So you’re thinking it’s time to buy your first property… Congratulations on taking the first and most important step, getting educated, and becoming familiar with the process! 

Here are some important things you need to know as a first-time homebuyer:

1. Determine your budget: Before you start looking for a home, it's important to determine how much you can afford to spend. You should consider your income, debts, and monthly expenses to determine a realistic budget for your home purchase. Think about your “budget” in terms of monthly obligation - not necessarily purchase price! Include things like pool care, if you’re thinking about a home with a pool - or flood insurance if you’re looking near the beach.

2. Get pre-approved for a mortgage: Getting pre-approved for a mortgage will help you determine how much you can afford to spend on a home and give you an advantage over other buyers who are not pre-approved. Not all preapprovals are created equal though, so make sure your preferred lender is analyzing your entire picture. It’s important to be clear about the money you have available in reserves, if you’re planning on getting any gifts from family - or if you have any bonuses on the horizon! 

3. Consider your down payment: Most lenders require a down payment of at least 3% to 20% of the purchase price of the home. Consider your budget and what you can afford to put down.

4. Research neighborhoods and homes: Selecting the right home is truly a unique experience - every buyer's needs and budgets are different. Think about how the kind of layout that would fit your lifestyle and if the neighborhood's lot sizes are what you're looking for! Also consider factors such as proximity to work, schools, and any available amenities.

5. Hire a real estate agent: A real estate agent that knows the area well. The right agent will help guide you to the can help you find a home that meets your needs and budget, and guide you through the buying process. You should be able to trust your Realtor - so ask questions that help you get to know them in a way that makes you feel comfortable and confident! Personality matches are ALMOST just as important as a Realtor’s experience & general Real Estate knowledge.

6. Have the home inspected: Once you find a home you're interested in, have it inspected by a professional to identify any potential issues or necessary repairs. Get the quotes, and plan for surprises! 

7. Understand closing costs: Closing costs can vary depending on your specific financial qualifications and the home that you are buying! There are more fees when financing than there are when you’re purchasing cash.Make sure you understand these costs and budget for them.

8. Get homeowner's insurance: Homeowner's insurance protects your investment and is required by most lenders. In South Florida, homeowners insurance can be a challenge to obtain with some properties. Your Realtor will be able to help you get homeowners insurance quotes and you should get your quotes before your inspection period ends to be sure you are able to obtain insurance at all! 

9. Plan for ongoing expenses: Homeownership comes with ongoing expenses such as property taxes, maintenance, and repairs. Make sure you budget for these expenses.

10. Don't rush the process: Buying a home is a big decision, so don't rush the process. Take your time to find the right home! It’s important to find the right professional team: when you have a rock star Title Company, Lender if applicable and Realtor the whole experience should be smooth sailing.

Remember, buying a home is a complex process, so it's important to do your research, ask questions, and work with professionals who can guide you through the process. Good luck with your home search!