Buying your first home is exciting, overwhelming, and probably one of the biggest financial decisions you’ll ever make! We’ve all been there.
If you’re feeling a mix of anticipation and panic, you’re completely normal! Let’s walk through what you really need to know to navigate this process successfully, especially here in Massachusetts and New Hampshire.
Get Your Finances in Order First
Before you start scrolling through listings online (we know you already are!), take a hard look at your financial picture.
Most lenders want to see a credit score of at least 620, though 740+ will get you the best rates. You’ll typically need 3-20% down depending on your loan type, plus money for closing costs, inspections, and those inevitable moving expenses.
Here’s the thing many first-timers don’t realize: pre-approval isn’t just recommended—it’s essential. In today’s competitive market, sellers won’t even look at offers without it.
A good mortgage broker can help you understand exactly what you qualify for and might find programs specifically for first-time buyers that could save you thousands.
Know Your Local Market
The Massachusetts and New Hampshire markets have their own personalities. What works in Boston won’t necessarily fly in Hampton or Portsmouth.
Some areas are seeing multiple offers on every decent property, while others give you more room to negotiate.
School districts, commute times, and local amenities all play huge roles in both your daily life and future resale value.
Don’t just look at the listing price—research what homes are actually selling for in your target neighborhoods. Sometimes that “great deal” isn’t such a deal after all.
The Hidden Costs Nobody Talks About
Your monthly payment isn’t just principal and interest. Factor in property taxes (which vary wildly between towns), homeowner’s insurance, possible HOA fees, and ongoing maintenance.
A good rule of thumb? Budget 1-2% of your home’s value annually for maintenance and repairs. That roof, furnace, and water heater won’t last forever.
And speaking of costs, don’t forget about the inspection. Never, ever skip this step. Spending $400-600 upfront could save you from discovering a $15,000 foundation problem later.
Timing and Strategy Matter
In our local markets, spring and summer are typically busier, which means more competition but also more inventory.
Fall can offer opportunities as sellers who’ve been on the market all summer become more motivated. Winter? You’ll have less to choose from, but serious sellers who list then are often eager to make deals.
When you find “the one,” be ready to move fast. Have your financing lined up, know your absolute maximum budget, and understand what terms might make your offer more attractive beyond just price!
Don’t Go It Alone
This process involves contracts, negotiations, inspections, appraisals, and legal documents that can make your head spin.
A good real estate agent isn’t just someone who unlocks doors—they’re your advocate, negotiator, and guide through a complex process. They know the local market, can spot red flags you might miss, and help you avoid costly mistakes.
Look for an agent who understands first-time buyers, communicates clearly, and has strong local connections. You want someone who’ll tell you the truth, even when it’s not what you want to hear.
Trust the Process (But Stay Alert)
Buying a home involves a lot of waiting—for loan approval, inspections, appraisals, and final paperwork.
It’s normal to feel anxious during these periods, but remember that each step exists to protect you.
Use this time to research moving companies, start thinking about immediate needs for your new home, and maybe start shopping for that lawn mower you’ll suddenly need.
You’ve Got This!
Yes, buying your first home feels overwhelming, but thousands of people do it successfully every year.
Take it one step at a time, ask questions when you don’t understand something, and remember that this is supposed to be exciting! You’re about to own your own piece of Massachusetts or New Hampshire.
The key is working with professionals who understand both the market and the unique challenges first-time buyers face. With the right guidance, you’ll navigate this process successfully and get the keys to your new home before you know it.
Ready to start your home buying journey? The experienced team at Laffely Real Estate Associates has been helping first-time buyers navigate the Massachusetts and New Hampshire markets with personalized, local service. Don’t tackle this alone—call us at (978) 255-4788 to discuss your goals and get started on finding your perfect first home!
