Purchasing a home for the first time is a monumental moment in a person’s life. Saving up for years to be able to put a down payment on a house and finally moving in is a rewarding feeling, which is why so many people are opting to buy instead of rent these days. 

Purchasing your first home, however, can quickly become overwhelming if you don’t know what you’re doing. There are a lot of important details that go into buying a house, and it can be easy to end up in a property you don’t absolutely love if you’re not careful. If you’re thinking about purchasing your first home, here are 6 tips to make the process go smoothly. 

Determine what you can afford 

Figuring out what you can afford should be the first step you take when it comes to purchasing a home. A quick Google search for “what price home can I afford?” can help you determine this number, but it is also important that you create a budget that breaks down your debt-to-income ratio as well. Think of how much money you’re making each month, and factor in your monthly expenses. This can be car payments, utilities, groceries, and should also include your mortgage payment. Creating a detailed budget will help you see the bigger picture, and you’ll be able to house-hunt with a clearer idea of what you can afford. 

Start saving well in advance 

While putting 20% of the home’s worth down is the standard for many first-time home buyers, many lenders have started allowing borrowers to put down much less. Regardless of how much money you decide to put down on your home, it is important that you start saving well in advance to ensure you have a sum of money you are comfortable with. Putting $20,000 down on a home that costs $100,000 can make a huge difference when it comes to how long it takes you to pay off your mortgage, so remember to keep this in mind when saving up for a house. 

Research the neighborhood beforehand 

You could absolutely love a particular house, but a bad or dangerous neighborhood can quickly turn your dream home into a nightmare. Because of this, it is crucial that you check out the neighborhood you’re thinking about living in before purchasing a home there. To get the best idea of the area, make sure to visit the neighborhood during different times of day, especially in the morning and at night. You should also take note of if the home you’re interested in is in a flood zone or any other details that can make your living situation less than desirable. 

Attend open houses 

When searching for a home, attending as many open houses as possible can help you land the home of your dreams! Open houses allow you to tour a property without the pressure of a one-on-one showing, and you will be able to roam the house freely and check out every nook and cranny. If you do wish to schedule a private follow-up showing, don’t hesitate to reach out to the listing agent and be prepared to ask any and all questions you may have. 

Consider your future plans 

One mistake many first-time home buyers make is not planning for the future. For example, while you may not currently have children, you could end up changing your mind down the road, so buying a home with only one bedroom can pose a problem eventually. This goes for other possible life changes, such as an elderly relative coming to live with you or a future pet. When shopping for a home, it is important to remember that your plans may very well change at some point, so be sure to consider any possible life changes and what that could mean for your living situation. 

Choose the right homeowners insurance 

When you’ve finally settled on a house you love, your mortgage lender will ask you to purchase homeowners insurance. If you’ve never had to do this before, it can be difficult to know what to look for. When purchasing homeowners insurance, don’t be afraid to shop around and compare different rates until you find a price that works best for you and your budget. Typically, the more expensive a homeowner’s insurance policy is, the better protection it offers, so keep that in mind when deciding on one to go with.