Tips for First Time Home Buyers in Columbus, Ohio
Welcome to Tips for First Time Home Buyers in Columbus, Ohio. Did you know that the median home sale price in Columbus has continued to increase in the past year? This competitive market highlights why preparation is so important when buying a home.
While it is really exciting to reach that milestone of buying your first home, the whole process of achieving that can be very challenging, especially if you’re not quite used to the real estate market in Columbus, Ohio.
In 2022, the median sale price for homes in Columbus was $290,000, an 11.5% increase from the previous year. This trend continued into 2023, with the median sale price reaching $302,000, a 4.1% increase from 2022.
Despite the increasing prices, you need not worry much. If you’re able to prepare properly and with some insider knowledge, you’ll be able to open the door to your dream home in no time. In fact, even with the challenges of the market, Columbus saw 27,987 homes sold in 2023, which shows that first time home buyers can still find success.
In this guide, we’ll walk you through everything you need to know as a first-time home buyer.
Why should I consider buying a Home in Columbus, Ohio
You would want to get a home in Ohio for many reasons. This Midwestern gem has a thriving job market, many lovely neighborhoods, and a very affordable cost of living. Ohio also has a friendly Midwestern charm and a growing food and arts scene, which makes it a great place to put down roots.
There is a lot anyone can enjoy in staying in Ohio. Whether you’re a young professional looking for a vibrant urban scene, a growing family in search of great schools and parks, or a retiree seeking a welcoming community and plenty of cultural offerings, the City has something for everyone.
Tips for First Time Home Buyers in Columbus – Preparing for Home Ownership
Let’s quickly talk about getting ready to be a homeowner before you start looking at listings and dreaming of having your first breakfast in your new home. Here are a few important things you should do:
Make a Good Down Payment:
The down payment should be between two and twenty percent of the home price, so saving up is essential. Your monthly mortgage payments would be lower, and your equity in the home would be higher if you could put down a larger amount.
Include Closing Cost in your Budget:
The closing costs may be several thousand dollars, so be sure to include them in your budget. Appraisal fees, title insurance premiums, and property tax bills are common examples of such costs.
Improve your Credit Score:
Improving your credit score can also help you get a better mortgage rate, so it’s a smart move. In the months preceding the purchase of your property, settle any existing debts, maintain on-time utility payments, and refrain from opening any new credit lines. You can impress lenders with your prudent borrowing habits and get better loan amounts and terms with a good credit score.
Get pre-approved:
When it comes to mortgages, it’s wise to get pre-approved. This is the process of letting a lender know your financial situation, including your income, assets, and obligations so that they can determine their lending limit. Possessing a pre-approval letter demonstrates to sellers that you are a serious buyer and gives you a clear indication of the amount of a home you can afford. Once you find the right house, you can move quickly to close because you will have finished part of the paperwork.
Tips for First Time Home Buyers in Columbus – What to Consider When Choosing a Home
When choosing a home, think about the square footage and floor plan that would work best for your family when making a decision on where to settle down. Do you want a small, beginning house or a large, sprawling property with plenty of space to expand? Would you rather live in a detached house with a yard or a condo that requires less upkeep? Take into account your present and future requirements, including if you intend to establish a family or work remotely.
Think about the areas you would like to live in and the features you absolutely must have next. Would you like a peaceful suburban setting or proximity to downtown? Do you value proximity to major roadways more than walkability? Consider what’s most important to you and write it down. Maybe it’s close to great schools, parks, restaurants, or public transit.
The best way to find out what bus and light rail options are available in the neighborhoods you’re interested in is to do some research.
Exploring the Columbus Real Estate Market
The fun part is exploring the Columbus housing market. There is a nice mix of available houses and competitive prices in the market right now, which is great news for buyers. Remember, though, that the market could change based on the area and kind of property you’re looking at.
Here are a few amazing places to consider:
The Short North
The hip Short North, with its many galleries, boutiques, and restaurants, is one of the most sought-after areas for first time homebuyers. For people who love city life on foot and want to be right in the middle of everything, this is the place for you.
Clintonville
Clintonville, with its historic homes, tree-lined lanes, and welcoming community spirit, is another wonderful alternative. With its handy location near Ohio State University and great schools, this region is loved by both young professionals and families.
Grandview Heights
Those in search of a more posh atmosphere can find it in Grandview Heights. This Columbus suburb is known for its picturesque parks, upscale restaurants, and convenient access to the city center. If you value convenience to the city but don’t want to sacrifice opulence, this is a fantastic choice. Known for its abundance of green areas, secure streets, and top-rated schools, Upper Arlington is another family-friendly suburb with a low crime rate.
Other Areas to Consider
Olde Towne East, Franklinton, and Italian Village are a few of the burgeoning neighborhoods that you shouldn’t miss. New construction, restored historic homes, and an expanding arts and culture scene are all contributing to the revitalization of these areas. Stunning Victorian mansions and a close-knit neighborhood characterize Olde Towne East, while Franklinton is rapidly becoming a mecca for entrepreneurs and creative types. Its modern and old buildings coexist in Italian Village, which is north of downtown and famous for its hip eateries and quaint cafes.
Be sure to visit different neighborhoods at different times of day and on different days of the week when you have the time. Get a feel for the neighborhood’s character, traffic, and liveability with this. Whether you’re at an event or a coffee shop, don’t be shy about striking up talks with locals. They may have knowledge and suggestions that you won’t discover anywhere else.
Tips for First Time Home Buyers in Columbus – Working with Real Estate Professionals
It’s essential to have a reliable real estate agent by your side if you want to buy a home in Columbus without facing any challenges. Try to find a trustworthy real estate agent who knows the area very well and can help you through the entire buying process. You may need to ask around for recommendations and carry out some interviews to get a good agent. Ensure that you get a realtor who knows the Columbus market inside and out and has expertise in helping first-time buyers.
As a home buyer, your agent will act as your advocate and help you in getting properties that meet your criteria the agent is expected to negotiate offers and coordinate with parties such as mortgage lenders and house inspectors on your behalf.
The home-buying process, local neighborhoods, and real estate markets may all be better understood with the help of a real estate agent. That’s their job, therefore it’s fine to depend on their expertise and inquire!
Once you make an offer and your house offer is accepted, hire a home inspector to help do a thorough home inspection which can reveal any structural defects, problems with the electrical system or plumbing, or signs of water damage.
Tips for First Time Home Buyers in Columbus – The Home Buying Process
Use internet listings and applications to inspect properties from the convenience of your couch when it’s time to start searching for homes. Photos, virtual tours, and neighborhood data are just a few of the features offered by websites such as RE/MAX to provide you with info on homes that are currently on the market.
To round out your house hunting, it’s a good idea to visit open houses and arrange private showings with your real estate agent. Seeing properties in person allows you to ask questions, get a feel for the area, and imagine yourself there. If you want to compare properties later on and remember details, taking pictures and notes is a good idea.
Steps to Take When You Find a Home
Once you’ve discovered a home you love, here are a few things to do:
Have Your Real Estate Agent Negotiate for You: You should get your real estate agent to assist you in setting a reasonable offer price by taking into account recent sales in the neighborhood, the home’s condition, and any special features or additions. In addition to making sure the transaction goes well, they will also help you through the bargaining process so that you may receive the greatest offer.
Study All Key Details: Do your research thoroughly before committing to the closing of your new house. This involves doing things like thoroughly studying all paperwork and disclosures and conducting a house inspection to find any problems. In order to verify that the property is worth the amount they will loan you, your lender will also need an appraisal. In the event that any warning signs emerge, your agent will be able to guide you through them and advise you on how to proceed.
Do a Final walkthrough on Closing Date: To make sure the property is in the condition you expected, you will undertake a final walkthrough on closing day. The next step is to sign a stack of papers, such as the deed, mortgage paperwork, and closing statements. The balance of your cash, including the down payment and closing expenses, will also be sent. You will be the proud owner of your new home once all the necessary arrangements are made!
After the Purchase
You want to make sure that you give yourself plenty of time to unpack and get comfortable in your new house after the big move. Hang up some artwork, unpack your possessions, and get to know your new area. Keep your employer, subscriptions, and post office up-to-date with your latest address.
Protect your investment as a new homeowner by keeping up with routine house maintenance. Make a plan to service your HVAC system, clean the gutters, and change the air filters at regular intervals. Be vigilant in your search for foundational problems, such as leaks or cracks, and fix them quickly to save money in the long run.
Get active in your new neighborhood; you won’t regret it. Get to know your neighbors, join a local group, and attend community events. You may make your new house feel more like a home by fostering a strong feeling of community. Furthermore, a sugar cube or a sympathetic ear could come in handy at any moment.
An exciting and potentially life-changing journey awaits first time home buyers in Columbus, Ohio. Your goals of homeownership can be accomplished if you plan ahead financially, collaborate with reliable experts, and keep yourself updated about the local market.
Keep in mind that purchasing a home is more of a marathon than a sprint. Be patient, ask lots of questions, and seek help from professionals. You will discover the ideal place to settle down and begin this next phase of your life if you are patient and persistent.
Take it easy and enjoy the process as you move into your new house and discover everything that Columbus has to offer. Buying a home is a huge commitment, but it’s also a great chance to start a family, establish roots, and grow your wealth.
You can begin your search for a home in Columbus, Ohio right here. We provide all the real estate services you need to help you get a good home in Columbus. You can contact us at (614) 316-3324
