January 28, 2025 • 8 mins
In this solo episode of Jim Sells the Suncoast, Jim breaks down the homebuying process into five clear steps any first-time buyer can follow. Whether you’re checking your credit score or making a list of deal-breakers, these tips help make one of life’s biggest decisions feel less intimidating—and a lot more achievable.
Key Highlights
- Check Your Credit
- A strong credit score can lower your interest rate, potentially saving you thousands over the life of your loan.
- Pull your credit report early and address any issues before jumping into a mortgage.
- Determine Your Budget
- Look at what you can comfortably afford each month—not just the maximum a lender approves.
- Your interest rate (influenced by credit) affects how much home you can buy at your desired monthly payment.
- Get a REALTOR
- A knowledgeable real estate agent is your guide, handling everything from property searches to contract details.
- They also connect you with professionals like mortgage brokers, inspectors, and more.
- Know Your Deal-Breakers
- Identify the non-negotiables—like a certain number of bathrooms, a single-level home, or specific garage space—to avoid wasting time on unsuitable properties.
- Focus on features that are difficult or expensive to change later.
- Identify Your Wants
- Think about your “nice-to-have” list: pocket doors, gourmet kitchens, or French doors to the backyard.
- Keep these secondary to your deal-breakers, but remember they can help you differentiate between similar listings.
Bonus Tip: Enjoy the House-Hunt
Leaning on a professional Realtor’s expertise can ease stress. With organization and clarity, you’ll be opening the door to your first home sooner than you think.
What’s Next?
Ready to begin or just have questions about the homebuying process? Reach out to Jim at jim.ahearn@gmail.com or visit Jim Sells the Suncoast. With the right plan, patience, and guidance, your first home is closer than you think!
A Personal Note from Jim:
Hey there, I’m Jim Ahearn, your go-to real estate guide and host of Jim Sells The Suncoast podcast! 🎙️✨ Dreaming of Florida life? I’ve got you covered! As your dedicated buyer's agent, I’ll handle everything from walk-throughs to closing, making your home-buying journey as smooth as a Florida breeze.
Whether you're local or tuning in from afar, I’ll bring the Suncoast to you with virtual tours and expert advice. Let’s chat about your dream home and I'll connect you with all the right people to make it happen.
Ready to move to paradise? Drop me a line – I can’t wait to help! 🌴🏡
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Jim (00:00):
Buying a home for the first time can feel like stepping into
the unknown.
Whether you're excited aboutfinding your dream home or
nervous about navigating theprocess, the reality is that
home buying involves a series ofsteps that are essential to
getting it right.
And while most of us only gothrough this process a few times
in our lives, real estateprofessionals manage these
transactions regularly, whichmeans they have the experience
(00:22):
to guide you smoothly along theway.
Recently, my daughter asked me,what do I need to do to buy a
home?
For more information, visit www.
FEMA.
gov It struck me that manypeople are likely in the same
position, unsure of where tostart or how to organize for
this big step.
Buying a home isn't an everydaytask, but breaking it down into
(00:42):
clear, manageable steps can makeall the difference.
After a bit of thought, Idistilled the process into five
core steps.
These five steps serve as agreat starting point to position
yourself for success and set thestage for finding the home
you've always dreamed of.
Let's dive into these essentialsteps.
Step one, check your credit.
(01:02):
Your credit score is one of themost important factors in
determining your eligibility fora mortgage and can even
influence the interest ratesyou're offered.
A higher credit score is like afinancial superhero cape.
It gives you the buying power tomake your dream home a reality.
Why does credit matter?
Well, mortgage lenders use yourcredit score to gauge how risky
it is to lend to you.
(01:24):
A higher credit score meansyou're a lower risk borrower,
which often results in a lowerinterest rate.
And lower interest rates cansave you thousands of dollars
over the life of the loan.
For example, let's say you'relooking at a 350, 000 home.
