Buying Your First Home? Here’s What I’d Do First

Buying your first home is exciting. At the same time, it can be a little intimidating.

You start looking online, find a house you love, look at the monthly payment and think, “I can do this.”

Maybe you can. However, after more than 30 years in real estate, I can tell you there are a few things I encourage a first-time homebuyer to do before falling in love with a house.

Start with the money, not the house

Before spending weekends touring homes, talk with a good lender and get preapproved.

Don’t be embarrassed if you don’t know what questions to ask. After all, you’re a first-time buyer. You’re not supposed to know everything yet.

First, ask what your estimated monthly payment will be. Then go a little further. Find out about property taxes, homeowners insurance, closing costs and down-payment requirements. Also, ask whether you might qualify for a first-time homebuyer program.

Most importantly, decide what you are comfortable paying each month.

A lender may approve you for a certain amount. However, that doesn’t mean you have to spend it.

You still need money for groceries, cars, vacations and emergencies. Plus, you’ll eventually have a water heater that decides Saturday morning is the perfect time to quit.

Don’t shop for perfection

One of the biggest mistakes I see first-time buyers make is trying to find a house that checks every box.

Your first home doesn’t necessarily need to be your forever home.

Instead, concentrate on the things that are difficult or expensive to change. For example, consider the location, lot, overall layout, major structural components and whether the house works for your life.

On the other hand, cosmetic problems deserve less attention.

Paint can change.

You can replace ugly carpet.

Even that avocado-green bathroom may become a good story someday.

So, when you’re walking through a house, try to look beyond the decorating. Ask yourself a better question:

Does this house have good bones, and can I reasonably improve it over time?

Get a home inspection

Fresh paint and a beautiful kitchen don’t tell you what’s happening in the attic, electrical panel, plumbing or foundation.

For that reason, I strongly encourage first-time buyers to consider a professional home inspection.

I’ve spent years around homes, repairs and construction. As a result, I’ve learned that houses will surprise you.

Sometimes a problem that looks frightening isn’t terribly expensive to fix. In other cases, something that appears minor deserves a much closer look.

A home inspection isn’t about finding a flawless house. In fact, you’ll probably never find one.

Instead, the inspection helps you better understand what you’re buying before you own it.

That’s an important difference.

Keep some money in the bank

Buying the house isn’t the finish line.

Sooner or later, something will need attention. That’s simply part of homeownership.

Therefore, if possible, don’t drain every dollar of your savings to buy the house. Keeping an emergency fund after closing can make those first months of homeownership considerably less stressful.

Likewise, don’t feel that you have to remodel everything immediately.

Live in the house for a while.

For example, you may discover that the kitchen you thought needed an immediate remodel actually works just fine. Meanwhile, something completely different may become your priority.

Think about the neighborhood, too

When buying your first home in Wichita or the surrounding communities, remember that you’re buying more than the house.

You’re also choosing a neighborhood.

Drive through the area at different times of the day. Consider your commute, nearby shopping and the places you visit regularly. In addition, think about whether the location will still work if your life changes during the next few years.

You can remodel a kitchen.

You can’t move the house to another neighborhood.

Remember what you’re really buying

A home can certainly be a financial investment. However, that’s only part of the story.

It’s where birthdays happen. It’s where the dog scratches the back door. It’s where friends gather in the kitchen even though you cleaned the living room for them.

Over time, homeownership can also play an important role in building financial stability and long-term wealth.

That’s one reason I enjoy working with first-time homeowners.

There is something special about handing someone the keys and knowing this is the first home they can truly call their own.

You don’t have to know everything

If you’re thinking about buying your first home in Wichita, Derby, Haysville, Goddard or another nearby community, don’t worry about knowing every step before you begin.

That’s what a good real estate agent and lending team should help you with.

Start by asking questions. Next, learn what you can comfortably afford. Then, understand the homebuying process before you start making offers.

Most importantly, don’t let anyone rush you into a decision you don’t understand.

Your first home doesn’t have to be perfect.

It just needs to be the right first step.

Mark Eastman
Eastman Team Real Estate
Heritage 1st Realty

Helping you see the bigger picture in real estate.