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First-Time Buyers' Guide

Don't Know Where to Start? Don't Worry!

Buying your first home can be a lot to navigate—there are showings to attend, finances to organize, and tons of new things to learn. But luckily, you don't have to do it all alone! From helping you figure out the ins and outs of mortgage payments to narrowing down your home search based on your specific wants and needs, I'm here to make your New River Valley first-time buying experience successful and stress-free.

Use this page as your go-to guide for all things buying, and let me know if you have any other questions along the way! 

Find Your Dream Home

So, you've decided to buy a home in the New River Valley area. Congratulations! With scenic views, beautiful parks, and a wide variety of homes, the New River Valley is sure to have a home perfect for you. If you already know exactly what you're looking for, feel free to use my custom search tool to narrow things down. Still need some inspiration? Just search all listings, and see what pops out to you!

Consult Your Finances

Are you ready to buy your first home? One of the best ways to get a grasp on your financials and understand your budget is to meet with a bank lender to get pre-approved. Pre-approval might sound intimidating, but it's a great way to review every aspect of your finances—including your credit score, annual income, tax information, savings, any outstanding debts you may have, and any assets you've earned over the years—and set a realistic price for your future home. After the lender takes a look at this information, they'll let you know how much the bank is willing to loan you.

As with many processes, it's best to meet with more than one lender before you commit. Different lenders will give you different numbers, so make sure you're getting the best deal possible. 

The Upfront Costs of Buying a Home

Your monthly mortgage payments are just one of the expenses that come with buying a home. While a lot of other costs are only one-time payments, it's good to know what to expect before you get started.

Down Payment

While it isn't required, a 20% down payment is often preferred or required by many lenders. For example, if you are purchasing a home for $200,000, try to have $40,000 ready to put down. Loans with down payments of less than 20% may require Private Mortgage Insurance, but it's understandable that not all buyers have that much money put aside.

Earnest Money

Think of this as a sort of "security deposit" on your future home—it's the money you give to the seller ahead of time to prove you're serious about your offer. If you go through with the sale, that money will be put towards your closing costs.

Home Inspection

You might think you can skip out on the home inspection, but it's actually a crucial part of buying a home. The inspection is your chance to catch any last-minute issues that could affect your home's quality. A typical home inspection cost is anywhere between $300 - $700, but if any problems come up, it'll be well worth the extra expense.

Closing Costs

For buyers, closing costs are pretty manageable. They include miscellaneous things like real estate attorney fees, taxes, title expenses, and the cost to actually process your mortgage. In the end, closing costs typically end up totaling around 2-5% of your home's costs.

Calculate Your Monthly Payments!

Want to get a better idea of what you might be paying per month? Use this helpful mortgage calculator to get a step ahead of your monthly expenses.

Explore the Area

Finding the right community is one of the most important parts of your home search. You want to live somewhere with plenty of access to your job, hobbies, major attractions, and more. Luckily, whether you're looking for quiet town nestled in the foothills or a growing little city with plenty of perks and amenities, the New River Valley has plenty to offer. Browse a few of my in-depth area guides, with information on everywhere from Blacksburg to Radford, and find where you belong today. 

Additional Home-Buying Resources

Still need some info? Here are a few more of the resources I have to offer!

Ready to Get Started?

If you're thinking of buying a home in New River Valley, then it's time to give me call. With years of professional experience and local expertise, I'm here to help you explore the area, discover its unique communities, and find the perfect home for all of your wants and needs. If you're ready to get started, then contact me today! 

Let’s get in touch.

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