First Time Home Buyer Tips

How does moving to a brand new city sound? For some zodiac sun signs, like Cancers, it might sound terrible, as they’re prone to staying close to their family and are nostalgic for the “old neighborhood.” (Though, it might be a great experience for them to get out of their shells a bit!) “They are the homebodies of the zodiac,” explains Jenna Smith of My Stars! Horoscopes. “Once they get nestled into a place, they don’t want to leave.

On the fence about homeownership? There are many factors that should go into your decision to rent or buy property—and not all of them are purely financial. Perhaps you’re not sure if you’re going to stay in your current city long-term. And, hey, it’s pretty nice to be able to call your landlord when something needs fixing. But for many, the ultimate decision comes down to dollars and cents.

Before the deal is finalized, it’s important to ensure your dream home won’t come with any hidden surprises. When home shopping, things aren’t always what they seem. Some surface issues are more damaging to the value of the home than they seem, while others are easily fixed. Before you are knee deep in paperwork or empty your wallet for rounds of inspections, consider these five clear warning signs screaming at you to walk away.

You saved up that down payment—and those extra closing costs. The furniture has been bought and the rooms have been painted. You’ve sent the movers a deposit and even paid your first mortgage payment! You’re past the most stressful financial part of homeownership, right? Not so fast. A large portion of American homeowners say they’re still facing financial anxiety—even after move-in day.

When it comes to owning a home, it’s all about location, location, location. The city you choose to put down roots will affect so many aspects of your life, including the home you can afford. While certain urban hubs are notorious for being unaffordable, there are other markets that make buying a home just a little more achievable. Wondering where housing costs are lowest in your state? Yearly, the Census Bureau produces the American Community Survey (ACS), which asks U.S.

For some people, a big backyard is a priority—as in a backyard that boasts hundreds of miles of trails perfect for weekends spent hiking and exploring. You know of the biggies like the Rim-to-Rim in the Grand Canyon and The Narrows in Zion National Park. But there are several, lesser-known destinations throughout the United States where hiking is spectacular, thanks in part to preservation efforts, volunteers who groom the trails, and good ole’ Mother Nature.

Sure, New York has a new film festival every weekend and you’re practically guaranteed to run into a local actor any time step outside. And, of course, there’s the whole city of Los Angeles. But what if you’re a cinephile who doesn’t want to deal with traffic or the MTA? Thankfully, it’s not just the major cities that host all things silver screen.

It’s likely been awhile since you knew every state capital by heart. Even if you can’t remember every single one—Montana, I’m looking at you—many are probably still the first city that comes to mind when you think of a certain state. But contrary to what you may think, state capitals aren’t just wealthy metro hubs for local politics—a lot of them also offer amenities like quality school systems, an affordable cost of living, and cultural attractions.

From skipping title insurance to letting the seller stay in the home after closing, there’s a lot of bad real estate advice out there. But one of the most ill-advised tips? You don’t need a real estate agent. The benefits of using an agent are well-documented, but it seems like an alarming amount of people haven’t gotten the memo.

There are quite a couple of “luxury” amenities in homes that are actually nothing more than a bother. Whirlpool tub expectation: Hop into a relaxing candlelit bath the moment you even begin to feel stress. Whirlpool tub reality: Who the hell has the energy to clean all those valves? But then there are actually those that are, indeed, worth your time and money for the amount they make your life better.

It’s not hard to see why high ceilings are highly-coveted real estate assets: Being typically found in pre-war homes, they give a historic feel and evoke a sense of grandeur. After all, a chandelier looks a bit more stately hanging from a 18-foot ceiling than an eight-foot one. They’re not just impressive looking, either. Tall ceilings also make spaces look and feel bigger than they actually are—a nifty trick in otherwise small apartments.

When you think of romance, pinching pennies isn’t necessarily what comes to mind. But let’s face it: When you’re spending a chunk of change on your housing every month, you can’t afford to break the bank for holidays like Valentine’s Day by planning lavish dates and buying expensive gifts for your special someone. So why not whisk your bae away to a locale that can do both? I found seven great examples from coast to coast that are both affordable and romantic.

When my husband and I—aspiring landlords that we are—found out we could get an FHA loan to cover the purchase of a duplex, triplex, or fourplex, we thought we had it all figured out. But four months and a dozen offers later, we were still discovering surprises right and left. Here’s what we wish we’d known before navigating on our less-informed, high-risk multi-family home search. Read up on landlord/tenant laws in your area before embarking on this journey!

