Follow Kevin Twitter Facebook
Email Kevin Email
Residential Real Estate
Jul 1, 2014

Top 10 Tips For First-Time Homebuyers

Sponsored Content provided by Kevin McKoy - Broker, Network Real Estate

The real estate market has effectively bounced back, which is evident in the growing number of new homeowners. With home buying rates steadily increasing in our region, many buyers are on the market for the first time – young professionals couples, and small families among them. At Network Real Estate, we’ve pooled our expertise to help you avoid the pitfalls that so many first-time homebuyers fall into when making their first property investment. Read on for our top 10 tips for first-time homebuyers.

  1. Hire a Realtor. We’ve outlined all the reasons Why You Should Hire a Realtor, and they are particularly relevant to first-time buyers who may know little to nothing about the legal process of a home purchase. A good Realtor will look out for your best interest and help you avoid making a risky investment.
     
  2. Research the real estate climate in your desired state, city and neighborhood. Your Realtor can help you analyze what houses typically sell for where you want to live.
     
  3. Figure out what you can realistically afford. This may seem obvious, but you might be surprised by how many people end up tanking their investment when personal circumstances change or they simply can’t keep up. Spending more than 30 percent of your total household income on housing costs can put you at risk for being ‘house poor’ – an industry term for owning a beautiful home but not being able to afford much else. Don’t listen to lenders who encourage you to take on more than you can financially handle.
     
  4. Similarly, assess how long you plan to live in your new home. Under the right circumstances, starter homes can be a great investment, but it’s important to know from the outset how long you plan to stay there to ensure that you make the right choice. 
     
  5. See if you qualify for down-payment assistance. Many states, including North Carolina, offer down payment assistance as an incentive to get people on the housing market. First-time buyers are prime candidates for this type of assistance. Ask your Realtor for details.
     
  6. Get your mortgage loan pre-approved. Not only does this increase your credibility in the eyes of Realtors and sellers, but it also gives you an accurate idea of what you can afford on real estate.
     
  7. Start shopping for a home! This is without a doubt the most exciting part of the process for first-time buyers. Check out our take on What To Keep In Mind When Beginning to Look For a New Home. Once you have found your ideal home and your offer is accepted, the end is in sight.
     
  8. Remember to include taxes, homeowners insurance and closing costs in your financial estimates. Your Realtor will work with you to understand when these costs will be due and how to execute them.
     
  9. Get your home inspected. This is crucial to ensuring that you’re making a safe investment. Have the home professionally inspected during the due diligence period (between your offer and the closing) – don’t wait until you’ve already closed on the property! Your Realtor can put you in touch with trusted home inspectors in your area. 
     
  10. Get homeowners insurance. Plan to have insurance coverage starting on the day you close. Getting started on the insurance process in advance ensures that there is no gap in coverage.

Network Real Estate can help first-time homebuyers move through the buying process smoothly and safely. Contact us today to get started with one of our experienced local Realtors.

Kevin McKoy is a GRI-certified, licensed real estate broker at Network Real Estate, which has exclusively served a high volume of property sales and purchases in the greater Wilmington area for over 30 years. With three offices at College Road, Historic Downtown and Pleasure Island, Network’s brokers are widespread and well-versed in this marketplace, making Network a preferred Real Estate company for first-home buyers and beyond.

20489 networkrealestate insightsad final
Ico insights

INSIGHTS

SPONSORS' CONTENT
Pfinder john zachary

What You Need to Know About SECURE 2.0 and Its Effect on Individual Retirement Accounts

John B Zachary - Pathfinder Wealth Consulting
Jasonpathfinder3

What You Need to Know About SECURE 2.0 and Its Effect on Retirement Plans

Jason Wheeler - Pathfinder Wealth Consulting
Chris coudriet

A Public Service Profile on Creating Beauty in Our Community

Chris Coudriet - New Hanover County Government

Trending News

Conservation Group Signs $8M Deal To Buy The Point On Topsail Island

Audrey Elsberry - Mar 26, 2024

Rezoning Could Bring 123 Townhomes To Growing Leland Corridor

Emma Dill - Mar 25, 2024

N.C. Ports Officials React To Baltimore Bridge Collapse

Audrey Elsberry - Mar 26, 2024

Engineering Firm Hires Four Employees

Staff Reports - Mar 26, 2024

National Organization Bestows Top Award On Cape Fear Professional Women In Building

Staff Reports - Mar 26, 2024

In The Current Issue

Park Progress

The planning for Pender Commerce Park began in the early 2000s when the county wanted to create an economic driver on its largely rural west...


Hacking Cyberdefense Shortage

A shortage of cybersecurity professionals influenced professor Ulku Clark and her team to slowly evolve UNCW’s offerings to now include eigh...


MADE: Polyhose Inc.

Polyhose manufactures and fabricates hose protection, paint hose assemblies and rubber hydraulic assemblies from its Pender County facility....

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2023 Power Breakfast: Major Developments