First Time Homebuyer Tips

Buying your first home is an exciting time but can also be stressful also. By preparing in advance, you can cut down on the stress tremendously.

Here are some tips to keep in mind when starting on the venture to home ownership.

Know your finances

Before you even look at homes or talk with lenders, examine your own finances thoroughly. Make sure you know your credit score, have a copy of your credit report which you can get for free once per year from each of the three sources: Experian, Equifax, and Transunion. Correst any errors and clear up any mistakes. Also, take care of any late payments or collection notices.

Set aside some reserve funds

Buyers are still buying with zero down but not having some extra in the reserve fund can make the process more hectic. If something should come up along the way you want that extra cash there to cover you. The inspection costs and earnest money deposit will be cash expenses and if the inspector recommends having an additional inspection you will need a little more for that. Also, once you are in the home you may need to make minor repairs or add to your furnishings and its not much fun to start out in a new home with not a penny to your name.

Find the right home owners insurance

Buying a home is a great investment but if something should happen to it, you want to make sure the cost is covered. Plus, by borrowing the money, the back technically owns the home until it's paid off so they will require their asset to be covered. Shop around and decide if you want to pay all at once or have the cost built into your mortgage payment and let your lender know this information.

Don't sign anything you don't fully understand

There are so many documents within a Tri Cities real estate transaction that many of them start to blur and run together but do make sure you know what you are signing. Is everything the way you had thought it would be? If there is anything you don't understand don't feel embarassed to ask. Escrow agents help hundreds of first time buyers close on homes and they have heard it all.

Buy a home you truly love

This may go without saying but so many home buyers may find dead ends at a lot of homes they try to buy and simply end up settling for something they really don't like just to get into a home. Make sure this is a home you can love, live in comfortably and may consider selling one day. If the home has issues you really don't like now, chances are a future buyer may feel the same way. This is probably not the last home you will buy so consider resale value when choosing your home.

For more information on finding the right Kennewick homes or property for you and getting started in the real estate process please send us an email or give us a call!. We will be happy to help you in the road to homeownership!