Steps to Buying a House for the First Time

August 19, 2024

You’ve decided to take the exciting leap into homeownership. Buying your first home can be thrilling and overwhelming, but with the right steps, you can make the process smoother and more enjoyable.

1. Are you ready? – Homeownership is a long-term commitment. It’s a smart move if you’re planning to plant roots and don’t see yourself moving out of the area anytime soon. Assess your life situation and ensure that this major step aligns with your future goals.
2. Start saving early – Unless you’re paying cash, it’s essential to start saving as early as possible. You’ll need funds for earnest money, a down payment, closing costs, and moving expenses. Most lenders require a 20% down payment, though some programs for first-time buyers offer lower options. Being financially prepared is key to avoiding stress later.
3. Assess your financial health – Take a close look at your income, debt-to-income ratio, and credit score. Ensuring that your finances are in order will make you more appealing to lenders. If there are any discrepancies on your credit report, now’s the time to address them.
4. Get pre-approved – This is a crucial step in the home-buying process. A pre-approval gives you a clear picture of how much you can borrow and demonstrates to sellers that you’re a serious buyer. Explore programs designed for first-time buyers that might offer favorable terms.
5. Create a budget – Just because you’re approved for a certain amount doesn’t mean you should borrow the maximum. Ensure your mortgage payments allow you to live comfortably and enjoy the new homes in Oriental NC community you’re moving into.
6. Work with a real estate agent – A knowledgeable realtor can guide you through the process, from finding the right community to dealing with paperwork.
7. Find your dream home – Focus on new homes in Oriental NC that meet your must-have criteria. The process can be overwhelming, so take notes and photos to help you remember what you liked about each property.
8. Submit an offer – Once you’ve found your dream home, it’s time to make an offer. While there may not be much room to negotiate the price, you can often work with the builder on potential incentives.
9. Home inspection and appraisal – Before closing, have a third-party inspector ensure the home meets high standards. Your lender will also require an appraisal to confirm that the property is a sound investment.
10. Closing and moving in – Complete any outstanding payments, sign the necessary paperwork, and get the keys to your new home. Congratulations, you’re now a homeowner!

River Dunes offers the best of coastal living, making it a great choice for first-time buyers. With 14 miles of pristine waterfront and award-winning architecture, it’s the perfect place to start your homeownership journey. Ready to explore your options? Contact us at 252-648-8297 or sales@streamlinedevelopers.com to get started.

This post was written by Streamline Developers.