🏡Unsure When to Buy Your First Home?

If you’re currently renting, you may be closer to owning a home than you think! This guide will show you how to prepare, what to expect, and why buying may be a smarter long-term move than renting.

🔑 Step 1: Preparing

• Check credit score
• Save for down payment & closing costs
• Get pre-approved with a lender

Understanding Down Payments

• Conventional Loan: Typically 5-20% of the purchase price. Putting 20% down helps avoid private mortgage insurance (PMI).
• FHA Loan: As little as 3.5% down with a credit score of 580+. Designed for first-time buyers with limited savings.
• VA Loan: For veterans and active-duty service members. Requires no down payment.

Understanding Closing Costs

Expect 2%–5% of the loan amount in closing costs. These may include:

• Loan origination fees
• Appraisal and inspection fees
• Title search and title insurance
• Attorney or settlement fees
• Prepaid taxes and homeowner’s insurance

🏠 Step 2: Finding a Home

• List must-haves vs. nice-to-haves
• Explore neighborhoods & schools
• Tour homes with a trusted real estate agent

✍️ Step 3: Securing a Home

• Make an offer
• Get inspection & appraisal
• Do a final walk-through before closing

📊Rent vs. Own Comparison

📞 From Renting to Owning

If you’re renting, imagine redirecting your monthly payment into building equity and wealth for your future. Homeownership gives you stability, freedom, and the chance to grow your investment instead of paying off your landlord.

➡️ Contact me to discuss your options. micala.demchak@cbrealty.com or 856-745-3994

*If you're still more comfortable renting, I can also assist in finding a great rental!*

Don't see the town you're looking to buy in? Let me know & we'll discuss!

As both a realtor and real estate investor for almost 10 years, I have extensive, first-hand experience buying, selling, flipping, renting, and managing properties. My clients benefit directly from the knowledge I've gained and from my personalized hands on approach.