Prepare for buying your first home: Steps in the process

by Rudden|Bobruska Team 12/10/2023

What are the steps in buying your first home? The homebuying process is a bit different for every sale, but still includes a few major steps. Knowing how to prepare for these steps will help you not only in buying a house, but in being a successful homeowner for years to come.

Here are some of the major steps to consider:

Find a real estate agent

You might know that buying houses is a complicated process. While most homebuyers opt for taking the journey on their own, having a trusted real estate agent makes things much more simple.

Real estate agents can help guide you through the entire homebuying journey, ensuring you find the best house, answer questions that are important to you, provide valuable advice and negotiate with sellers.

Plan for the down payment

Once you have determined the amount to spend for your down payment, you will determine how to save for it. A small down payment will require less cash upfront and will require mortgage insurance, which adds to your long-term costs.

If it is your first home, consider checking out first time homebuyer programs. There are many forms of financial aid, such as down payment assistance and help to lower your monthly mortgage payments.

Find the right mortgage for you

Your choice of mortgage matters, both in scoring the home of your dreams and in affording it long-term. Before determining what type of mortgage to apply for, it's vital to understand their advantages and disadvantages.

The most common mortgage categories are traditional loans and FHA loans. Traditional loans are mortgages you get from a bank or other lender, while a FHA loan is backed by the Federal Housing Administration. Each has their own requirements for eligibility and approval to consider.

Don't forget the rest of the homebuying process

Once you've made your financial plans, it's time to find your dream home. Work with your real estate agent on your house hunting, as they can help you find the features, size, location and purchase price you're seeking.

Once you find a home and make an offer, next comes negotiation, home inspection, home appraisal and eventually paying your closing costs. Closing on a home is another aspect of homebuying that a real estate agent can streamline with confidence.

Whether it's finding the right home loan or figuring out homeowners insurance, there are many steps in the homebuying process. While it can be a complex real estate transaction, following these basics - and working with a qualified real estate professional - will make your journey quicker and smoother.

About the Author
Author

Rudden|Bobruska Team

Gary Rudden, Lisa Rudden, and Nick Bobruska  

RUDDEN BOBRUSKA TEAM

What sets your team apart from other real estate teams?

There is no team out in the market that offers what we do. All of us are Realtors, but

we each have specialized roles, which make our team so unique!

After decades of living and selling real estate in the DMV, we have established

ourselves as one of the top real estate teams with our market expertise and

cutting-edge technology. Our savvy high-tech marketing is on every website

and social media source. We have a huge network with other top agents, which

helps to premarket homes and discover homes for buyers before they reach the

open market. Our services include professional in-house staging services, broker

expertise in negotiating and navigating contracts, and buyer representation in all

price ranges. Each client has different needs and we create a marketing plan based

on those needs.

Our most distinct feature is our in-house construction and renovation team. We

are literally a full-service, one-stop shop when selling or buying a home!

How does the in-house construction and renovation team work?

All work is managed and completed through our licensed and bonded construction

crew. No need to call outside contractors. We are like “HGTV,” but we just don’t

have a show! Whether it’s a small makeover or a major renovation, we do it all. Our

sellers love this aspect of our team because we make preparing your home for the

market so seamless. Our buyers love the advice and insight we can give for future

renovations and repairs.

Having a licensed Maryland Home Improvement contractor as part of our team

along with the knowledge, experience, commitment and services that we offer, truly

puts our team as a vanguard in the real estate industry.