Tips for First-Time Buyers in San Diego

Entering into the San Diego real estate market as a first-time buyer? Here are a few tips from your San Diego Realtor on how to shop for your first home.

Becoming a homebuyer for the first time can be a combination of excitement and confusion for many people. For the last 20 years I have helped many first-time buyers enter into the real estate market and I strongly suggest that you have a skilled professional help you along the way.

Whether you end up choosing to have a San Diego Realtor walk you through the process of buying a home for the first time or choose to strike it out on your own, there are a few things that you should know before you start.

Get a Handle on Your Finances

It is crucial that before entering into the marketplace that you have an idea of what you will be able to afford. Use tools like a loan calculator to figure out the impact that taking on a mortgage will have on your finances and make sure that you include additional factors like property taxes, utilities, and homeowners insurance.

Estimate Length of Occupancy

It’s best to look at how long you intend on occupying your first home. While this may change given shifting factors in your life further down the road, it can help you get an idea of how much of the upfront costs will be spread out while you live there.

Applying for a Home Loan

Preapproval on a home loan will make the process of purchasing your first home easier and faster, especially given that the market in San Diego is highly competitive. Additionally you should know how much to set aside for a down payment, especially given that if you put down at least 20% you won’t have to worry about mortgage insurance.

Keep Realistic Expectations

This does not mean that you should sell yourself or your dreams for homeownership short; far from it in fact. What this really means is be willing to make some compromises based on your priorities: Is it more important for you to be near good schools or to have a spa or swimming pool? It may not come down to one or the other, but knowing which is more important may guide you when you are presented with these types of decisions.

Having someone with experience to help you understand the market and guide you through your first experience with purchasing a home is crucial. If you have questions or would like a consultation please call me at 760-310-0234.

By Linda Moore

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