Have you been asking yourself, "How do I prepare to purchase a home?" Deciding to buy a home is a huge milestone in and of itself. The process that follows is often overwhelming. But with some guiding principles, there’s no need to be intimidated – just well-informed and prepared!
Since buying a home can be one of the most expensive decisions you’ll ever make, it’s important to prepare yourself before you dive into the process. Everyone’s journey to homeownership is different. Whether you plan to purchase a home with Habitat for Humanity or on the open market, there are some common tips and considerations that every homebuyer should bear in mind before embarking on the journey.
How much does buying a home cost?
The process of purchasing a home will be unique to you, but all prospective homebuyers start the homebuying journey the same way. Buying a home should start by understanding the short- and long-term costs associated with homeownership and establishing your budget. With Habitat's “Explore the Costs” calculator – you can figure out what you can afford and take the first step to buying your dream home.
What resources are available?
One of the most important things to remember when you decide to purchase a home is that you’re not alone in the process. Guidance from financial professionals, resources like Habitat’s Housing Counseling Program, and opportunities like grants and specialized loan programs for down payment and closing costs assistance – all of these can help make homeownership more accessible and sticking to your budget more achievable.
Where do I start?
If you dream of becoming a homeowner in the Bay Area, Habitat is here to help you navigate the process – whether you purchase a home through our Homeownership Program or not.
To feel confident when you start the homebuying process, we suggest you visit our Financial Education Center. This online educational library offers interactive playlists such as “Considering Homeownership” and “Buying a Home” that provide tools and resources you can access on your own time.
If you’re looking for a more in-depth opportunity to learn about the homebuying process, consider attending a HUD-approved First-Time Homebuyer Class. In partnership with eHome America, Habitat’s Housing and Financial Counseling Program offers an online, Homebuyer Education course, that you can complete at your own pace. You will learn the fundamentals of home buying such as:
- Preparing for homeownership
- Steps of the homebuying process
- Obtaining a mortgage loan
- Shopping for a home
- Protecting your investment
- Managing your money
- Understanding credit
Purchasing your first home can be a gratifying process if you’re prepared, know the process, and understand your budget – and if you need a partner along the way, we’re here!