First Time Home Buyer Guide: 7 Essential Homebuyer Tips

When buying your first home for the very first time, there are a ton of things you need to consider before making a decision. 

Buying a house is exciting and thrilling, but at the same time, it can also be a bit unnerving. Regardless of whether you’re buying an apartment or a house, becoming the proud owner of your own property is definitely something that comes with its share of thrills and frills as well. 

That said, keep in mind that there are certain things new homeowners should avoid– so if you’ve been wishing to buy your very first home but haven’t got around to actually doing so yet, our beginner’s guide to buying a house will help alleviate some stress and make the best decision. 

Talking about stress, it’s vital to have a good health insurance plan before you decide to buy your first house. As it comes along with lots of additional expenses, you wouldn’t want to ensure your health and financial stability before making that decision. To get the best health insurance plan, you can start your search by comparing Aetna vs United Healthcare which is among the top health insurers in the US.  

We interviewed Laura Adams, Insurance & Finance Analyst at, for tips for first-time home buyers. Laura Adams is one of the nation’s leading finance, insurance, and small business authorities. When you are considering buying your first home, it is important to be well informed before you sign on the dotted line. That said, let’s have a look at some essential home buying tips from Laura Adams.

#1: Decide how much home you can afford

The primary step for buying any property is first to understand your financial capability; how much you can invest in buying a new house without putting your fixed expenses at risk.

In order to evaluate your affordability, you need to calculate the fixed expenses of your household like groceries, bills, taxes, insurance, kid’s education cost, and other utilities.

#2: Improve credit score 

Potential mortgage lenders use your credit score to determine whether you qualify for a mortgage and at what interest rate. That’s why it’s crucial to improve your credit score before applying for a mortgage. 

To strengthen your credit score, you must have credit reports from the credit bureaus and keep your current credit cards open. Also, you should pay all your bills before the deadlines keeping the credit card balance as minimum as possible. 

#3: Find a good mortgage 

To proceed towards buying your first home, you need to mind a good mortgage plan that suits your needs perfectly. There is a variety of home mortgages you can choose from. Some of the most popular options are listed below. 

  • Conventional Mortgage or fixed-Rate Mortgage
  • FHA Loan 
  • Jumbo Loan
  • USDA Loan 
  • VA Loan 

#4: Use a mortgage comparison site

Similar to an insurance comparison website, you can also use a mortgage comparison website to compare different mortgage types, their overall costing, interest rates, and fees. This can greatly help you to make the right decision.  

#5: Get a preapproval letter for the home loan 

Once you’ve decided on your budget and found a good mortgage, you should get a preapproval letter prior to starting your home search. Why? Because having a preapproval letter in hand shows the home sellers and real estate agents that you’re serious about buying a house, and they would take you more seriously than the other sellers. 

Also, getting a preapproval letter helps significantly in shortlisting the right property as per your affordability. 

#6: Talk to a professional real estate agent

Once you’ve got a preapproval letter, you should search for an experienced real estate agent in your area. Consulting a property professional is vital to clear all your confusion and get answers to all the questions. 

Furthermore, a real estate agent would help you find a good property according to your need, handle negotiations, and do the proper evaluation of the house. 

#7: Inspect the house 

After finalizing the house, you must get it inspected by a professional house inspection company. This is a crucial step that many first-time homebuyers miss. 

A home inspection helps you understand the potential problems of the house and do the proper evaluation and negotiate with the seller. 

Final Takeaway: 

Buying a home can be an exciting new experience, but don’t get caught up in the excitement and buy any properly impulsive. You should know that buying a house is a huge investment, so it’s important that you don’t take this decision lightly. 

There is a lot to know about your dream home before committing to it. Explore multiple insurance providers on first to learn more about different types of plans and discover details about whether they will cover things like termites, tornadoes, or floods.

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