Purchasing a new home is an exciting time, but purchasing a first home is a dream come true! At Breeze Homes, we help first-time homebuyers throughout the homebuying process to make your transition as a new homeowner as seamless and stress-free.
Our team has a few go-to tips to help first-time buyers like you prepare, search and close on a new home.
Tips for First-Time Homebuyers
- Save Before You Buy
The cost of owning a home is more than the initial home buying process and paying your monthly mortgage. When you move from renting to owning, you become responsible for repairs and upkeep. It’s important to have money set aside to cover these expenses. For example, you may need to purchase a lawnmower or pay for utility costs that were previously included in your rent.
- Improve Your Credit Score
While we work with our preferred lenders to offer our homebuyers a smoother approval process without high closing costs and down payments, a good credit score still improves your interest rate. Paying your bills on time and paying down debt helps boost your credit score.
- Get Pre Approved
The mortgage pre-approval process demonstrates your potential to receive a loan for a home within a specific price range. Additionally, a preapproval letter shows sellers you are serious about buying. Sellers often require a preapproval letter when you make an offer to buy a home. In most cases, pre-approval letters expire after 60 to 90 days.
- Determine Your Budget
The preapproval process helps determine your budget because it shows the amount a lender will allow you to borrow. However, you may have a higher or lower budget based on your specific financial condition and goals. For example, you may receive preapproval for a higher amount than you want to spend. It’s okay to stay in a lower price range than your pre-approval amount.
- Determine the Type of Home You Want to Purchase
Before you begin your home search, decide if you prefer to purchase an existing home from an individual or a new home from a home builder. A new home offers the benefits of the newest features and technology. Plus, new homes are move-in ready when you close. At Breeze Homes, we build new homes at prices first-time homebuyers can afford and offer the support you need to successfully close.
- Understand Your Priorities in a Home
Take the time to make a list of the specific features you want in a home. Break the list down into “must-have” and “nice to have” items. This process allows you to narrow your search. For example, do you prefer a ranch model over a two-story home? Do you need a home office or a specific number of bedrooms? These items could be essential. Whereas features like hardwood floors or a lanai may be less important.
- Look at Multiple Properties
You may fall in love with the first home you see, but it’s smart to look at multiple properties before you make a home buying decision. By looking at several models, you can truly determine what home works best for you and your family. After all, your first home is likely the biggest purchase you’ve made. You want to be confident in your decision.
- Take Your Time
Buying your first home is a big decision. We never make homeowners feel rushed in the process. If you like one of our finished homes, you can move in more quickly. However, you may also choose to wait and build a new model to your specifications. We want you to find the home of your dreams.
- Purchase the Right Home Insurance
Mortgage lenders require homeowner’s insurance. A crucial step is to work with your insurance provider to curate a policy that’s perfect for you. Make sure you select a plan with a deductible you can afford. Plus, you want a policy that protects your interests. Read the fine print so you don’t have any surprises if you ever need to file a claim.
- Understand the Closing Process
We want to make closing on your first home simple. The best way to stay on track to closing is to submit the necessary documents and follow every step to a T. Your mortgage lender requires specific proof of your financials and other details, like insurance. Make sure you have what you need before the closing date.
Find Your First Home from Breeze Homes
Breeze Homes makes homebuying attainable, which is perfect for Jacksonville’s first-time homebuyers. Contact us to tour one of our neighborhoods and find your dream home.