With a 7 percent interest rate,your monthly mortgage payments
not including taxes orinsurance, would be about 2,
(01:45):
528.
But if your credit scorequalifies you for a 6 percent
interest rate, the same homewould only cost you 2, 306 per
month.
See the difference?
A higher credit score can alsoopen up more loan options,
meaning you'll have a betterchance at securing a favorable
deal.
So before you start looking athomes, it's a good idea to pull
(02:07):
your credit report and see whereyou stand.
If your score isn't where you'dlike it to be, you can spend
your spitting time improving itbefore making any major
financial commitments.
Determine your budget.
Now that you have a betterunderstanding of your credit,
it's time to figure out how muchyou can afford.
The key here is to look at yourcomfort zone, not just your
(02:29):
maximum limit.
Take a step back and evaluateyour current finances.
What's your monthly rent?
Are you okay with paying alittle more for a mortgage, or
do you need to stay within asimilar range?
Here's a quick way to comparewhat your mortgage payment might
look like with differentinterest rates.
If you're comfortable paying 2,500 a month.
Your current rent, for example,you could afford a 350, 000 home
(02:52):
at a 7 percent interest rate.
But if you got a 6 percent rate,you could stretch that same 2,
500 a month to afford a 380, 000home.
The important takeaway here isyour credit score plays a role
in your budget.
Better credit means betterrates, which means more
purchasing power.
Take some time to map out yourfinances.
considering things like debt,monthly expenses, and savings,
(03:14):
and make sure you're comfortablewith the potential monthly
payment.
Step three, get a REALTOR.
Once you have a clear idea ofyour budget and your credit
situation, it's time to bring inthe pros.
A REALTOR is your guide throughthe home buying process.
Think of them like your personalGPS in the real estate world.
They're experts who know thelocal market and they can help
(03:35):
you navigate through listings,contracts, negotiations, and
everything in between.
Your realtor will have access tolistings that may not be readily
available to the general publicand can help you evaluate homes
based on your criteria.
They can also connect you withother key professions you'll
need during the process, likemortgage brokers, inspectors, or
(03:55):
even contractors if necessary.
In addition to showing youhomes, your REALTOR will take
care of the legwork.
They'll research things like theproperty's price history, local
taxes, HOA rules, and potentialred flags that could impact your
decision.
All you need to do is browse thelistings, share the ones you
like, and let your REALTORhandle the heavy lifting.
(04:18):
A good REALTOR will make yourhome buying experience far more
manageable.
And a lot less stressful.
Step four, know your dealbreakers as you start your home
search.
It's important to know what youcan't live without.
These are your deal breakers.
The must haves that you'll needto find in your new home.
Do you need two full bathrooms?
(04:38):
There's a three car garage, nonnegotiable, or maybe you can't
stand the idea of having to walkup and downstairs.
Whatever your must haves are,make sure you're clear about
them from the start.
The reason why deal breakers areso important is that they're
usually features that you can'teasily change.
While some things like paintcolor or landscaping can be
adjusted later on structuralelements, like the number of
(05:00):
bedrooms or bathrooms, the typeof flooring, or whether the home
has stairs are things that aremuch harder and more expensive
to alter.
So be upfront with yourself andyour realtor about what you need
and what you can compromise on.
Knowing your deal breakers willhelp you avoid wasting time on
homes that don't meet your basiccriteria.
Step 5.
After identifying your dealbreakers, it's time to think
(05:23):
about the nice to haves or yourwants.
These are the features thatwould make your dream home even
more perfect, but aren'tessential to your decision.
Maybe you love the idea ofpocket sliding glass doors, a
gourmet kitchen, or French doorsleading out to the backyard.
While these features areappealing, they aren't the
deciding factor when it comes tomaking an offer.
(05:45):
As you start narrowing down youroptions, keep these wants in
mind.
Having a list of features you'dlove to have will make it easier
to weigh your options and decidewhat's worth the investment.
But remember, when it comes tobuying a home, your deal breaker
should always take priority.
House hunt and have fun.
Finally, it's time to enjoy theprocess.
(06:06):
How something should beexciting, not stressful.
Listen to your Realtors advice.
They'll walk you througheverything from setting
timelines and submitting offersto managing contracts and
navigating inspections.
While it's easy to getoverwhelmed by the details, keep
in mind that your Realtor ishere to guide you.
This is a big step and they'rehere to, and they're there to
(06:27):
help you make informed decisionsand ensure that everything runs
smoothly.
With the right mindset and asolid plan, you'll be unlocking
a door to your new home in notime.
In conclusion, buying your firsthome doesn't have to be
intimidating.
By following these five keysteps, checking your credit,
determining your budget, gettinga realtor, knowing your deal
(06:49):
breakers, and identifying yourwants, you'll be well on your
way to finding a home that bothfits your needs and your
lifestyle.
And most importantly, rememberto enjoy the journey.
With the right guidance and alittle patience, the home of
your dreams is closer than youthink.
You're ready to get started orhave questions, please reach out
via email, text, or call I'mhappy to help or point you in
(07:10):
the right direction.
Buying a home for the first time can feel like stepping into
the unknown.
Whether you're excited aboutfinding your dream home or
nervous about navigating theprocess, the reality is that
home buying involves a series ofsteps that are essential to
getting it right.
And while most of us only gothrough this process a few times
in our lives, real estateprofessionals manage these
transactions regularly, whichmeans they have the experience
(00:22):
to guide you smoothly along theway.
Recently, my daughter asked me,what do I need to do to buy a
home?
For more information, visit www.
FEMA.
gov It struck me that manypeople are likely in the same
position, unsure of where tostart or how to organize for
this big step.
Buying a home isn't an everydaytask, but breaking it down into
(00:42):
clear, manageable steps can makeall the difference.
After a bit of thought, Idistilled the process into five
core steps.
These five steps serve as agreat starting point to position
yourself for success and set thestage for finding the home
you've always dreamed of.
Let's dive into these essentialsteps.
Step one, check your credit.
(01:02):
Your credit score is one of themost important factors in
determining your eligibility fora mortgage and can even
influence the interest ratesyou're offered.
A higher credit score is like afinancial superhero cape.
It gives you the buying power tomake your dream home a reality.
Why does credit matter?
Well, mortgage lenders use yourcredit score to gauge how risky
it is to lend to you.
(01:24):
A higher credit score meansyou're a lower risk borrower,
which often results in a lowerinterest rate.
And lower interest rates cansave you thousands of dollars
over the life of the loan.
For example, let's say you'relooking at a 350, 000 home.
With a 7 percent interest rate,your monthly mortgage payments
not including taxes orinsurance, would be about 2,
(01:45):
528.
But if your credit scorequalifies you for a 6 percent
interest rate, the same homewould only cost you 2, 306 per
month.
See the difference?
A higher credit score can alsoopen up more loan options,
meaning you'll have a betterchance at securing a favorable
deal.
So before you start looking athomes, it's a good idea to pull
(02:07):
your credit report and see whereyou stand.
If your score isn't where you'dlike it to be, you can spend
your spitting time improving itbefore making any major
financial commitments.
Determine your budget.
Now that you have a betterunderstanding of your credit,
it's time to figure out how muchyou can afford.
The key here is to look at yourcomfort zone, not just your
(02:29):
maximum limit.
Take a step back and evaluateyour current finances.
What's your monthly rent?
Are you okay with paying alittle more for a mortgage, or
do you need to stay within asimilar range?
Here's a quick way to comparewhat your mortgage payment might
look like with differentinterest rates.
If you're comfortable paying 2,500 a month.
Your current rent, for example,you could afford a 350, 000 home
(02:52):
at a 7 percent interest rate.