First comes love. Then comes marriage. Then comes an 18 percent higher probability of being a homeowner. According to research from the Urban Institute, delayed marriage is a major factor holding millennials back from homeownership. If the marriage rates were the same as they were in 1990, the millennial homeownership rate would be about five percentage points higher, says the Washington, D.C.-based economic and social policy research institute.

In many locations across the country, having a $350,000 budget to buy a home will get you some pretty nice digs, but when you’re looking in some of the big cities that stack of cash can translate into what some people may consider a college dorm room. Interested in seeing just how far your dollar stretches in the five major cities?

We’ve all heard it. If you’re looking to buy, you should always go for the worst house in the best neighborhood. But have many of us ever stopped to question that conventional wisdom? I thought I was bucking convention when I bought one of the lowest priced houses in a neighborhood that many locals steer clear of (and to my eternal frustration that Uber drivers tell my Airbnb guests they should avoid) — but is it true?

Ask real estate agents and they’ll admit that they’re just as frustrated about some quirks in the home buying process as you are. Here, seven things that bother them the most: Usually it’s no one’s business but yours if you’re messy or tidy—but when your place is on the market, your cleanliness habits can affect how quickly your home sells: “It should go without saying, but I have to say it all the time: Tidy up!

When my husband and I finally started looking for a home (after years of renting a barn loft that was short on insulation and long on character), our budget led us to two options: a newer home we would reluctantly call “nice,” or an older home in need of some major updating but one that we could definitely see becoming ours.

If you’re thinking about buying a home this year, you’ve probably already come to terms with leaving city life behind to take advantage of those sweet suburban prices. But if you can’t bear to part with walkability, public transportation, a lively food and entertainment scene, or any other of the many benefits to living in a city, there is hope: Some cities are more hospitable to those entering the real estate market than others.

Buying a home can be an overwhelming experience. There’s no shortage of advice on the process out there—especially from friends and family members just trying to help. Unfortunately, not all of it is good. Thankfully, three experts have cut through the clutter.

Zillow was the matchmaker that introduced me to my dream home. I had been saving for a down payment and was “just curious” what I could get near Denver in my budget, which led me to casually scroll through listings on my lunch break. I found my three-bedroom row home on the real estate site, and it was love at first site. I then called up a real estate agent my friend referred to me, had a showing the next day, and closed a few weeks later. I’m not alone.

According to a 2015 Urban Institute report, delayed marriage and student loan debt are the biggest factors holding millennials back from buying homes. But though the path to homeownership is rocky, many millennials still want that “American Dream.” In fact, according to the Census Bureau, nearly 37 percent of them already own homes.

According to a 2015 Urban Institute report, delayed marriage and student loan debt are the biggest factors holding millennials back from buying homes. But though the path to homeownership is rocky, many millennials still want that “American Dream.” In fact, according to the Census Bureau, nearly 37 percent of them already own homes.

If you're in the 63% who doesn't own property, you may be interested in hearing from fellow millennials who accomplished the seemingly impossible. Here's Lauren DiTullio's story.

According to a 2015 Urban Institute report, delayed marriage and student loan debt are the biggest factors holding millennials back from buying homes. But though the path to homeownership is rocky, many millennials still want that “American Dream.” In fact, according to the Census Bureau, nearly 37 percent of them already own homes.

Though some people may consider a dream home to come with a garage, hardwood floors, and the most quiet neighbors in history, truth be told, simply owning a home could be a millennial dream come true for some. According to a 2015 “Millennial Homeownership” report from the Urban Institute, a Washington, D.C.

If you’re in the market for a house, first of all, congrats! Buying a home is one of the most rewarding—albeit at times exasperating—things you’ll do in your life. By the time you’re ready to buy, you likely have a sufficient grasp on the basic necessities: a solid foundation, a roof that doesn’t leak, wiring that won’t cause your new home to spontaneously combust, and so on. But what about the other stuff you should be mindful of?

First comes love. Then comes marriage… or a civil union or cohabitation. From there, we’re cheering for something along the lines of “and they lived happily ever after.” But because life is full of plot twists—and because divorce rates are around 40 to 50 percent in the United States—it can be important to take some precautions when you’re buying a house with a partner. Who better to offer that advice than divorce attorneys?

