Are You Buying a House for the First Time? 7 Vital Tips for the First Time Homebuyer

Nov 2, 2021, 5:37 PM
First Time Homebuyer...
Photo: Adobe Stock

This article with tips for the first time homebuyer is sponsored by SRE.com.

Trends in the housing market are always shifting. If you are a first time homebuyer, what is the best way to get the bid on the home you’ve fallen in love with? Here are 7 vital tips for a first time home buyer that will make the buying process go much more smoothly.

1. Find Out What You Can Afford

First Time Homebuyer

Photo: Adobe Stock

You’ll want to figure out how much you can safely spend on a house before you even start looking. A good rule of thumb is to have at least three months of payments in reserve. This includes your house payment and other monthly debts. That way you can cover your mortgage payment in case of any unexpected events or costs.

2. Save Your Money Early

Save Money - First Time Homebuyer

Photo: Adobe Stock

You’ll want to keep in mind that there are three expenses that you will have when you first buy a house: down payment, closing costs, and moving expenses. A mistake that first time homebuyers can make is not saving enough for a down payment or saving anything at all. There are programs that allow little to 0% down, but those programs will likely lead to much higher monthly payments. The standard down payment is 20%, but choose a down payment that makes sense for you.

3. Check Your Credit and Strengthen It

Credit Score - First Time Homebuyer

Photo: Adobe Stock

It’s a common myth that checking your credit can lower it. But actually, the credit reporting companies actually encourage it. applying for credit cards and loans will impact credit scores. but checking your credit reports or credit scores won’t. And regularly checking your credit reports and credit scores can actually be a good way to make sure your information is accurate.

4. A First Time Homebuyer Needs to Act Fast

First Time Homebuyer - Act Fast

Photo: Adobe Stock

If you are a first time homebuyer, you’re going to be seeing homes selling quickly with multiple offers. Most homes under $350,000 are going under contract within 24 hours. And rates aren’t going down at all, so waiting to put in a bid at a lower rate is probably a bad idea. Especially with housing costs continuing to increase.

5. Stick to Your Budget

Set a Budget - First Time Homebuyer

Photo: Adobe Stock

Remember that budget you set when you figured out how much you can afford? Try not to stray too far above and below that number. Too high and you risk being house poor, or not having any leftover money after you’ve purchased the house. Too low and you might sacrifice some of your must-haves. Don’t feel pressured to spend more than you are comfortable with or try to beat another buyer’s offer.

6. Find an Experienced Realtor

Realtor - First Time Homebuyer

Photo: Adobe Stock

An experienced realtor is going to know the area, and they’ll be able to help guide you through the steps needed. Not only that, you likely won’t be able to even look at some houses without a realtor. Don’t just hire a friend or family member, find someone who will help you get in on the competitive offers.

7. Get A Great Rate

First Time Homebuyer - SRE.com

Photo: Adobe Stock

The SPE (SRE Professional Experts) through SRE.com can get you an incredible rate. As of this writing as low as 1.55%. A rate like that will make it easy to relax into homeownership, and alleviate the worries about being house poor. Plus, the SPE will even rebate 20% of their commission straight to the customer.

Related articles: 

KSL 5 TV Live

Top Stories


Hand turning a thermostat knob to increase savings by decreasing energy consumption. Composite imag...
Lighting Design

5 Lighting Tips to Save Energy and Money in Your Home

Advances in lighting technology make it easier to use smart features to cut costs. Read for tips to save energy by using different lighting strategies in your home.
2 months ago
Portrait of smiling practitioner with multi-ethnic senior people...
Summit Vista

How retirement communities help with healthy aging

There are many benefits that retirement communities contribute to healthy aging. Learn more about how it can enhance your life, or the life of your loved ones.
2 months ago
Happy diverse college or university students are having fun on their graduation day...
BYU MBA at the Marriott School of Business

How to choose what MBA program is right for you: Ask these questions before you apply!

Wondering what MBA program is right for you? Take this quiz before you apply to see if it will help you meet your goals.
2 months ago
Cloud storage technology with 3d rendering drawer with files in cloud...
PC Laptops

How backing up your computer can help you relieve stress

Don't wait for something bad to happen before backing up your computer. Learn how to protect your data before disaster strikes.
2 months ago
young woman with stickers on laptop computer...
Les Olson

7 ways print marketing materials can boost your business

Custom print marketing materials are a great way to leave an impression on clients or customers. Read for a few ideas to spread the word about your product or company.
3 months ago
young woman throwing clothes to organize a walk in closet...
Lighting Design

How to organize your walk-in closet | 7 easy tips to streamline your storage today

Read our tips to learn how to organize your walk-in closet for more storage space. These seven easy tips can help you get the most out of your space.
3 months ago
Are You Buying a House for the First Time? 7 Vital Tips for the First Time Homebuyer