An Informative (and Real Talk) Guide for First-Time Home Buyers

Introduction:

Let’s talk honestly about what it really takes to buy your first home.

Buying a home for the first time is exciting—but also a little scary, right? You’re making a huge decision, spending more money than you ever have, and jumping into a process that’s full of new terms, paperwork, and (let’s be honest) emotions.

If you’re here, you’re probably either dreaming about buying a place or already getting serious about it. Either way, you deserve to have real information—without the fluff, without the pressure, and without feeling like you have to figure it all out on your own.

So, let’s break it down together.

First Things First: Are you actually ready to buy a home?

Let’s be real for a second. Buying a home sounds like the grown-up thing to do. But it’s not the right move for everyone at every moment. Here’s a quick gut-check:

• Do you plan to stay in the same area for at least 5 years?

• Are your finances steady (aka regular income and some savings)?

• Can you handle surprise expenses, like a leaking water heater?

• Do you actually want the responsibility of being a homeowner?

If the answer to most of these is yes—amazing. You might be ready to start looking. But if you’re unsure, that’s okay too. Renting isn’t a waste of money, no matter what anyone says. It’s about what fits your life right now.

How Much House Can You Really Afford?

Let’s talk numbers—but in a way that makes sense. Just because a lender says you’re “pre-approved” for a certain amount doesn’t mean you should spend every last cent of it.

Take a look at your monthly income. Then think about everything else you pay for: groceries, gas, student loans, brunch (hey, it counts). A good rule of thumb? Try to keep your total monthly housing cost—mortgage, taxes, insurance, all of it—at or under 30% of your gross income.

Also, don’t forget about:

• The down payment (typically 3% to 20%)

• Closing costs (2–5% of the purchase price)

• Moving expenses

• Repairs and maintenance (yes, even the little stuff adds up)

Budgeting for a home isn’t just about what you can buy—it’s about what you can keep without stress.

Let’s Talk Mortgages (Don’t Worry, I’ll Keep It Simple)

Okay, deep breath. The word “mortgage” can feel intimidating, but it’s really just a fancy word for “home loan.” And there are a few main types:

• Conventional loans – These are common and work best if you have good credit and a bigger down payment.

• FHA loans – Great for first-time buyers with less-than-perfect credit. Lower down payments.

• VA loans – For veterans and military families. Often no down payment at all.

• USDA loans – If you’re looking in certain rural areas, this could be an affordable option.

A lender (aka mortgage expert) will help walk you through what you qualify for and what fits your budget. Don’t be afraid to ask questions—they’re used to it!

Get Pre-Approved Before You Start Scrolling Listings

Here’s why pre-approval is a smart move: it shows sellers that you’re serious and gives you a clear price range to work with. No more falling in love with houses you can’t afford.

To get pre-approved, you’ll need to provide things like:

• Proof of income

• Credit info

• Employment history

• Bank statements

It sounds like a lot, but once it’s done, you’ll feel way more confident looking at homes.

Ready to Start the Search?

This part’s fun—but also a little overwhelming. Try to stay focused on what matters most to you:

• Commute time

• School district (even if you don’t have kids, it affects value)

• Neighborhood vibe (quiet? walkable? family-friendly?)

• Must-haves vs. nice-to-haves

Touring homes can be exciting, but don’t get swept away by pretty kitchens if the roof’s falling apart or the price is way too high. Stick to your budget and your needs—and trust your instincts.

Offer Accepted! Now What?

So you found “the one.” You made an offer. And it got accepted! Pop the sparkling water—but don’t relax just yet.

Next steps:

• Get a home inspection (non-negotiable!)

• Order an appraisal (your lender requires it)

• Secure your final mortgage approval

• Set up homeowners insurance

• Review and sign closing documents

You’ll also pay closing costs here, which can be a few thousand dollars, so be prepared.

Don’t Forget Homeowners Insurance

It’s required by your lender—and also just smart. It protects you from damage, theft, or disaster. Be sure to shop around and compare coverage options, or work with a local insurance broker who can break things down in plain language.

Pro tip: Make sure your policy covers the real cost to replace your home, not just its market value.

Final Thoughts: It’s a Big Deal, But You’ve Got This

Buying your first home might feel like a giant leap—but you don’t have to do it alone, and you don’t need to have all the answers right away. Take your time, ask lots of questions, and lean on experts you trust.

Whether you’re buying next month or next year, planning ahead is the smartest move you can make.

Need help getting your finances in shape before you buy?

At Choice Accounting Partners, we’re here to help you budget, save, and plan for big goals like homeownership. Let’s talk about your numbers and make sure you’re 100% ready when the time comes.

👉 Schedule a consultation here

Disclaimer: This blog is for informational and educational purposes only and does not constitute financial, legal, or real estate advice. Always consult with a licensed professional before making financial decisions.