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
Jasonpathfinder3

Finding Happiness In Retirement

Jason Wheeler - Pathfinder Wealth Consulting
Hewet60

Stress Can Work For You

Ron Hewett - Academy Leadership
Drewsmith copiersplus headshot

Printing Transparency — Why Your Organization Needs It

Drew Smith - Copiers Plus

Trending News

Investors Commit $545M To Local Venture Capital Firm

Jenny Callison - Jan 22, 2020

New Firm Aims To Grow Its Stake In Wilmington's Industrial Real Estate

Christina Haley O'Neal - Jan 23, 2020

Update: Negotiations Begin For Major Redevelopment Project

Cece Nunn - Jan 22, 2020

Local Firm Acquires Real Estate School

Cece Nunn - Jan 22, 2020

Senior Living Development Proposed On Middle Sound Loop Road

Cece Nunn - Jan 24, 2020

In The Current Issue

Working As A Husband-and-wife Team

The Wilmington business owned by husband and wife Devin and Brooke Skipper began with Devin as the sole employee about eight years ago befor...


MADE: Driven To Expand Business

South Atlantic Services is a Wilmington-headquartered contract manufacturing and packaging company that makes automotive and industrial cool...


The Most Fitting Trends Take Shape

The top fitness trends have been named by the American College of Sports Medicine, and they can be seen in the Wilmington area....

Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2019 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WILMA Leadership Accelerator
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`