FAQs for First Time Home Buyers

As a first-time buyer, we can imagine you have many questions and concerns.

How do you know if you are following the proper procedures? How do you know what to do next? What happens if something falls through the cracks? Buying a home for the first time isn’t easy, and we know it can be overwhelming to step into the world of home buying.

Thankfully, BSR Realty Group has the answers to all of your impending questions. Our real estate group is determined to make this process seamless. While we know there is a lot to be done, we also understand that this is your first time and can come with challenges. To help you understand the buying process and prepare for purchasing your first home, here are five FAQs for first time home buyers:

 

Q: How do I know if I am ready to buy a house?

A: It can be challenging to know when it is the right time to buy a house, especially when you have never done so before. The vital thing to do is really reflect on your lifestyle – how is your career? Do you have future goals in place? Are you ready to leap into homeownership? Are you tired of renting and looking to settle down? All of these questions and more will help you determine if buying a home is the next best step for you. This takes true reflection and true time to listen to yourself and understand if this is the right move for you and your family.

 

Q: How much should I save for a house?

Some sources, such as WiserAdvisor.com, say to have about 5% of the home’s cost on hand in savings. This will be for the down payment, but this is also only a minimum and ranges depending on your location, income, and home cost.

This answer also depends on your own comfort level – how much do you want to put down for the house, how much can you actually afford, and are you ready to commit to your finances? Taking the time to ask yourself these questions and make a plan will help you develop the right strategy for this common home-buying question.

 

Q: How long does it take to buy a house?

A: Unfortunately, it takes quite some time to buy a house. The process is long and excruciating, but like everything, it pays off in the end. Every home sale is different. Finding the perfect home could take seconds, but closing could take weeks. Searching for a home that checks all your boxes could take months, but the process once you find what you are looking for could contribute to a longer timeline. It can typically take 30-45 days to close on your loan, so either way, the answer to this question is that it will take some time, so just be patient and think about the end goal.

 

Q: Where should I start as a first-time homebuyer?

A: Find a local realtor like BSR Realty Group. A realty group will help you navigate the home buying process’s ebbs and flows and offer the best service for your needs. We all have more than enough on our plate; take the stress off homebuying by finding a realtor to guide you through this long and weary process.

Being a first-time homebuyer is not easy. It can raise a lot of questions, concerns, and stress, but nothing we have gotten easy is ever worth it at the end of the day! However, by taking the time to do the research and leaning on the experts, you’re sure to get through this process smoothly and effectively!

Are there other questions you need to be answered? Contact BSR Realty Group today to find all the answers to your first-time buyer questions. We can’t wait to help you find the perfect home!