Home Purchase Tips Every First‑Time Buyer Should Know
Thinking about buying a home? It can feel overwhelming, but breaking it down into bite‑size steps makes the process a lot easier. Below you’ll find the most common costs, where you can shave money off, and a few tricks to boost your confidence when you walk into a viewing.
Main Costs You’ll Face
The first thing most people forget is that the price tag on a house isn’t the only number you’ll pay. Here’s a quick rundown of the big line items:
Down payment. In 2025 most lenders still expect 5‑20% of the purchase price. If you qualify for a grant, like the North Carolina down payment grant, you could shave a few thousand off what you need to save.
Closing costs. These cover things like transfer tax, title search, and attorney fees. In North Carolina the average buyer pays about 2‑3% of the sale price, but you can negotiate who covers which fees.
Mortgage fees. Expect an origination fee, appraisal cost, and possibly a credit report charge. Some lenders bundle these into the loan, which raises your monthly payment, so shop around for the lowest rate.
Inspection and survey. A solid home inspection can save you from costly surprises later. Budget $300‑$500 for a standard inspection, and a little more if you need a specialized one.
Realtor commissions. The traditional 6% split between buyer’s and seller’s agents still shows up on many deals. However, the new NAR settlement rules open up buyer rebates and limited‑service listings that can lower this number.
How to Cut the Costs
Now that you know where the money goes, let’s talk about trimming the bill.
Start by checking if you qualify for any first‑time buyer programs. North Carolina offers grants, low‑interest loans, and even tax credits that can reduce both the down payment and closing costs.
If you’re comfortable negotiating, consider a "For Sale By Owner" (FSBO) approach. You’ll still need an agent for the legal paperwork, but you can skip the seller’s commission.
Ask the seller to cover part of the closing costs. It’s a common request and many sellers are happy to do it to close the deal faster.
Use online valuation tools like Zillow’s Zestimate to get a ballpark idea of a home’s worth. While not perfect, it gives you leverage when you make an offer.
Finally, shop for a mortgage lender who offers a "no‑fee" loan or a lower origination charge. Even a 0.5% difference can save you hundreds over the life of the loan.
Buying a home doesn’t have to be a nightmare of hidden fees. By understanding the main costs and using the tips above, you can keep more of your hard‑earned money in your pocket and move into your new place with confidence.