First Time Homebuyer Tips

We know that buying your first home is a huge step, and can seem like a daunting task. At Gemcraft Homes, we walk you through the entire process of building your first new home, from designing, choosing, building and making it your own. Here are our top 5 tips for new home buyers.

Set a Budget

The first step in finding your new home is setting a budget. And more importantly, being realistic about it. You can use an online mortgage calculator to see what kind of mortgage and monthly payments you may be able to afford. Of course you want a nice home, but you don’t want to end up “house poor,” where too much of your income is going towards your home.

Consider all Costs

When determining your budget and how much you can spend per month, it’s important to consider ALL costs associated with a mortgage, such as the principal, interest, taxes and insurance payments. There are also other costs that come with homeownership, like maintenance, utilities and being prepared for the unexpected disaster, like a broken water heater or burst pipe.

Line up a Mortgage

Once you decide you’re ready to buy, you need to get financing in order. You can pre- qualify with our mortgage affiliate, Movement Mortgage, and get your questions answered by extensively qualified loan officers. Be ready with all of the information you may need, like pay stubs, past W2’s, bank records, etc.

If you’re afraid that you can’t qualify for a mortgage, think again! There are many options available, such as an FHA Loan for first time homebuyers, which may only require 3.5% down, and other options for buyers with lower credit.

Determine Must-Haves

Now comes the fun part- house hunting! Of course you’ll have a long wish list, but not every item on your wish list will be available in every house. It’s important to determine your absolute non-negotiable items in a new house to start narrowing down your search.

Buy New

Of course as a new home builder, we think new homes are the way to go. We’ll elaborate on that much more in a later post, but here’s a quick overview. In a new home, you get to pick the layout and floor plan that works best for you. (We have 55.) And those must-haves mentioned above? You can make sure that they’re built in to your new home. Everything in your home will be brand new and under warranty, which means no costly repairs for years to come. And speaking of cost, today’s new homes are more energy efficient and require less maintenance than ones built years ago. Find your new Gemcraft Home today!