As a first-time homebuyer, there was so much that I didn’t know. It didn’t matter that my mom was a homeowner and that I came from a family of real estate investors. Unless you are actively searching for a home, it’s pretty normal to not know about the nitty gritty of the industry.

But i’m here to help you jumpstart your knowledge journey. The more you know, the better position you’ll be in when it’s time to purchase your home. So let’s jump right into it!

#2 Better credit can help you get favorable interest rates

There’s not much explanation needed here. Your credit score will impact every major purchase you make and a home isn’t excluded. Your credit score is a big reflection of your money habits and lenders take it into consideration when it comes to assigning you a loan interest rate.

A lower interest rate can reflect in a lower mortgage payment--which means that you are saving money by doing the work beforehand. Granted, you will not need an 800 credit score, but the closer you are to it, the better. Check out my other blog post to learn more the credit score requirements amongst the 3 common home loans for first-time home buyers.

#3 You aren’t required to pay your real estate agent

This is applicable to homebuyers only. Sellers do have to pay their agents. Your buyer agent is being paid by the home seller by providing them with a buyer of their home. 

This isn’t to say that you should just choose any ol’ person though. Your real estate agent will make or break your homebuying experience so make sure you vet them properly. I have a full checklist of recommended questions for you to ask potential real estate agents. Grab your copy here.

#4 Save for more than just the down payment

One of the biggest mistakes I made when shopping for my first home is mistakenly assuming that I had saved enough money. When in fact, I was focused on the down payment when there are other things known as closing costs. These include inspections, appraisals, title fees and everything else that will confirm that you are making a smart investment. Without these elements, you could end up with a poorly designed home, a hefty repair or worse, you could inherit liens that the previous owner should have covered.

Learn more about 3 common closing costs that you should be saving for here.

If you are looking for a resource that will allow you to keep all this data in one place, I have just what you need. “Ready To Own” is a book that I wish I had when I was searching for my first home. So you already know, I go all the way in which is how it ended up over 100 pages.

⠀⠀⠀⠀⠀⠀⠀⠀⠀

In this book, I dive into:

-The pros and cons of homeownership as well as 4 important things to consider before you take the leap from renting to owning

-The hidden AND unhidden costs of homeownership and how to determine which financing option(s) are best for you

-What to look for in your next home (it’s more than just design and location)

-What it looks like to submit an offer on a home (+ how to prepare for beforehand)

-What happens after closing on your home (+ a breakdown of the common fees associated with closing)

-Tons of checklists that will help you as you meet with real estate agents, tour potential homes and more!

Grab your copy here.

What are some other important things that you’d like to learn about? Comment below!