First-Time Homebuyer Tips to Get You Started

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Buying your first home is a big deal—and it’s normal to have questions. From figuring out your finances to making an offer and closing, there are a lot of moving parts. If you’re planning to buy in Tampa Bay, this guide will help you understand what to expect and how to prepare.

This guide explains the following:

• Start with mortgage pre-approval

• Make a realistic budget

• Choose the right real estate agent

• Understand what to expect during showings

• Be prepared to make an offer

• Get a home inspection

• Know what happens during closing

Here’s a closer look at each.

Start With Mortgage Pre-Approval

Before you start touring homes, talk to a lender about getting pre-approved for a mortgage. This shows sellers that you’re serious and gives you a better idea of what you can afford. You’ll submit some financial documents like W-2s, tax returns, pay stubs, and bank statements. The lender will check your credit, verify your income, and give you a pre-approval letter.

Sellers in competitive markets want to know you’re ready to buy. A pre-approval can make your offer stronger—and sometimes it’s required before showings even happen.

Make a Realistic Budget

Figure out how much you’re comfortable spending each month—not just what the bank says you can afford. Include the mortgage, property taxes, insurance, utilities, maintenance, and HOA fees (if applicable). Don’t forget to set aside money for closing costs, which usually add up to 2% to 5% of the home’s purchase price.

If you’re buying in Florida, factor in additional costs like wind or flood insurance, depending on the location. Your REALTOR® can help estimate your monthly expenses based on current market conditions and local taxes.

Choose the Right Real Estate Agent

Working with a local REALTOR makes the process smoother, especially if it’s your first time buying. Your agent will help you understand the market, schedule showings, negotiate on your behalf, and walk you through every step.

Look for a REALTOR who knows Tampa Bay and has experience helping first-time buyers. A good real estate agent will answer your questions, explain your options clearly, and give you honest advice—even if it means walking away from a house that isn’t right for you.

Understand What to Expect During Showings

Once you’re pre-approved and working with an agent, you’ll start viewing homes. During showings, take notes and pay attention to things like layout, condition, natural light, noise levels, and yard size. Don’t be afraid to ask your agent questions or take your time looking.

If you see something you like, move quickly—especially in a hot market. Your agent can help you compare homes, weigh the pros and cons, and figure out your next steps.

Be Prepared to Make an Offer

When you find a home that checks your boxes, your REALTOR will help you write an offer. This includes the price, financing details, contingencies (like financing and inspection), earnest money, and your proposed closing date.

In competitive areas, you might need to make a strong offer right away. Sometimes that means offering full price—or more—if the home is priced well and in high demand. Your agent will help you read the situation and respond strategically.

Get a Home Inspection

After your offer is accepted, hire a licensed home inspector to check the property. This step helps you uncover potential problems like structural issues, roof damage, plumbing leaks, or electrical concerns.

You’ll get a report after the inspection. If any major issues come up, you can ask the seller to make repairs, give you a credit, or renegotiate the price. Your REALTOR will guide you through the process and help you decide what’s reasonable.

Know What Happens During Closing

The final stretch is called closing. During this time, your lender finalizes the mortgage, a title company verifies the property’s legal status, and everyone prepares the necessary paperwork.

You’ll review a closing disclosure, which outlines your loan terms, monthly payment, and closing costs. On closing day, you’ll sign the documents, transfer funds, and get the keys to your new home.

If you can’t attend in person, ask your agent about remote closing options—something that’s more common now than ever.

FAQ About Buying a Home for the First Time

Check out these commonly asked questions about buying a home for the first time. If you don’t see your question here, please call our office and we’ll find you the answers you need.

What Credit Score Do I Need to Buy a Home?

Most lenders look for a score of at least 620 for conventional loans, but government-backed loans like FHA may allow lower scores. A higher score helps you qualify for better interest rates.

How Much Should I Save for a Down Payment?

The typical down payment is 3% to 20% of the purchase price. Some loan programs allow you to put down less, but a bigger down payment can lower your monthly payment and eliminate mortgage insurance.

Can I Use Gift Money for My Down Payment?

Yes. Many first-time buyers use gift funds from family. You’ll need to provide a gift letter and the source must be documented according to your lender’s guidelines.

What Is Earnest Money?

Earnest money is a deposit you make when the seller accepts your offer. It shows good faith and is usually 1% to 3% of the purchase price. It’s applied to your down payment or closing costs at closing.

What Costs Do I Pay at Closing?

Typical closing costs include lender fees, title insurance, appraisal, prepaid taxes and insurance, and recording fees. You’ll get an estimate early in the process, and the final numbers will appear in your closing disclosure.

Buying your first home is a major milestone—and it’s easier when you have the right people on your side. With a knowledgeable REALTOR, a clear budget, and a solid plan, you can move forward with confidence in Tampa Bay’s housing market. Every step counts, and this guide helps you make each one count even more.

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