Homeownership hub
Your first home starts with a plan.
A step-by-step look at the homebuying journey
Buying a home is a big decision, but it doesn't have to feel overwhelming. The process becomes easier when you know what to expect and what to prepare for.
This guide walks you through the major steps, from figuring out your budget to getting the keys to your new home.
Step 1: Understand Your Budget
Before you start touring homes, determine what you can comfortably afford.
Your homebuying budget may include:
Down payment
Monthly principal and interest
Property taxes
Homeowners insurance
HOA dues, if applicable
Closing costs
Home maintenance and repairs
Remember: The price you see on a listing isn't necessarily the full cost of owning the home.
Ask yourself:
What monthly payment would fit comfortably within my budget?
Step 2: Get Pre-Approved
A mortgage pre-approval can help you understand how much you may be able to borrow and gives you a clearer price range when searching for homes.
Your lender may review information such as:
Income
Employment
Credit history
Assets
Existing debts
A pre-approval is different from a final loan approval, but it can be an important early step in the process.
Layton tip:
Get pre-approved before you fall in love with a home.
It can help you shop within a realistic range and prepare you to make an offer when you find the right property.
Step 3: Find Your Layton Realty Agent
A real estate agent can help you:
Search for homes
Schedule showings
Understand property information
Prepare an offer
Negotiate with the seller
Navigate the transaction through closing
Choose someone who understands the areas you're considering and communicates in a way that works for you.
Step 4: Start Your Home Search
Now comes the fun part.
Consider what matters most to you:
Location
Commute
Schools
Shopping
Restaurants
Parks
Transportation
Home
Bedrooms
Bathrooms
Square footage
Yard
Garage
Home office
Property type
Financial
Purchase price
Estimated monthly payment
Property taxes
HOA fees
Don't forget your "must-haves" vs. "nice-to-haves."
Your perfect home may not have every feature on your list.
Step 5: Tour Homes
Photos can tell you a lot, but seeing a home in person can tell you much more.
During a showing, pay attention to:
Overall condition
Natural light
Storage
Noise
Layout
Signs of water damage
Roof and exterior condition
Appliances
Neighborhood surroundings
Take notes and photos so you can compare homes later.
Step 6: Make an Offer
Once you find a home you want, your agent can help you prepare an offer.
An offer may include:
Purchase price
Financing terms
Earnest money
Contingencies
Proposed closing date
Other terms
The seller may accept your offer, reject it, or respond with a counteroffer.
Step 7: Complete Your Due Diligence
Once your offer is accepted, there is still important work to do.
Depending on the transaction and local requirements, this may include:
Home Inspection
A professional inspection can help identify potential issues with the property.
Appraisal
If you're financing the purchase, your lender may order an appraisal to help determine the property's value for lending purposes.
Title Review
A title company or other appropriate professional may review ownership records and address potential title issues.
Step 8: Finalize Your Mortgage
During this stage, your lender works toward final loan approval and closing.
You may need to provide updated documentation.
Important: Avoid making major financial changes during the mortgage process without talking to your lender first.
That can include:
Taking on new debt
Opening new credit accounts
Changing jobs
Making large unexplained deposits
Making major purchases
Step 9: Prepare for Closing
Before closing, review your final documents and understand the funds you'll need to bring.
Your closing professional and lender will provide instructions about:
Final loan documents
Closing costs
Cash needed to close
Wire/payment instructions
Final walkthrough
Be careful with wire instructions.
Real estate transactions can involve significant amounts of money. Always independently verify payment instructions with the appropriate closing professional before sending funds.
Step 10: Get the Keys 🔑
Congratulations!
Once the transaction has officially closed and the appropriate requirements have been completed, you can begin your next chapter as a homeowner.
Ready to start?
Find your next home with Layton Realty.
