SPONSORED

Are You Buying a House for the First Time? 7 Vital Tips for the First Time Homebuyer

Nov 2, 2021, 5:37 PM
First Time Homebuyer...
Photo: Adobe Stock

This article with tips for the first time homebuyer is sponsored by SRE.com.


Trends in the housing market are always shifting. If you are a first time homebuyer, what is the best way to get the bid on the home you’ve fallen in love with? Here are 7 vital tips for a first time home buyer that will make the buying process go much more smoothly.

1. Find Out What You Can Afford

First Time Homebuyer

Photo: Adobe Stock

You’ll want to figure out how much you can safely spend on a house before you even start looking. A good rule of thumb is to have at least three months of payments in reserve. This includes your house payment and other monthly debts. That way you can cover your mortgage payment in case of any unexpected events or costs.

2. Save Your Money Early

Save Money - First Time Homebuyer

Photo: Adobe Stock

You’ll want to keep in mind that there are three expenses that you will have when you first buy a house: down payment, closing costs, and moving expenses. A mistake that first time homebuyers can make is not saving enough for a down payment or saving anything at all. There are programs that allow little to 0% down, but those programs will likely lead to much higher monthly payments. The standard down payment is 20%, but choose a down payment that makes sense for you.

3. Check Your Credit and Strengthen It

Credit Score - First Time Homebuyer

Photo: Adobe Stock

It’s a common myth that checking your credit can lower it. But actually, the credit reporting companies actually encourage it. applying for credit cards and loans will impact credit scores. but checking your credit reports or credit scores won’t. And regularly checking your credit reports and credit scores can actually be a good way to make sure your information is accurate.

4. A First Time Homebuyer Needs to Act Fast

First Time Homebuyer - Act Fast

Photo: Adobe Stock

If you are a first time homebuyer, you’re going to be seeing homes selling quickly with multiple offers. Most homes under $350,000 are going under contract within 24 hours. And rates aren’t going down at all, so waiting to put in a bid at a lower rate is probably a bad idea. Especially with housing costs continuing to increase.

5. Stick to Your Budget

Set a Budget - First Time Homebuyer

Photo: Adobe Stock

Remember that budget you set when you figured out how much you can afford? Try not to stray too far above and below that number. Too high and you risk being house poor, or not having any leftover money after you’ve purchased the house. Too low and you might sacrifice some of your must-haves. Don’t feel pressured to spend more than you are comfortable with or try to beat another buyer’s offer.

6. Find an Experienced Realtor

Realtor - First Time Homebuyer

Photo: Adobe Stock

An experienced realtor is going to know the area, and they’ll be able to help guide you through the steps needed. Not only that, you likely won’t be able to even look at some houses without a realtor. Don’t just hire a friend or family member, find someone who will help you get in on the competitive offers.

7. Get A Great Rate

First Time Homebuyer - SRE.com

Photo: Adobe Stock

The SPE (SRE Professional Experts) through SRE.com can get you an incredible rate. As of this writing as low as 1.55%. A rate like that will make it easy to relax into homeownership, and alleviate the worries about being house poor. Plus, the SPE will even rebate 20% of their commission straight to the customer.

Related articles: 

KSL 5 TV Live

Top Stories

Sponsored

Earth day 2022...
1-800-GOT-JUNK?

How Are You Celebrating Earth Day 2022? | 4 Simple Ways to Celebrate Earth Day and Protect the Environment

Earth Day is a great time to reflect on how we can be more environmentally conscious. Here are some tips for celebrating Earth Day.
29 days ago
Get Money Online...
Eric Openshaw

More Ways to Get Money Online Right Now in Your Spare Time

Here are 4 easy ways that you can get more money online if you have some free time and want to make a little extra on the side.
1 month ago
Lighting trends 2022...
Eric Openshaw

Lighting Trends 2022 | 5 Beautiful Home Lighting Trends You Can Expect to See this Year and Beyond

This is where you can see the latest lighting trends for 2022 straight from the Lightovation Show at the Dallas World Trade Center.
2 months ago
What Can't You Throw Away in the Trash...
Eric Openshaw

What Can’t You Throw Away in the Trash? | 5 Things You Shouldn’t Throw in to Your Trash Can

What can't you throw away in the trash? Believe it or not, there are actually many items that shouldn't be thrown straight into the trash.
3 months ago
Make Money Online Easily...
Eric Openshaw

4 Ways that You Can Make Money Online Easily in Just a Few Clicks

Here are 4 ways that you can make money online easily in no time at all! Some are as simple as just a few clicks away.
5 months ago
tips to winterize your home...
Bonneville Digital SLC

Tips to Winterize Your Home | The Top 5 Ways You Can Prepare for the Cold Utah Winter Ahead

Before the snow hits, here are the top 5 tips to winterize your home to prepare for the cold Utah winter this year.
5 months ago

Sponsored Articles

Earth day 2022...
1-800-GOT-JUNK?

How Are You Celebrating Earth Day 2022? | 4 Simple Ways to Celebrate Earth Day and Protect the Environment

Earth Day is a great time to reflect on how we can be more environmentally conscious. Here are some tips for celebrating Earth Day.
Get Money Online...

More Ways to Get Money Online Right Now in Your Spare Time

Here are 4 easy ways that you can get more money online if you have some free time and want to make a little extra on the side.
Lighting trends 2022...

Lighting Trends 2022 | 5 Beautiful Home Lighting Trends You Can Expect to See this Year and Beyond

This is where you can see the latest lighting trends for 2022 straight from the Lightovation Show at the Dallas World Trade Center.
What Can't You Throw Away in the Trash...

What Can’t You Throw Away in the Trash? | 5 Things You Shouldn’t Throw in to Your Trash Can

What can't you throw away in the trash? Believe it or not, there are actually many items that shouldn't be thrown straight into the trash.
Make Money Online Easily...

4 Ways that You Can Make Money Online Easily in Just a Few Clicks

Here are 4 ways that you can make money online easily in no time at all! Some are as simple as just a few clicks away.
tips to winterize your home...
Bonneville Digital SLC

Tips to Winterize Your Home | The Top 5 Ways You Can Prepare for the Cold Utah Winter Ahead

Before the snow hits, here are the top 5 tips to winterize your home to prepare for the cold Utah winter this year.
Are You Buying a House for the First Time? 7 Vital Tips for the First Time Homebuyer