First-Time Home Buyers

If you are a first-time home buyer it is important to consult a real estate professional to better educate yourself in the home-buying process. Use the guide below for helpful hints and tips and learn how to avoid common mistakes when buying your first home in Central Kentucky.

  • Pre-Qualification vs. Pre-Approval: While knowing how much you can afford by getting pre-qualified may seem important, sellers will be much more receptive to potential buyers who have actually gone through the steps of being pre-approved by a mortgage lender. With a Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, if you choose to put in an offer on a home, the seller knows immediately that you are a serious buyer for their property. In a market where homes are recieving multiple offers, this is a way to help strengthen your offer.
  • List of Needs & Wants: Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes - things you would like to have (basement, den, etc.) but that are not absolutely necessary. Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.
  • Representation by a Professional: This whole process can seem rather overwhelming; hiring a real estate agent will allow you to stay on track throughout the entire process from the time you begin your search, to the time you close on your first home. 
  • Be Objective: Instead of thinking with your heart when you find a home, think with your head. Does this home really meet your needs? 

Check out our Making an Offer page to learn what happens once you put in an offer on a home.

Please contact us directly to discuss any of these matters in further detail.