Let’s be honest… buying your first home can feel like A LOT.
It’s exciting. It’s emotional. It’s probably one of the biggest financial decisions you’ve made so far—and there are so many questions that come with it.
How much money do I actually need? What can I afford? What happens if I find a house I love? What if the inspection finds something wrong?
And those are exactly the things I want my first-time homebuyers to understand before we ever start touring homes!
So, if buying your first home is on your radar, here are 5 things I wish every first-time homebuyer knew before they started house hunting.
1. You probably don't need 20% down.
This is one of the biggest misconceptions I hear from first-time homebuyers.
A lot of people assume they need to have 20% saved before they can buy a home.
That's not necessarily true!
Depending on your loan program and financial situation, you may qualify for a much smaller down payment—and there may even be down payment assistance programs available if you qualify.
Your lender is the person who can walk you through your specific options and tell you what you'll actually need.
And while we're talking about money, there's another important distinction:
Your down payment and your closing costs are NOT the same thing.
Closing costs are additional expenses associated with purchasing a home, and they can catch buyers off guard if they aren't prepared for them.
But here's something you may not know…
In some situations, you can negotiate for the seller to contribute toward your closing costs through seller concessions.
There are rules and limits around how these work, so you'll want to discuss your options with your lender and Realtor, but it's definitely something worth knowing about.
My biggest piece of advice?
Talk to a lender BEFORE you start scrolling Zillow for hours. 😂
Knowing what you qualify for and understanding your financing options will make the entire home-buying process much less overwhelming.
2. Your monthly payment matters more than the purchase price.
I can't stress this one enough.
A lender may tell you, "You qualify for a $XXX,XXX home!"
And while that's great to know, the better question is:
"What monthly payment am I actually comfortable with?"
Your purchase price is only part of the equation.
Your monthly housing payment can include your principal and interest on the loan, along with things like property taxes and homeowners insurance. Taxes and insurance can change over time, which means your payment isn't necessarily going to stay exactly the same forever.
So instead of focusing only on the biggest number a lender says you qualify for, think about your monthly budget.
What payment allows you to comfortably pay your mortgage while still having money for groceries, vacations, savings, unexpected expenses, going out to dinner, and—let's be honest—still enjoying life?
Just because you CAN afford a certain payment doesn't necessarily mean you SHOULD.
I want my buyers to love their home and feel comfortable living in it financially.
3. Your first house doesn't have to be your forever home.
Take a deep breath.
Your first home does not have to check every single box you've ever dreamed of.
Your career could change. Your family could grow. Your financial situation could change. You may decide you want more space—or less space. You might even discover that the things you thought were important to you really aren't once you've lived in a home for a few years.
And that's okay!
Your first home can simply be the right home for you right now.
Instead of asking yourself:
"Is this the house I want to live in for the next 30 years?"
Try asking:
"Does this home fit my life, my budget, and my needs right now?"
Of course, you want a home that checks the important boxes. But don't let the idea of finding the perfect house keep you from finding a really great one.
Sometimes your first home is a stepping stone to the next chapter.
And there's nothing wrong with that.
4. Don't skip the inspection.
I know… spending money on an inspection when you're already spending a LOT of money on a house can be frustrating.
But trust me—this is not where you want to cut corners.
A home inspection is performed by a third-party professional who evaluates the condition of the home and its major systems.
They may uncover things that you wouldn't notice during a normal showing.
Sometimes it's something small.
Sometimes it's something bigger.
And sometimes the inspection comes back and you're thinking, "Okay… I'm really glad we did that."
The inspection can give you a better understanding of what you're purchasing and may uncover issues that could potentially save you from a much bigger expense down the road.
Depending on the situation and the terms of your contract, your Realtor can help you navigate your options if concerns come up—including negotiating repairs, replacements, credits, or other solutions.
And in some cases, a home warranty may also be something worth discussing.
An inspection isn't about finding a "perfect" house.
Every home is going to have something.
It's about making sure you understand what you're buying.
5. Don't let your emotions make the decision for you.
Okay… this one is BIG.
Because I get it.
You walk into a house.
The kitchen is beautiful.
The living room is perfect.
You can already picture your Christmas tree in the corner.
You start imagining where your couch will go.
Suddenly you're thinking, "THIS IS IT!"
And that's exactly when you need to take a step back.
Before you start touring homes, I encourage my buyers to think about their non-negotiables.
Is location important?
Do you need a certain number of bedrooms?
Do you need a garage?
Is a basement a must-have?
Do you need a large yard?
Make that list before you fall in love with a house.
Because it's really easy to overlook something important when you're emotionally attached to a property.
And this is one of the areas where I believe having the right Realtor in your corner makes a huge difference.
I'm not there just to unlock the door and write an offer.
I'm there to help you make a smart decision.
I actually had a client who was selling their current home because it didn't have a basement—and they needed more storage and space.
They sent me a home they wanted to see, so of course, I scheduled the showing.
We walked in.
They LOVED it.
They loved it so much that they were ready to write an offer right then and there.
And I was excited for them! I love when my clients find a house that makes them feel that way.
But I had to ask them a question:
"I know you love this house, but are you okay with the fact that it doesn't have a basement?"
The wife looked at me, and I could tell she wasn't exactly thrilled with my question.
Then her husband stopped and said:
"You know what? You're right. We loved the upstairs so much that the fact it didn't have a basement didn't even cross our minds. That's exactly why we're selling our current house."
And he thanked me for bringing it up.
That conversation is exactly why I do what I do.
I don't want to be the Realtor who simply says, "Sure! Let's write the offer!" because my clients are excited.
I want to be the Realtor who asks the questions you might not be thinking about in the moment.
Because buying a home isn't just about finding a house you love.
It's about finding a home that makes sense for you.
Buying your first home doesn't have to be overwhelming.
You don't have to know everything before you get started.
That's what I'm here for.
My job is to help you understand the process, connect you with the right professionals, answer your questions, help you navigate the homes we look at, and ultimately help you feel confident in your decision.
So if buying your first home has been sitting in the back of your mind and you're thinking, "Maybe we're actually ready to start looking…"
Let's talk.
You don't have to be ready to make an offer tomorrow.
Sometimes the first step is simply having a conversation and figuring out what buying a home could look like for you.
I'd love to help you take that first step. 🏡
Your Realtor®- Kelsey Musich
