10 Tips for First-Time Home Buyers in Richmond, VA

Are you looking for your first home? If so, here’s a question for you: Are you really prepared for the largest and most important financial decision of your life? There’s a lot of uncertainty that comes with the process, so it can be difficult to know for sure. However, we have your back! Here are our Top 10 tips to help first-time home buyers like you!

Decide What You Can Afford in Richmond
Stay Within Your Budget
Consider Mortgage Options
Keep Your Credit Score Strong
Start Saving Up Early
Look Into Richmond Assistance Programs
Fully Utilize Open Houses
Negotiate With the Seller
Buy Quality Home Insurance
Pick a Good Real Estate Agent

1. Decide What You Can Afford in Richmond

As is the case with any large purchase, you’ll need a solid budget that leaves you with enough wiggle room after you buy your home. It’s important that you know what your exact limit should be so you can have a clear idea of your ideal price range and the houses you should be considering.

2. Stay Within Your Budget

One of the hardest rules to follow when buying a home is also the most important: Stay within the budget you’ve set for yourself. When you’re bidding against someone for the house you really want, you may be tempted to pay whatever it takes to get it, but in the end, it’s never worth it to end up owing more money than you’re able to pay. Don’t worry if you have to give up on one house because the price gets too high! There are always other houses on their way to the market.

3. Consider Mortgage Options

Most mortgage plans will fall under these four categories: conventional mortgages, VA loans, FHA loans, and USDA loans. These will vary in terms of down payment, timeframe, and who has access to them. Before you start shopping for a home, do some research and decide which mortgage plan would suit you the best.

And at Reynolds EmpowerHome Team, we have our very own in-house Mortgage Company, EmpowerHome Mortgage, which can help you get pre-approved fast so you can move into your dream home! Visit HERE for more information!

4. Keep Your Credit Score Strong

Maintaining a good credit score could significantly lower the interest rate you pay on your home and make it easier to navigate loans and mortgages. Before you consider buying a house, start tracking your credit score and taking steps to keep it strong.

5. Start Saving Up Early

For some, this advice may seem obvious, but the truth is it’s never too early to start saving. Too many home buyers procrastinate when it comes to this important step, and end up scrambling in the end. There are a lot of different costs involved in buying a house, so you should set aside money long before you intend to buy at all. If you’ve already been saving for a while, you’ll already have a headstart on paying for things like your down payment, closing costs, and home repairs.

6. Look into Richmond Assistance Programs

There are lots of in-person and online programs designed to help first-time home buyers make the right decisions and get help or advice where it’s needed. Many cities and counties offer different programs and resources, and it might be a great idea to research these if you have questions about buying a home and could benefit from professional advice.

7. Fully Utilize Open Houses

When touring an open house, look for any warning signs of more serious issues with the home. Is there any water damage, or any appliances that may need replacing? Recognizing little things like this could warn you of unexpected costly repairs down the line. Really get a feel for the rooms and think about how the house might suit your needs. Voice any questions or concerns you might have, and your real estate agent will be able to provide you with the answers you need.

8. Negotiate with the Seller

When negotiating for your dream home, you can request that the seller make repairs to the house beforehand or even pay a portion of the closing costs for you. Their willingness to do these things will depend on the current state of the Richmond Housing market and the current demand for the home, so be sure to discuss any negotiation tactics you have with your real estate agent before you approach the seller with your requests.

9. Buy Quality Home Insurance

Look into different homeowner’s insurance plans and make sure you’re prepared for anything that comes your way. The last thing you want to do is not invest in quality insurance and be caught having to pay for home repairs out of pocket.

10. Pick a Good Real Estate Agent

A real estate agent can make or break your house-hunting experience. After all, they’re the avenue through which you buy a home. You want to make sure you pick an experienced agent who has the knowledge and skill to find you the best deal for your dream home. At Reynolds EmpowerHome Team, we have decades of Real Estate experience, so you can rest assured that we know just how to find you the perfect home stress-free! Call us today at 804-655-0651 to find out what sets us apart from other realtors!

If you’re a first-time buyer who still has questions, don’t worry! We’ve got you covered! On the first Tuesday of every month, we hold a FREE virtual First-Time Homebuyer Workshop for people just like you, who are looking to take the next big step in life! Hosted by Sarah Reynolds, EmpowerHome CEO, our workshop will tell you all the helpful insider tips you need to know before you buy your first home, including: