Most first-time homebuyers will agree that purchasing a home is an exciting process, albeit a nerve-racking one. As a home is the biggest investment you’ll make in your lives, it’s understandable that you want to ensure that you’re making an informed of a decision as possible. But since the process is new and requires a lot of research, it can be difficult to know where to begin to set yourself up for success. To help eliminate some of the guesswork, we’ve compiled our top five questions all first-time homebuyers should consider before beginning their home search.

1. How much can I afford?

This question is one of the first — scratch that, the first — all first-time homebuyers should ask themselves. Many buyers will begin their search by looking online for homes that they believe they can afford, but this often leads to disappointment when they realize they can’t afford as much as they’d hoped. Instead, begin your home search by going to the bank and talking through your financing options with a mortgage professional. They’ll be able to tell you what a comfortable price range would be, and you can then begin to tailor your home search from there. As a general rule, your total housing expenses should never exceed more than 30% of your annual income; this includes everything from mortgage payments and property taxes to insurance and maintenance.

2. How much downpayment do I need?

The amount you choose to put towards a downpayment is ultimately a personal choice that depends on your financial situation and the loan that you’ve been approved for. While it does take more time to save for a 10% downpayment, for example, you will have the advantage of a lower monthly loan payment, compared to mortgage loans of 3%, where lenders charge a higher interest rate to minimize their risk.

3. How should I choose a community to live in?

When on the hunt for a home, it’s important to remember that everything doesn’t revolve around the property itself; be sure to take the neighborhood and wider community into consideration. Factors such as what employment, leisure and recreation opportunities that are nearby; community amenities; proximity to friends and family; education systems for children; and local everyday conveniences like grocery stores all play a part in helping to determine what community is best suited to you. Luckily for Coastal Point residents, the community is home to a host of amenities and enjoys a prime location in League City, close to ample things to do and one of the best school systems in the state.

4. What are HOA fees, and what’s included?

Well-maintained facilities and lush landscaping in many communities aren’t by chance — they’re the result of the community’s contributions towards HOA fees. HOA fees are paid monthly or annually by residents and contribute towards the maintenance of all community properties, amenities and common areas. When you buy a home in a community like Coastal Point, you’ll be automatically enrolled as a member and required to pay. To learn more about what’s included in HOA fees at Coastal Point, click here.

5. Should I buy a new or resale home?

Much like how much you choose to put down for a downpayment, whether you’d prefer to buy a new or resale home is entirely up to you. There are advantages to both — with a resale home, you have the benefit of being in a more established neighborhood that’s close to many conveniences. With a new-build home, you’ll have the peace of mind knowing that your home is up-to-date on safety and construction standards, can be customized to your liking, and that you’re eligible for new home warranty.

Visit our website to learn more about life in Coastal Point, and be sure to explore our blog for more helpful resources, including how to read your new home’s floor plan and how using a Realtor benefits you.