Most first-time home buyers know not to take out a bunch of new debt, quit their job, or ignore their bill due dates when applying for a mortgage. But several other factors—from all those morning java runs, to a lack of planning, to carrying a high credit card balance—can affect your chances at snagging that house at the best interest rate.

Millennials are losing faith in the American dream—at least according to a new survey from Trulia. In 2015, 80 percent of Americans ages 18-34 said homeownership was part of their personal “American dream.” This year, that number dropped to just 71 percent. For the survey, Trulia asked more than 2,000 American adults about their attitudes toward home ownership.

Sisters are doing it for themselves—and building equity while they do it! All over the United States, single women are outpacing single men when it comes to homeownership. LendingTree, an online loan marketplace, determined that on average, single women own around 22 percent of homes, while single men own less than 13 percent. Considering how expensive it is to buy a house, that’s quite the statistic, particularly since the average woman in the U.S.

Shopping for a home means weighing wants and needs, and making careful compromises to squeeze as many of those must-haves and wish-list items into your budget as possible. But many buyers focus on typical home features while overlooking one potentially important detail. Nine out of 10 home buyers would like a laundry room, for example, while 82 percent want hardwood floors. Most buyers are looking for a three-bedroom house with two bathrooms, a new kitchen, and an open floor plan.

Looking to buy a home? 2019 may be your year. According to a new report from CoreLogic, experts predict that this year’s real estate market may swing in favor of buyers. What is causing this shift isn’t necessarily news to potential homeowners: again, it’s a story of increasing home prices and rising interest rates. However, it seems like these factors are finally hitting the market hard enough to cause a change. Over the last several years, home prices have steadily increased.

​If you’re planning to buy your first home, you should pick up a guide (or two) to help you get started on thinking about what homeownership really means.

Between saving, searching, and signing on the dotted line, buying your first home can be an overwhelming process. Making the whole experience even more daunting is the real estate jargon, which can sound like Greek to a real estate newbie. Not sure where to start? Don’t stress. We spoke to two real estate professionals to find out the 10 terms millennials should know before they even think about buying their first home: 1.

Like lots of things in life (including yourself!), the real estate world keeps rapidly evolving. Though some things will stay the same, at least one thing your broker told you a decade ago is no longer relevant. Here, five once-common pieces of advice experts say that you should now take with a grain of salt. “This advice is outdated because today—more than ever—people want to feel like they are getting ‘value’ in what they purchase.

Do you dream of a future with a yard and a white picket fence? One where you’re not writing away 30 percent of your salary to your landlord every month? Being able to buy a home is a big part of what we’re sold as “The American Dream,” but it’s not for everyone. Renting an apartment forever is absolutely an option, and a damn good one.

Your real estate agent does so much more than just meet you at open houses or negotiate on your behalf.

‘Tis the season… to look for houses? It may seem counterintuitive since it’s actually a slower time of year and there may be fewer houses on the market, but the holiday season might actually be the ideal time to house hunt.

Certain areas of the country, like Seattle, Washington, and Denver, Colorado, are notorious for their influx of young folk—be it for their tech-hubs, Instagram-worthy walls, or to-die for food. But when it comes to putting down roots, where are younger people buying homes? A new report from LendingTree ranked America’s metropolitan areas by average age of homeowner, and not surprisingly, (with one exception) the coolest millennial cities didn’t fare too well.

This past summer, my husband and I checked off that most elusive goal on our “someday” list: We bought our first home together—a perfect open loft space, one of seven carved out of a small former factory building in intown Atlanta. I say that laying claim to our humble loft was “elusive,” only because I honestly didn’t think we’d ever be able to make it happen. Buying a home requires a serendipitous set of circumstances to all fall into place.

House hunting? You probably need a broker to help with your search. A great broker can find you a place to live but also sometimes winds up acting as your best friend, your mom, and your therapist all in one. For a successful end result, you really want to make this complex relationship work; we’ll let you in on what your broker might really be thinking… When you’re a broker there are no guarantees.

I asked some experts about the smart way to buy a house with partner—both financially and emotionally—if you're not married. Here's what they said.

Whether you are home shopping or considering adding new bells and whistles to your current pad, the fact is that some features aren’t worth the time, effort, or cost. We asked the experts for add-ons that you may think are a good investment but actually turn out to be pretty annoying (and costly in terms of your ROI!)—some may just surprise you: Just say not to those fancy-schmancy rain showerheads.

