First-Time Home Buying Tips: Before, During and After

First-Time Home Buying Tips: Before, During and After

Beautiful new home at Cordella Road in James City County.

Buying your first home is exciting, but the process can be overwhelming. Knowing what steps to take can make for a seamless process. Start out on the right foot with these 10 must-dos.

  • Get your finances in order. Having good credit and a solid down-payment will help you snag the home of your dreams.
  • Find a lender who can help you qualify for a good mortgage. Williamsburg Realty has great in-house lenders.
  • Get pre-approved for a mortgage so you and your realtor know where you stand financially.
  • Know what you want and what you don’t want, but remember to keep an open mind.
  • Find a qualified real estate agent. Call Williamsburg Realty.
  • Start looking at potential properties.
  • Pick out the right home for you and your budget.
  • Make an offer through your agent.
  • Inspect the home, sign and close. Your agent will help keep you on track.
  • Move in!

Each one of these 10 steps is important, but the first five are especially important. Not knowing where you stand financially will put a snag in the home buying process and you could potentially get your hopes up over a property that is unknowingly out of your price range, so be sure to take care of your finances first.

After you’ve purchased your home don’t forget to take advantage of homebuyer tax breaks.

Tax Breaks

  • The biggest tax break a homeowner can receive is on their mortgage interest. This information can be found on Form 1098 (generally sent to you by your lender at the beginning of the year).
  • Points are a percentage of your home’s purchase price you may pay a lender to secure a loan. You can deduct points from the amount you put down on your home.
  • Remember that local property taxes can be deducted every year.
  • Energy-Efficient Improvements credits can be deducted as well.