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Becoming a homeowner for the first time is one of life’s most exciting milestones, but it can also be overwhelming. There are several important decisions to make and many considerations to keep in mind as you go through the process of buying property. Here are a few tips that will help create a smooth and enjoyable experience and set you up for a successful investment.

What to Know as a First-Time Homebuyer 

1. Get Finances in Order

Before you start house hunting, it’s essential to have your finances figured out. Make a budget to establish what type of home you can afford and check that your credit is in good standing. Be sure to account for all the costs of buying property, including the down payment, home inspection, appraisal, insurance, property taxes, and closing costs. Monitor your credit report for any errors that need to be fixed, and if your score is on the low end, work on improving it so you can secure a better interest rate on your mortgage. It’s best to get pre-approved for a loan, as this will let you know what price range to search in and show sellers you’re a serious buyer. 

2. Remain Realistic

buy property St. Louis, MOSearching for a house can quickly get overwhelming with so many options on the market. It’s a good idea to write down all the features you want and need in a home to help narrow down your search. However, understand that it’s not likely you’ll find a property that has everything on your list. Distinguish between the non-negotiable criteria and those you can be flexible about. Be realistic about what will fit into your budget to avoid overspending or becoming emotionally attached to a home you can’t afford.

3. Consider Location 

One of the most significant factors to take into account when you buy property is the location. You need to approve of the area you live in just as much as the house itself. Research different neighborhoods and talk to your agent to find out about crime rates, school districts, proximity to amenities and entertainment, and new construction. Even if you don’t have much interest in these considerations, they’ll be essential to the home’s resale value should you decide to sell in the future. 

 

If you’re ready to begin your journey as a first-time homebuyer, turn to Coldwell Banker Gundaker for support and step-by-step guidance through the process. Based in Lake St. Louis, MO, Ryan Hutchinson offers extensive knowledge of the local real estate market and takes pride in helping clients achieve their homeownership dreams. Her industry expertise has proven to benefit those looking to buy property across St. Louis, St. Charles, Lincoln, and Warren counties. Call (314) 566-6903 to set up an appointment or visit her website to browse current listings.

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