Buying your first home is a big step. It’s exciting, maybe a little scary, and definitely full of decisions you’ve never made before. But here’s the good news: you don’t need to figure everything out all at once. The process is smoother when you know what to expect.
This blog guides you through the homebuying journey in plain language, from the moment you begin searching to the day you receive the keys.
Start with the Money
Before you check out listings or go to open houses, take a hard look at your finances. The goal is to know what you can actually afford—not just what looks good online.
Think about how much you take home each month, your existing bills, and how much you’ve saved for a down payment. You’ll also want to check your credit score because it plays a big role in getting approved for a loan and affects your interest rate.
Banks usually follow something called the 28/36 rule. In simple terms, they don’t want your housing costs to be more than 28% of your gross income, and they want your total monthly debts (including credit cards, car payments, and the new mortgage) to stay under 36%.
Get Pre-Approved Before You Fall in Love with a House
One common mistake is house hunting before getting pre-approved. Pre-approval is when a lender looks at your financial documents and tells you how much they’re willing to lend you.
With that pre-approval letter, sellers are more likely to take your offer seriously. It also keeps you grounded, so you’re not wasting time on homes outside your budget.
Here’s what you need to get pre-approved:
- Proof of income
- Employment verification
- Bank statements
- Credit history
Once you’re pre-approved, stick to a price range that leaves room for other expenses—like furniture, repairs, or unexpected costs after moving in.
Pick a Real Estate Agent You Trust
Working with the right agent makes a huge difference. You want someone who listens to you, understands your needs, and has experience in the area you’re buying in.
In Las Vegas, Faranesh Real Estate and Property Management is known for helping first-time buyers feel comfortable and informed throughout the process. They’re not just trying to close deals—they’re helping people find homes they actually love.
House Hunting: More Than Just Looks
Now that the money side is handled and you’ve got someone in your corner, it’s time to look at homes.
Go into this part with a clear idea of what matters to you. Think about:
- Location: Are schools and public transport nearby? How’s the neighborhood?
- Size and layout: How many bedrooms do you need? Do you want an open floor plan?
- Condition: Do you want a move-in ready home, or are you open to a fixer-upper?
- Price: Does the house fit your budget when you factor in extra costs?
You’ll probably see homes that are almost perfect—but have one or two things you’d change. That’s normal. The goal is to find a place where the essentials feel right, not something out of a magazine.
Making an Offer Isn’t as Scary as It Sounds
Found a house you like? It’s time to make an offer. Your agent will help you figure out what a fair offer looks like based on the market and what similar homes have sold for.
Here’s what’s included in your offer:
- Purchase price: What you’re willing to pay
- Earnest money deposit: Shows you’re serious about the offer
- Contingencies: Conditions that must be met (like getting approved for a mortgage or passing the home inspection)
- Proposed closing date: When you want to move in
Sometimes the seller accepts right away. Other times, they’ll counter your offer, and you’ll go back and forth until you reach a deal—or decide to move on.
Always Get a Home Inspection
Even if the house looks great, always get it inspected by a professional. They’ll check the roof, plumbing, wiring, foundation, and more—things you might not notice on your own.
Here’s why an inspection is important:
- Reveals hidden issues: Problems like a leaking roof or electrical issues can be costly to fix.
- Negotiation tool: If problems show up, you can ask the seller to fix them, lower the price, or walk away if the contract allows.
If there’s something major wrong, it’s better to find out early in the process.
Final Loan Approval and the Home Stretch
After the inspection and once you’re under contract, your lender will do a final check. They’ll order an appraisal to make sure the home is worth what you’re paying and confirm that your financial situation hasn’t changed.
At this stage:
- Avoid making big purchases, like a new car, which can affect your approval.
- Respond quickly to requests for documents from your lender.
- Double-check all loan terms before you sign anything.
Once everything’s in place, you’ll get a “clear to close” notice, and you’ll be almost ready to sign on the dotted line.
The Personal Side of Buying Your First Home
Buying your first home isn’t just a financial move—it’s a personal one. You’re choosing where you’ll spend your mornings, your weekends, your holidays. That’s a big deal, and it’s worth taking your time to get it right.
When you work with a team that cares—like Faranesh Real Estate and Property Management—the process becomes less stressful and more rewarding. They’ll help you avoid costly mistakes and keep things moving without all the pressure.
Your first home is out there. And with the right plan, you’ll be ready when you find it.
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