Buying your first home can be an exciting and overwhelming experience. You may be anxious to move out of an apartment or rental, but you should understand the process and everything you’re investing in when it comes to your first home. If you’re just starting to look around, use these helpful tips to keep you financially on track so you can reach your goal of buying a new home.

3 Tips for Buying Your First Home

1. Understand Your Budget

Before you meet with a real estate agent, know how much you can afford and have an idea of what your monthly payments will be. Work with a financial advisor or mortgage agent to get pre-approved for a loan. This will allow you to know which neighborhoods to look at and what your mortgage will be. Factor in other costs as well, such as utilities, home insurance, HOA fees, and mortgage insurance fees, if necessary. This will help set expectations for what kind of new home you can buy.

2. Start Saving

Saving up for a down payment is important, but so is having money for repairs and updates you may need to make once you’ve moved in. Since you’ll no longer be a renter, maintenance and yard care fall on you, and this often isn’t free. Before you shop for mortgages, pay off any credit card debts and outstanding accounts to help boost your credit score. This will increase your chances of being approved for a loan.

3. Attend Open Houses

When shopping for a new home, make the most of open houses and allow yourself to be critical of the home. You may love the layout, but there could be foundational issues, or the home may need a new roof. Note any stains or repairs that have been neglected and ask the seller questions about the home’s history. Find out how old the HVAC system is and when the windows were last updated. This will give you a better idea of the improvements you may face if you buy the home.

Are you looking at buying your first house in Texas or Georgia? Let the team at SWE Homes help you find that perfect home for you and your family. As a trusted residential mortgage loan originator, they offer owner financing and require no credit check for potential buyers. You’ll enjoy low closing costs in Texas and no closing costs in Georgia. To speak to a professional about your mortgage and lending options for a new home, call (713) 413-1000. You can find more information and house listings on their website.