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The Ultimate Checklist for First-Time Buyers: What You Need to Know Before Buying Your First Home

April 21, 2025

Buying your first home is exciting, but let’s be real, it can also feel overwhelming. From figuring out your budget to signing the final paperwork, there’s a lot to keep track of. This checklist will walk you through everything you need to know so you can move forward with your new home with confidence.

✔️ Set your budget – Know what you can afford and stick to it.
✔️ Check your credit score – The better your score, the better your loan options.
✔️ Get pre-approved for a mortgage – It helps you shop with confidence.
✔️ List your must-haves – Know what’s essential vs. what’s nice to have.
✔️ Find a real estate agent – A professional can make the process smoother.
✔️ Start house hunting – Visit homes and compare options.
✔️ Make an offer – Work with your agent to negotiate the best deal.
✔️ Schedule a home inspection – Ensure there are no major issues.
✔️ Finalize your financing – Work with your lender to close the deal.
✔️ Close and move in! – Sign the papers, grab the keys, and celebrate!

Before falling in love with a home, you must know what you can afford. Start by reviewing your income, monthly expenses, and savings. A good rule of thumb is to keep your mortgage payment (including taxes and insurance) at or below 28% of your gross monthly income. Use online mortgage calculators to estimate your payments and see what price range makes sense for you.

Your credit score plays a big role in determining your mortgage rate. The higher your score, the better the loan terms you’ll qualify for. If your score needs some work, pay down debt, make payments on time, and avoid opening new credit accounts before applying for a mortgage.

A pre-approval letter from a lender shows sellers that you’re a serious buyer and helps you understand how much you can borrow. It also gives you a competitive edge in today’s market. Gather your financial documents (pay stubs, tax returns, bank statements) and reach out to a lender to get pre-approved.

Think about what’s most important to you in a home: location, number of bedrooms, a big backyard, or an open kitchen. Prioritize your needs vs. wants to help narrow down your options.

A good agent can help you navigate the home-buying process, negotiate the best deal, and handle all the details along the way. Look for someone experienced, knowledgeable about the area, and willing to advocate for you.

Now for the fun part! Visit open houses, schedule showings, and explore different neighborhoods. Keep an open mind but stay within your budget and must-have list.

Once you find “the one,” your agent will help you make an offer. A home inspection ensures there are no hidden issues before you move forward. If any problems come up, you may be able to negotiate repairs or a lower price.

After your offer is accepted, your lender will finalize your loan (Ole South can help with this!). Be prepared for paperwork, an appraisal, and a final walkthrough before closing day. Once everything checks out, you’ll sign the documents, get the keys, and officially become a homeowner!

At Ole South, we make the home-buying process simple and stress-free. From financing options to quality-built homes, we’re here to guide you every step of the way. Check out our financing and building process today to start your journey to homeownership.