10 Things First-Time Homebuyers Should Know
Buying your first home is exciting. It's also one of those experiences where suddenly everyone has advice for you.
Your parents have an opinion. Your friends who bought three years ago have an opinion. TikTok definitely has an opinion.
The truth is, every home purchase is different. Your finances, goals, timeline, loan program, and local real estate market all play a role in what your buying experience will look like.
You don't need to become a real estate expert before buying your first home, but there are a few things that can make the process much easier.
Here are 10 things I wish every first-time homebuyer knew before getting started.
1. You May Not Need 20% Down
This is probably the biggest misconception I hear from first-time buyers.
Depending on your qualifications and loan program, you may be able to purchase with significantly less than 20% down. Some conventional programs allow qualified borrowers to put as little as 3% down, FHA loans may start at 3.5%, and eligible VA borrowers may qualify for zero-down financing.
There may also be down payment assistance programs available to qualifying Nevada buyers.
Before assuming you can't afford to buy, talk with a knowledgeable lender and learn what options are actually available to you.
2. Get Pre-Approved Before You Fall in Love With a House
Scrolling through homes online is fun.
Falling in love with one before knowing whether it fits your financing? Less fun.
Getting pre-approved early helps you understand your potential price range, estimated monthly payment, and financing options. It can also identify financial issues that may need to be addressed before you're ready to make an offer.
Once you're ready to seriously shop, having your financing lined up also puts you in a better position to move quickly.
3. Your Maximum Approval Isn't Necessarily Your Ideal Budget
Just because a lender approves you for a certain amount doesn't mean you need to spend every dollar of it.
Think about the lifestyle you want after buying the house.
Do you travel? Eat out? Have hobbies? Want money available for savings, home improvements, or emergencies?
Your monthly housing payment should fit into your life—not become your entire life.
4. Your Down Payment Isn't Your Only Expense
First-time buyers often focus so heavily on the down payment that they forget about the other costs involved.
Depending on your transaction, you may also need money for:
Earnest money
Home inspections
Appraisal
Closing costs
Homeowners insurance
Moving expenses
Utility setup
Immediate repairs or purchases
Before you start shopping, ask your lender and real estate agent to help you understand the bigger financial picture.
5. No House Is Perfect
Even brand-new homes can have inspection findings.
A home inspection isn't necessarily about deciding whether a house is "good" or "bad." It's about understanding what you're purchasing.
Some issues may be minor maintenance items. Others may require further evaluation or potentially affect your decision.
Don't panic when you receive a lengthy inspection report. Review it carefully with the appropriate professionals and focus on understanding the condition of the property.
6. Your First Home Doesn't Have to Be Your Forever Home
This one is important.
Your first home doesn't need every feature you've ever dreamed about.
Maybe it doesn't have the dream kitchen.
Maybe the backyard is smaller than you'd like.
Maybe you'll eventually need another bedroom.
Your first purchase can simply be the home that makes sense for the stage of life you're in right now.
Needs change. Careers change. Families change. Your first home can be a stepping stone rather than your final destination.
7. Location Matters More Than Cosmetic Features
Paint can change.
Flooring can change.
Light fixtures can change.
Location can't.
When you're comparing homes, pay attention to things that are difficult or impossible to change, such as the lot, neighborhood, commute, nearby amenities, property layout, and overall location.
Don't let an ugly paint color make you overlook an otherwise great house—or beautiful staging convince you to ignore a location that doesn't work for you.
8. Don't Make Major Financial Changes During Escrow
Once you're under contract, your lender continues monitoring your financial situation until closing.
This is generally not the time to:
Finance a new car
Open a new credit card
Buy furniture on credit
Make unexplained large deposits
Move significant amounts of money around
Change employment without discussing it with your lender
Even seemingly harmless financial decisions can affect your loan qualification.
When in doubt, ask your lender before making the move.
The furniture will still be there after you get the keys.
9. The Cheapest House Isn't Always the Best Deal
Price is only one part of determining value.
A less expensive home that immediately needs a roof, HVAC system, flooring, appliances, and major repairs could ultimately cost you more than a slightly higher-priced property that's been well maintained.
Look at the entire picture:
Purchase price + condition + location + monthly expenses + future maintenance.
That's a much better way to compare homes.
10. Who You Work With Matters
Your first home purchase involves a lot of moving pieces.
You'll potentially work with a real estate agent, lender, inspector, escrow and title professionals, insurance provider, appraiser, and other specialists along the way.
Having experienced professionals who communicate well can make a huge difference.
You should never feel embarrassed to ask questions.
A good real estate agent isn't just there to unlock doors. They're there to help you understand the process, navigate negotiations, manage deadlines, and know what happens next.
Bonus: Don't Compare Your Timeline to Anyone Else's
Your friend bought at 24.
Your coworker bought at 35.
Someone on Instagram just bought their third investment property.
None of that matters.
Buying a home is a major financial decision, and the right time to buy is when it makes sense for your finances, your goals, and your life.
There's no prize for buying before you're ready.
Final Thoughts
Buying your first home can feel overwhelming because there are so many things you haven't experienced before.
That's completely normal.
You don't need to know everything about real estate before getting started. You need to understand your financial position, know what matters most to you, and have professionals around you who are willing to explain the process along the way.
And sometimes, the first step is simply having a conversation.
Thinking about buying your first home in Las Vegas, Henderson, Summerlin, or the surrounding area? Waldeck Real Estate Group can help you understand your options, build a game plan, and navigate your first purchase from pre-approval to keys.