But if you got a 6 percent rate,you could stretch that same 2,
500 a month to afford a 380, 000home.
The important takeaway here isyour credit score plays a role
in your budget.
Better credit means betterrates, which means more
purchasing power.
Take some time to map out yourfinances.
considering things like debt,monthly expenses, and savings,
(03:14):
and make sure you're comfortablewith the potential monthly
payment.
Step three, get a REALTOR.
Once you have a clear idea ofyour budget and your credit
situation, it's time to bring inthe pros.
A REALTOR is your guide throughthe home buying process.
Think of them like your personalGPS in the real estate world.
They're experts who know thelocal market and they can help
(03:35):
you navigate through listings,contracts, negotiations, and
everything in between.
Your realtor will have access tolistings that may not be readily
available to the general publicand can help you evaluate homes
based on your criteria.
They can also connect you withother key professions you'll
need during the process, likemortgage brokers, inspectors, or
(03:55):
even contractors if necessary.
In addition to showing youhomes, your REALTOR will take
care of the legwork.
They'll research things like theproperty's price history, local
taxes, HOA rules, and potentialred flags that could impact your
decision.
All you need to do is browse thelistings, share the ones you
like, and let your REALTORhandle the heavy lifting.
(04:18):
A good REALTOR will make yourhome buying experience far more
manageable.
And a lot less stressful.
Step four, know your dealbreakers as you start your home
search.
It's important to know what youcan't live without.
These are your deal breakers.
The must haves that you'll needto find in your new home.
Do you need two full bathrooms?
(04:38):
There's a three car garage, nonnegotiable, or maybe you can't
stand the idea of having to walkup and downstairs.
Whatever your must haves are,make sure you're clear about
them from the start.
The reason why deal breakers areso important is that they're
usually features that you can'teasily change.
While some things like paintcolor or landscaping can be
adjusted later on structuralelements, like the number of
(05:00):
bedrooms or bathrooms, the typeof flooring, or whether the home
has stairs are things that aremuch harder and more expensive
to alter.
So be upfront with yourself andyour realtor about what you need
and what you can compromise on.
Knowing your deal breakers willhelp you avoid wasting time on
homes that don't meet your basiccriteria.
Step 5.
After identifying your dealbreakers, it's time to think
(05:23):
about the nice to haves or yourwants.
These are the features thatwould make your dream home even
more perfect, but aren'tessential to your decision.
Maybe you love the idea ofpocket sliding glass doors, a
gourmet kitchen, or French doorsleading out to the backyard.
While these features areappealing, they aren't the
deciding factor when it comes tomaking an offer.
(05:45):
As you start narrowing down youroptions, keep these wants in
mind.
Having a list of features you'dlove to have will make it easier
to weigh your options and decidewhat's worth the investment.
But remember, when it comes tobuying a home, your deal breaker
should always take priority.
House hunt and have fun.
Finally, it's time to enjoy theprocess.
(06:06):
How something should beexciting, not stressful.
Listen to your Realtors advice.
They'll walk you througheverything from setting
timelines and submitting offersto managing contracts and
navigating inspections.
While it's easy to getoverwhelmed by the details, keep
in mind that your Realtor ishere to guide you.
This is a big step and they'rehere to, and they're there to
(06:27):
help you make informed decisionsand ensure that everything runs
smoothly.
With the right mindset and asolid plan, you'll be unlocking
a door to your new home in notime.
In conclusion, buying your firsthome doesn't have to be
intimidating.
By following these five keysteps, checking your credit,
determining your budget, gettinga realtor, knowing your deal
(06:49):
breakers, and identifying yourwants, you'll be well on your
way to finding a home that bothfits your needs and your
lifestyle.
And most importantly, rememberto enjoy the journey.
With the right guidance and alittle patience, the home of
your dreams is closer than youthink.
You're ready to get started orhave questions, please reach out
via email, text, or call I'mhappy to help or point you in
(07:10):
the right direction.
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