Buying your first home is an exciting milestone—but it can also be overwhelming. Between choosing the right neighborhood, securing financing, and navigating the closing process, it’s easy to feel lost in a maze of paperwork and decisions. That’s why we created this First-Time Home Buyers Guide—to simplify the journey and equip you with the essential knowledge you need to step into your dream home with confidence.
Whether you’re buying a cozy condo, a starter home, or planning for your family’s future, this guide will help you avoid common pitfalls, save money, and make smart choices.
Step 1: Determine Your Budget
The first step in the home-buying process is to understand how much a house you can afford. Take a close look at your income, savings, and debts. A good rule of thumb is to keep your total housing expenses (including mortgages, taxes, and insurance) below 28%–30% of your gross monthly income.
Tips to Set Your Budget:
- Use an online mortgage calculator.
- Get pre-qualified or pre-approved with a lender.
- Factor in additional costs like maintenance, moving, and furnishing.
Pro Tip: Please keep in mind closing costs! These can range from 2% to 5% of the purchase price and include title insurance, attorney fees, and inspection costs.
Step 2: Get Pre-Approved for a Mortgage
A mortgage pre-approval shows sellers you’re a serious buyer. It also gives you a clear picture of your price range and helps you move quickly when you find the right property.
Key Mortgage Types:
- Conventional Loans—Ideal for buyers with strong credit and down payments of 5% or more.
- FHA Loans—Great for first-time buyers with lower credit scores; require as little as 3.5% down.
- VA Loans—For veterans and active military with 0% down.
- USDA Loans—For rural properties and qualified buyers with no down payment.
Step 3: Make a List of “Must-Haves” vs. “Nice-to-Haves”
When house hunting, it’s important to distinguish between what you need and what you want. Creating this list will help you and your agent focus on homes that truly fit your lifestyle.
Must-Haves:
- Number of bedrooms and bathrooms
- School district
- Commute time
- Safety and neighborhoods
Nice-to-Haves:
- Walk-in closet
- Granite countertops
- Backyard pool
- Smart home features
Step 4: Choose the Right Real Estate Agent
A seasoned real estate agent is your best advocate. They’ll help you find listings, schedule tours, negotiate prices, and handle paperwork.
How to Find a Great Agent:
- Ask friends or family for referrals.
- Read online reviews.
- Interview at least two agents.
- Choose someone familiar with the neighborhoods you’re interested in.
Step 5: Start House Hunting
Now the fun begins! As you tour homes, take photos and notes so you can compare later. Be sure to check out the neighborhood during different times of day and ask questions about the area.
Important Questions to Ask:
- How long has the property been on the market?
- Are there any known issues with the home?
- What are the monthly utility costs?
- What’s included in the sale?
Step 6: Make an Offer
Once you’ve found “the one,” your agent will help you draft an offer. This includes the price you’re willing to pay, contingencies (such as financing or inspection), and a timeline for closing.
Tips for Making a Strong Offer:
- Stay within your budget.
- Consider writing a personal letter to the seller.
- Be flexible on closing dates.
- Include a competitive earnest money deposit.
Step 7: Schedule a Home Inspection
A home inspection is a must. It helps uncover issues like faulty wiring, foundation cracks, or water damage. If problems arise, you can request repairs or renegotiate the price.
Typical Inspection Checklist:
- Roof condition
- HVAC systems
- Plumbing and electrical
- Appliances and fixtures
- Structural integrity
Step 8: Secure Homeowners Insurance
Homeowners insurance protects your investment and is usually required by your lender. Make sure your policy covers not just the home itself but also liability and personal belongings.
What to Consider:
- Deductible amount
- Coverage limits
- Add-ons like flood or earthquake insurance
- Multi-policy discounts
Step 9: Finalize your loan and prepare for closing.
During this stage, your lender will verify all financial information and issue a final loan approval. Be ready to provide additional documentation and avoid making large purchases or job changes.
What You’ll Need to Do:
- Review the Closing Disclosure (CD).
- Conduct a final walk-through of the property.
- Bring a cashier’s check or wire the funds for closing costs.
Step 10: Move Into Your New Home!
Once you’ve signed the final documents and received your keys, it’s time to move in and celebrate your new beginning!
Before Moving Day:
- Set up utilities (gas, electricity, water, internet).
- Forward your mail.
- Schedule a move-in cleaning service.
- Book a reliable moving company (more on that below!).
Bonus Tips for First-Time Home Buyers
- Don’t Skip the Inspection: Even new construction homes can have issues.
- Budget for the Unexpected: Appliances break, and repairs can be costly.
- Start Small: You don’t need your “forever home” right away.
- Think Long-Term: Consider resale value and neighborhood development.
- Protect Your Investment: Start a home maintenance calendar and stick to it.
How Cord Moving and Storage Can Help First-Time Home Buyers in Memphis
Buying your first home is exciting—but the logistics of moving can be stressful. That’s where Cord Moving and Storage comes in. As trusted Memphis movers, we’ve helped thousands of new homeowners relocate smoothly and securely.
Whether you’re moving across town or into your first apartment, our team is here to make the transition seamless.
Why Choose Cord Moving and Storage?
Experienced, professional movers in Memphis, TN
Packing and unpacking services to save you time
Secure short- and long-term storage options
A fully licensed and insured team
Affordable pricing with no hidden fees
Specialized office movers in Memphis for commercial relocations
Our local knowledge and customer-first approach have made us one of the most reliable names in the Memphis area. Whether you’re upgrading to a larger home or settling into your first condo, we take care of the heavy lifting—literally.
Ready to Make Your First Move?
Let us help you take the stress out of moving so you can focus on what really matters—making memories in your new home. Call Cord Moving and Storage, the trusted Memphis movers that first-time buyers rely on.
Contact us today for a FREE moving quote!
Visit our website or call (800) 873-2673.
Serving residential clients and businesses as top-rated movers in Memphis, TN, and experienced Memphis office movers
Your Dream Home Is Waiting—And We’ll Help You Get There!
