Last Updated on April 11, 2023 by growinghome.la
Are you a first time homebuyer looking for help? Buying a home can be an overwhelming and stressful process if you’re not prepared. As a homebuyer coach, I’m here to help you think about where to start when you’re planning your home search.
Help for First Time Home Buyer, Step #1: Clarify why you want to buy a home.
Reflect on why you want to buy a home. What benefits do you see from owning your own home? How would buying a home change your lifestyle? How would becoming a homeowner make you feel? Does buying a home mean something to you on a deeper level?
Get specific. Buying a home is a big decision and affects most aspects of our lives. A home is not just shelter. Our homes shape our lives – how we live day to day, who we meet, how we feel, and the life experiences we have and share with others. The more you can root into the reasons why you want to buy a home, the more you can enjoy your home search and the journey it will take you on. You may discover things about yourself and what you want that you never expected.
Help for First Time Home Buyer, Step #2: Consider your timeline.
When do you want to buy a home? Do you have flexibility or is there a hard deadline you’re facing? Remember that an apartment lease is negotiable. Don’t think that just because your lease is coming up in 3 months, you only have 3 months to find your home. Don’t rush into a home purchase just because you have a firm deadline in mind. It’s important to be thoughtful about finding your home and not letting emotions or perceived boundaries rule your timeline. The last thing you need is to feel unnecessary pressure while you’re going through the process. When thinking about your timeline, consider these three things first:
- Your current schedule – will you have time to prepare for and implement your home search? Do you need to shift anything around in your daily or weekly priorities to support your goal of becoming a homeowner?
- External constraints – Are there timing issues like a new job that are shaping your timeline? Do you need more time to save up for a down payment or learn more about the process?
- Internal constraints – are you in the right mindset to start your home search? Are you excited to get started or is it already feeling stressful or daunting? If so, it may be time to go back to step 1 and really evaluate why you want to buy a home.
Help for First Time Home Buyer, Step #3: Map out what kind of home you’re looking for.
This part can be fun and exciting! Use my Map Out Your Dream Home Workbook to help you prioritize the features of your home both inside and out, the neighborhood, and how your home might fit into your larger financial picture. If you’re buying your home with a partner or spouse, make sure you review your answers together so you’re on the same page when it comes to what kind of home you’re looking for.
Help for First Time Home Buyer, Step #4: Create your home search plan.
This step is a combination of goal setting and consistently identifying the next best action at each of the next steps, once you’ve established what kind of home and neighborhood you’re interested in. When setting goals, I love referring to Michael Hyatt and the Full Focus system’s innovative SMARTER framework, which outlines a slightly different approach than your standard SMART goals.
The main differences between SMART and SMARTER goals are that the latter includes the key aspects of Actionable rather than Achievable and adds Risky and Exciting to the mix. Module 3 in my Stress-Free Homebuyer Academy walks you through this process in detail.
Help for First Time Home Buyer, Step #5: Find a mortgage broker or lender.
Check out my blog posts to help you through this process!
5 Tips for How To Find Lender For A Mortgage
Getting Pre Approved for a Mortgage
Help for First Time Home Buyer, Step #6: Find a real estate agent.
My biggest tips here are to look for an agent that makes you feel comfortable, demonstrates that they are responsive to you and your questions, and that you are not just a means to a commission split. If you’re a first time homebuyer, ask potential agents how they work with first time homebuyers and make sure they know the neighborhood you’re looking in well. Also, ask friends and family if they know anyone or have worked with someone they liked in the past. Look out for an upcoming blog post that will walk you through this process in more detail!
Help for First Time Home Buyer, Step #7: Start researching potential homes to tour
Once you’ve established your home search plan, found your lender and your real estate agent, it’s time to start working with your agent to identify homes that you’d like to consider. Set up alerts on your favorite property listing websites – be prepared for A LOT of emails. I recommend setting up a special folder separate from your inbox that you check once a day or even just a few times per week. Otherwise, you may be inundated with emails and start to feel overwhelmed.
Remember, if you need help clarifying what kind of home you’d like and what features are most important to you, check out my Map Out Your Dream Home Workbook at growinghomela.com/map.