Buying Your First Home? Here’s How to Get Started
Buying your first home is an exciting milestone, but it can also feel overwhelming. With so many steps, paperwork, and financial considerations, it’s easy to get lost in the process. At Oval Group, we specialize in helping first-time buyers navigate the home-buying journey with confidence.
In this guide, we’ll break down everything you need to know—from budgeting and mortgage approval to closing the deal—so you can become a homeowner without the stress.
Step 1: Determine Your Budget
Before you start browsing homes, it’s essential to understand what you can afford. This includes more than just the home price—it also includes hidden costs like:
???? Down Payment – Typically 5-20% of the home price
???? Closing Costs – Usually 2-5% of the home price
???? Property Taxes & Insurance – Ongoing costs to factor in
???? Maintenance & Repairs – Unexpected expenses that come with homeownership
How to Calculate Your Budget:
- Use an online mortgage calculator to estimate monthly payments.
- Factor in your income, existing debts, and future expenses.
- Speak to a mortgage advisor to understand your borrowing power.
???? Tip: Don’t stretch your budget too thin—leave room for unexpected expenses!
Step 2: Get Pre-Approved for a Mortgage
A mortgage pre-approval tells you how much a lender is willing to offer based on your financial situation. This step is crucial before you start house hunting.
Why It’s Important:
✅ Helps you set a realistic price range
✅ Makes you a stronger buyer in a competitive market
✅ Avoids surprises or loan rejections later
How to Get Pre-Approved:
✔️ Check your credit score (higher scores get better rates)
✔️ Gather financial documents (pay stubs, tax returns, bank statements)
✔️ Compare mortgage lenders for the best rates and terms
???? Oval Group can connect you with trusted mortgage professionals to get you started.
Step 3: Find the Right Home
Now comes the fun part—house hunting! But before you fall in love with a property, make sure it meets your needs and future goals.
Things to Consider:
???? Location – Is it close to work, schools, transport, and amenities?
???? Size & Layout – Does it fit your current and future needs?
???? Condition – Will you need to make repairs or renovations?
???? Resale Value – Is the area growing in value over time?
???? Tip: Make a list of must-haves vs. nice-to-haves to stay focused on what truly matters.
Step 4: Make an Offer & Negotiate
Once you’ve found the right home, it’s time to submit an offer—but this step requires strategy!
???? Key Parts of an Offer:
- Purchase Price – Based on market value & your budget
- Contingencies – Conditions like home inspection & financing approval
- Deposit (Earnest Money) – A small amount showing you’re serious
???? Why Work with Oval Group?
Our real estate experts help you craft a strong offer and negotiate the best terms, ensuring you don’t overpay.
Step 5: Complete the Home Inspection & Appraisal
Before finalizing the purchase, you’ll need to inspect the home and get it appraised.
???? Home Inspection:
A professional checks for issues with plumbing, electrical, roofing, foundation, and more. If major problems arise, you can negotiate repairs or reconsider your offer.
???? Appraisal:
Lenders require an appraisal to ensure the home’s value matches the loan amount. If the appraisal comes in lower, you may need to renegotiate the price or pay the difference.
???? Tip: Never skip the home inspection—it can save you from costly repairs later.
Step 6: Close the Deal & Get the Keys!
You’re almost there! The final step is closing, where you sign paperwork, finalize financing, and get the keys to your new home.
???? What Happens at Closing?
✔️ Review & sign mortgage documents
✔️ Pay closing costs & down payment
✔️ Get the keys and move in!
???? Congratulations—you’re officially a homeowner!
Ready to Buy Your First Home? We Can Help!
Buying your first home is a big step, but with the right guidance, it doesn’t have to be stressful. At Oval Group, we provide expert support every step of the way—from financing to negotiating and closing the deal.
???? Contact us today to start your home-buying journey with confidence!