Top Ten Tips for First Time Home Buyers in Greater Portland

Buying your first home in Greater Portland is an exciting time, and with this new experience also comes the learning curve of navigating through the Greater Portland Real Estate market.  As The David Banks team of experienced Greater Portland and Southern Main Real Estate agents here at RE/MAX by the Bay, we enjoy working with first time home buyers. The sense of anticipation and dreaming of owning their first home brings about a renewed freshness and reminds us of those things we enjoy about real estate!

If you are considering buying a home in Falmouth, Cumberland or Portland for the first time; we would like to point out the top ten factors of successfully buying your first home.  Our goal is to help you fully prepare for buying a home before you even begin looking at current homes on the Greater Portland Real Estate market.  Having your financing and real estate goals in order will help create a smooth and efficient home buying process.

1. Check Your Credit Score- Lenders will put a lot of weight on your credit score, so you want to make sure to have your credit in order. They will determine how much you qualify for in a mortgage based heavily on your credit.

2. Create a Housing Budget- Have a clear understanding of your budget each month, and do not spend more than 30% of your gross monthly income on your Greater Portland home. This includes your interest, principal, homeowners insurance and taxes. You don’t want to put yourself in a financial bind that you are constantly struggling to maintain each month.

3. Save Up- Begin to save the difference between your monthly rent now and what you plan on your monthly mortgage being. This will prepare you for what the monthly payments will look like once you move into your home and help you make any needed lifestyle adjustments now.

4. Determine Your Needs and Wants- You’ll want to make two separate lists based on your needs and wants. Your needs should be those things you absolutely need in your Greater Portland home. Your wants will be those items that you would prefer, but are willing to compromise on. Narrowing down and sorting out your needs and wants will help immensely when searching for a home. You’ll have a clear picture on what you are willing to let go of, since you will most likely not find a home that has absolutely everything you would like. Know when to give and when to stand firm. You’ll quickly narrow down your home search this way!

5. Find a Reputable Greater Portland Real Estate Agent- You’ll want to find a real estate agent who has experience in the Greater Portland Real Estate market.  An agent who has years of experience in the area will be a great asset in helping you find a neighborhood and home that best fits your needs and lifestyle.

6. Find a Lender- It is easy to want to begin searching online for your home, but without a sense of how much you qualify for; it’s easy to waste time looking at homes you might not be able to afford. Meet with a lender before you begin looking at homes and get pre-qualified. You’ll be able to search more effectively online and when you begin working with an Greater Portland Real Estate agent to find a home.

7. Choose a Neighborhood-  We feel that you can’t go wrong in any area of Greater Portland that you choose! However, we also understand that each city does have a unique atmosphere and things to offer, so you’ll want to find the area that suits you the best.

8. Make an Offer- Your Greater Portland Real Estate agent will be able to give you a list of comparable homes in the area, and can help you determine an offer that is fair for the market. They will also make sure that you are being dealt with fairly as a first time home buyer.

9. Have a Home Inspection- This is very important! Even if the home looks perfect inside and out; there is no way of knowing what issues there may be without a home inspection. You don’t want to buy a home only to find that it needs the roof replaced or there is water damage. Having the home thoroughly inspected allows you to know exactly what you can expect in the home you buy.

10. Finalize- Once the contract is signed; you’ll still want to stay in touch with your agent and lender. There are always last minute finalizations that need to be made.

We hope that these ten tips will help you gain further insight into buying a Greater Portland home and what you are likely to experience.  If you have any questions about the Greater Portland Real Estate market or are ready to begin searching for your home; please let us know!

Our goal is to make the home buying process as stress-free as possible and we would love to help you buy your first home!

We look forward to hearing from you!

The David Banks Team
RE/MAX By the Bay

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