Andrea Kaplan-Chambers and her husband have owned their Austin, Texas, home for a year now, but the path there wasn’t easy. The couple were both freelancers when they were applying for mortgages, (Kaplan-Chambers worked as a contract programmer and her husband owned a small sound design business) something they didn’t know was going to be as big of a problem as it ended up being.

I started my first teaching gig only a few months after finishing college. At first, I was thoroughly unprepared, but two years later, I was confident enough to land a coveted job teaching English at one of the best high schools in the county—a 30-minute drive south of my grubby apartment in Daytona Beach, Florida. After a few too many days of dragging myself out of bed at the crack of dawn to beat traffic, I decided I had to move closer to the school in New Smyrna Beach.

There are a multitude of reasons why people don’t make it to move-in day after an offer is accepted: Your financing doesn’t go through, inspections uncover major issues, or you don’t move quickly enough. But one issue you usually don’t hear about? The seller backing out. “It is very rare for the seller to back out of the sale,” says Alex Lehr, proprietor of Lehr Real Estate in San Carlos, California.

First, a disclaimer: You should, of course, live your life on your own timeline. But, if you were curious about the median age of homebuyers, a snapshot from the National Association of Realtors reveals that it’s 32. To get super specific… the average household income of the median homebuyer is $75,000, their homes were 1,640 square feet, and they spent $190,000 on their first property.

When my husband and I put an offer on our house, I asked our agent if he thought sending an offer letter, or a personalized letter to the buyer explaining why they should pick us over another offer, would be appropriate. “Yes, definitely do that,” Mark Branch, our real estate broker with Century 21 Scheetz in Indianapolis, Indiana, told me. “And send pictures, too.

If you’ve been searching for a new house or apartment, you’ve likely already encountered some exaggerated listings. Whether it’s ad copy that stresses the home’s soaring city views or sneakily staged photos, some listings look better on the MLS than they are IRL. But you can cut through the clutter if you know what to ignore. Read on for seven listing red flags you should know about, according to real estate experts.

I had lived in my first home for almost one and a half years before I knew furnaces had filters that needed to be changed on the regular. Here’s how that discovery went down: My mom was at a hardware store, and she texted me about filters being on sale! Did I want her to pick me up some? I Googled: “How often do furnace filters need to be changed?” Google responded: “Check them once every month.

My husband and I are “recession kids.” We were just starting high school when the Great Recession brought the most significant economic downturn in the United States since the Great Depression. We watched our parents, neighbors, and family friends struggle with unemployment and the housing market crash. Foreclosures surged throughout the country, and home values plummeted following the housing bubble.

You’ve been squirreling away dollar after dollar and finally have a pile big enough to consider buying your first home. That’s the good news. The not-so-great news: First-time buyers are prone to making some pretty big mistakes. “Home sales have gone up and many first-time homebuyers are coming down with a case of home-buying FOMO,” says Tanya Hobson-Williams, an attorney in Jamaica Estates, New York.

Read over these missteps, as well as what you ought to do instead, so that you can handle your inspections with a sense of confidence.

As a renter or a buyer, you’ve probably heard the words agents, brokers, and Realtors used to describe the same person who is helping you buy, rent, or sell your house or apartment. There’s even a chance you’ve used these three terms interchangeably. While an agent, a broker, and a Realtor will all help you buy or sell a home, these terms are not synonyms and do mean different things.

Whether you’re starting the process of buying your first home or want to sell the home you’re in to upgrade or change neighborhoods, the process of buying a new home can seem daunting. From finding a great real estate agent, working with a lender, acquiring a real estate lawyer, and getting a home inspector—all on a short deadline—buying a home can often feel like writing the most overwhelming and emotional college research paper.

Your final walk-through is the last hurdle before going to closing and becoming a homeowner. Since it’s so close to the finish line, many first-time buyers have a tendency to try and rush this appointment or not take it as seriously as they should. Unfortunately, this can lead to unintended consequences. With that in mind, we’ve created a guide on how to handle your walk-through the right way.

If you’ve ever looked at a house for sale and thought to yourself, “That is an incredible washer/dryer set, fridge, piece of artwork, etc.” then you’ll be pleased to know that if you play your cards right, you actually can get it with the house. It just needs to be in your inclusions/exclusions list.

After toiling through an endless trail of listings and showings, you’ve found your dream home. The only problem? The price tag that’s out of your budget. But that doesn’t mean you have to give up your dream of home ownership; if you’re willing to put the research and effort in, you can often move the price point down significantly (within reason, of course).

Sure, you already know a tiny home is likely to be a fraction of the cost (and size) of a traditional starter home. But you may be curious how the two home types compare when it comes down to day-to-day living costs—and which one shakes out to be a better investment in the long run. While expenses (often unexpected ones) are a common denominator in ownership for both home types, the things that will siphon money from your savings account can differ dramatically between the two.

They say that your home is your biggest investment–meaning you’re going to sink a good chunk of change into your new abode, both at the outset and over the years. With that kind of money on the table, it’s crucial to save some dollars wherever you can. With that in mind, I picked the brains of three real estate professionals to determine the easiest ways to save money when buying a home.

If there’s one home amenity that frequently tops a house hunter’s wish list, it’s a big yard. And though you might have had a mammoth half-acre backyard to play in, your kids (and pets) will have less room to grow—especially if you’re buying a newly-built home. According to a new analysis from the National Association of Home Builders (NAHB), via data from the U.S. Census Bureau’s annual Survey of Construction, yards are growing smaller and smaller every year.

The terms pre-qualified and pre-approved almost sound like they could be synonyms. But when it comes to home financing, there’s actually quite a big difference between the two—and securing pre-approval for a loan is actually what brings you closer to the closing table. Think of it this way: Getting pre-qualified is like taking baby steps towards getting approved for a mortgage. You call up a lender, self-report your credit score, and relay information about your income.

It’s common knowledge that owning a home is cheaper than renting (at least in the long term), but anyone who has ever sat down to try and figure out the numbers knows that finding out how much you’ll save is harder than it looks. There are so many factors to consider. To try and help you come as close to the real number as possible, we’ve outlined three ways your rent-vs-buy math might be wrong — and how to straighten things out to give you the best picture possible.

If you haven’t been furiously refreshing Zillow for the past couple of months, here’s a bit of news for you: It’s a seller’s market right now. Even if you’re not pining over a dream home currently, you might know that, well, because the thought of buying a home hasn’t even popped into your head anytime recently.

Before I put an offer in on my house, I already knew all the neighborhood quirks I would encounter once I moved in. I knew I’d be able to faintly hear a train at 10:05 p.m. most nights, that I’d be living along the high school homecoming parade route, and that one of my elderly neighbors recently had a stroke and would love to have help walking his dog. Surprisingly, I didn’t get this intel from my real estate agent or even the current owners.

In a hot real estate market, where sellers are receiving multiple offers close in price, a well-written offer letter can be the ace in your pocket. “A letter can make you feel more like a person to the sellers rather than an offer and number,” says Lauren McKinney, broker and realtor with Gold Leaf Realty and Development and marketing director for Judd Builders. With that said, buyers’ letters should be short and heartfelt, says McKinney, whose based in North Carolina.

How many times did you burst into tears when buying your first home? Tears are apparently very normal—a new survey from Homes.com found that one in three Americans ended up crying during the home buying process. In fact, of the 2,000 home buyers surveyed, 13 percent of respondents cried “a lot.” Why is the process so difficult? The survey points to a few key reasons that adults may be overwhelmed by the search.

In 2012, my husband and I decided to take the next big step together—investing in a starter home in Atlanta, Georgia. We had been married a little over five years, and my husband’s above-average credit score of 780 meant we would easily be approved for a mortgage. We sought a home in the $250,000 range with a mortgage of $1,200 per month that we could repay in 30 years. We decided to only look at foreclosed homes since they were the most affordable option.

My fiancé and I found ourselves approaching the end of 2013 with two goals in mind: 1. Make it through the wedding planning process and 2. Buy our first home. For a 26-year-old, these were both two exceptionally expensive activities—especially in northern New Jersey where we lived. But we’d been living at home and saving since graduating from college and our parents were very generous in their contributions to our wedding, so these two expenses were somewhat doable.

It’s not news that increased capital flowing into the San Francisco Bay Area has made the area’s housing market absurdly competitive. But it’s still shocking to see the already high numbers get even higher—and so quickly. Case in point: Zillow recently released a study stating that, by June 2019, a whopping nine cities in the Bay Area will likely have median home values of more than $1 million.

Buying a home—especially for the first time—can be an overwhelming and confusing ordeal, and your real estate agent is your guide through that complicated process. So it’s only natural that you look to them for guidance and trust their advice and expertise on matters big and small.