and sturdy this is. Perfect for organizing toys at kid eye level. Itโ€™s also great for seasonal home decor! ๐Ÿคญ๐Ÿ๐Ÿ‚

Whatโ€™s your favorite piece of furniture in your house?! 

Tell me in the comments! ๐Ÿ‘‡๐Ÿป๐Ÿ‘‡๐Ÿป๐Ÿ‘‡๐Ÿป

#homedecor #momlife #homeorganization #playroomorganization #playroomdecor #homedecorideas #fallhomedecor
An often-overlooked element to planning your perfe An often-overlooked element to planning your perfect hiking outfit is finding the perfectย minimalist backpack! 

You donโ€™t want to be weighed down by an oversized, clunky backpack that boasts all the bells and whistles but delivers nothing more than unnecessary muscle strain. You want a backpack that is minimal on the outside, functional on the inside, and sustainable all around. Waxed canvas is always a top choice for me!

Iโ€™m obsessed with this backpack from @hellodayowls ๐Ÿ˜

It has that perfect boho minimalist look that I love, in the perfect color for fall. This has become my go-to handbag for autumn. 

Perfect for all our outdoor adventures, hiking in the mountains, exploring the woods with my kids, and everything motherhood throws at me! ๐Ÿฅพ ๐Ÿง—๐Ÿผโ€โ™€๏ธ ๐ŸŒฒ 

Learn more about this bag on my blog ๐Ÿซถ๐Ÿป

#backpacking #outdoorfashion #wildandfreemama #mountainmama #motherhoodjourney #minimalfashion
I miss summer already ๐Ÿ˜ญ Take me back to a bett I miss summer already ๐Ÿ˜ญ

Take me back to a better place ๐Ÿ‘‰๐Ÿป summer time at @storylandnh !! ๐Ÿฅณ๐Ÿฅณ๐Ÿฅณ๐Ÿฅณ

Canโ€™t wait to go again next year! ๐Ÿ™Œ๐Ÿปโœจ๐Ÿคธ๐Ÿปโ€โ™€๏ธ

#summertime #familytime #familyadventures #motherhoodunplugged #childhoodunplugged
What they remember about their childhood is in you What they remember about their childhood is in your hands ๐Ÿซถ๐Ÿป

#motherhood #motherhoodrising #motherhoodunplugged #motherhoodthroughinstagram #motherhoodintheraw
This is what our homeschool looks like sometimes. This is what our homeschool looks like sometimes. ๐Ÿฅณ

Canโ€™t believe my oldest son is 13 and outside helping dad do home projects like building a new deck. ๐Ÿคฏ Seems like yesterday he was in his walker on this back deck and it looked a lot better ๐Ÿ˜‚

Thankful that @homedepot has great prices so we could finally afford to do this home reno project! ๐Ÿ’ช๐Ÿป๐ŸŽ‰

#motherhood #motherhoodunplugged #hereisourhomeschool #motherhoodthroughinstagram
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