Thinking about buying your first home, but have zero experience? You don't have to have it all figured out to reach out. Start here to learn the basics + feel more confident about your future home purchase — one step at a time.

Your First Steps

Know your $

Start with your monthly budget. What do you spend on bills, groceries, eating out, gas, and everything in between? Write down your regular expenses and compare them with what you bring home each month. This gives you a clearer picture of what you can comfortably afford.

Next, check your credit. Free apps like Credit Karma can help you get started. If you're building credit from the ground up, ask your personal bank about options like a credit-builder loan. It's also a good time to review how much you currently owe.

Finally, start building your savings. This can be the hardest part, but you don't have to have everything saved overnight! First-time homebuyer programs, down payment assistance, grants, and seller contributions toward eligible closing costs may help make your purchase possible.

Here are a few additional upfront costs to plan for beyond your down payment:

Earnest money deposit (EMD): A deposit made during the contract process, separate from your down payment 

Home inspection: Often around $300–$400+, depending on the property and inspector.

Appraisal: Typically required by your lender as part of the process.

Additional inspections: For example, septic inspections when applicable.

Move-in expenses: Paint, cosmetic updates, furniture, appliances, and other things you may need for your new home.

Understanding your finances early can help you prepare for the costs of homeownership and feel more confident when it's time to buy.

Speak to a lender

Learn about mortgage options, down payment assistance programs, and the homebuying process. Connecting with a trusted lender early can help you understand where you stand and what steps to take next — even if you're not ready to buy yet. A lender can help you with more of the financial details than an agent can.

Ask Q’s now

You don't need a move-in date to start asking questions! Even if you are 1 or 2 years out from being ready, I’d still love for you to reach out! I have plenty of resources to help you understand what the process of buying a home looks like — And there is NO such thing as a stupid question.

Terms to know

1. Contingencies (The "Escape Hatches")

A contingency is a condition written into the purchase agreement that must be met for the deal to move forward. If the condition isn't met, either party (usually the buyer) can walk away with their deposit.

  • Inspection Contingency: Gives the buyer a set timeframe (e.g., 7–14 days) to have the home professionally inspected. If major structural, plumbing, or electrical issues are found, the buyer can negotiate repairs, ask for a price drop, or cancel the contract.

  • Appraisal Contingency: States that if the bank's independent appraiser values the home lower than the purchase price, the buyer isn't obligated to bring the extra cash to the table unless they renegotiate.

  • Home Sale Contingency: Allows a buyer to back out of purchasing a new home if their current house doesn't sell within a specified window.

2. Financial & Deposit Terms

  • Earnest Money Deposit (EMD): Often called "good faith money" that the buyer hands over shortly after an offer is accepted. It is held in a neutral escrow account and ultimately applied to the down payment or closing costs at closing.

  • Escrow: A neutral third party (like a title company or closing attorney) that holds funds, deeds, and documents until every condition of the contract is successfully fulfilled. Wilkins & Co. Realtors has their own Escrow account.

  • Closing Costs: Fees paid at the end of a transaction—such as lender fees, title insurance, taxes, and recording fees—which are split between buyer and seller.