10 Tips for First-Time Homebuyers

Start saving for a down payment early: Aim to save at least 20% of the purchase price of the home to avoid paying private mortgage insurance (PMI). The larger the down payment, the lower your monthly mortgage payments will be.

Get preapproved for a mortgage: Getting preapproved for a mortgage will give you a better idea of how much home you can afford and will also make you a more competitive buyer when making an offer on a home.

Know your budget: It's important to have a clear idea of what you can afford before you start looking at homes. Don't just consider the purchase price of the home, but also factor in the ongoing costs of homeownership, such as property taxes, insurance, and maintenance.

Do your research: Research the neighborhoods and communities you are interested in to get a sense of what is available in your price range and to determine which areas fit your lifestyle.

Consider a fixer-upper: If you are on a tight budget, you may want to consider purchasing a fixer-upper. These types of homes can be a good investment if you are willing to put in the work and can often be purchased at a lower price.

Be prepared to compromise: It's unlikely that you will find a home that meets all of your wish list items, so be prepared to compromise on some features. Determine which features are most important to you and be willing to let go of some of the less important ones.

Get a home inspection: It's important to have a professional home inspector check out the home before you make an offer. This will help you identify any potential issues with the home and give you the opportunity to negotiate for repairs or a lower price.

Don't be afraid to negotiate: Don't be afraid to negotiate on the price of the home or ask for closing costs to be covered by the seller. It never hurts to ask and you may be surprised at what you can negotiate.