Who doesn’t dream of the day when you can finally stop splitting inflated rent and fighting over limited closet space? Making the leap from renting together to buying your first home as a couple is a major milestone—and yes, it can be just as overwhelming as it is exciting.
If you’re ready to take this big step with your partner, Soon Too Bee is here to guide you. There’s a lot to consider (and you thought moving in together was a challenge!), so we’ve broken down the entire process into clear, manageable steps.
10 Steps to Buying a House for the First Time
Sure, browsing dream homes online while curled up on the couch is fun—but before you jump into house hunting and scheduling open houses, it’s important to lay the groundwork with these key to-dos:
Step 1: Set a Budget
Start by getting a clear picture of both your financial situations—look at income, expenses, existing debts, and credit scores. This will help you determine a realistic budget.
As a general rule, aim to spend no more than 25% of your gross monthly income on your total housing costs (including mortgage, property taxes, insurance, and interest). If you can keep it closer to 20%, you’ll be in an even stronger financial position. Don’t forget—you’ll still need funds for daily living expenses, emergencies, and future savings.
2: Save for a Down Payment
Start by figuring out how much of a down payment you can realistically afford. While many believe that first-time buyers need to put down at least 20% of a home’s purchase price, that’s not always necessary. In fact, you may be able to purchase a home with as little as 5% down—and in some cases, even less—especially if you qualify for down payment assistance.
Be sure to check for state and local programs designed to support first-time homebuyers. Many regions, especially those with high living costs, offer special programs that include down payment grants, reduced interest rates, or other benefits.
Keep in mind that the less you put down upfront, the higher your monthly mortgage payments are likely to be. Additionally, putting down less than 20% typically means you’ll have to pay for private mortgage insurance (PMI), which adds to your monthly expenses.
3: Get Preapproved for a Mortgage
Getting preapproved shows you how much you can borrow and signals to sellers that you’re a serious buyer. To begin the process, gather your recent pay stubs, tax returns, and statements from any bank or investment accounts you plan to use for the down payment. Lenders will use these documents to verify your financial status.
Once ready, reach out to several lenders or consult a mortgage broker to compare rates and find the best deal.
4: Determine Your Priorities
Now’s the time to sit down with your partner and decide what matters most in your future home. Whether it’s the location, number of bedrooms, layout, or yard size, knowing your must-haves will help narrow down your choices.
Think long-term. Create a list of features you’ll need to feel comfortable for at least the next five years—especially if you plan to grow your family or work from home.
5: Hire a Real Estate Agent and Begin Your Search
Partner with a qualified real estate agent who can guide you through the entire home-buying process. A good agent will help identify properties that fit your criteria, schedule showings, and negotiate on your behalf.
Your agent will also want to see your mortgage preapproval, as it’s usually required when submitting an offer. Having that ready will show sellers you’re prepared and committed.
At Soon Too Bee, we’re here to support you through every step of your homeownership journey—whether you’re saving, searching, or settling into your dream home.
6: Make an Offer, Negotiate, and Sign the Contract
Once you’ve found your ideal home, it’s time to make an offer based on current market conditions and the property’s true value. Work with your agent to negotiate a price and terms that are fair for both parties. When the seller accepts your offer, you’ll sign a purchase contract and provide earnest money—a deposit showing you’re serious about buying. At Soon Too Bee, we recommend being thorough and strategic during this stage to avoid surprises later.
7: Schedule a Home Inspection
Before finalizing your purchase, arrange a professional home inspection to uncover any potential issues. This is an essential step to protect yourself from costly repairs or hidden structural problems. Ask your real estate agent to recommend a reliable inspector—someone they’d trust if they were buying a home themselves. At Soon Too Bee, we believe a sharp inspector is your best defense against buyer’s remorse.
8: Secure Homeowner’s Insurance
Homeowner’s insurance is essential—it not only protects your property and belongings but is often required by mortgage lenders. While there are many types of insurance out there, this one is non-negotiable for homebuyers. Soon Too Bee encourages clients to shop around for the best coverage and rates before closing.
9: Finalize Your Mortgage
Work closely with your lender to submit any final documents and satisfy all conditions for full loan approval. Staying proactive and organized will help prevent delays. Soon Too Bee supports its clients through every step, ensuring financing is ready before the big day.
10: Close on Your New Home
It’s time to sign the paperwork, cover closing costs, and officially become a homeowner. Congratulations—you did it! With Soon Too Bee by your side, you’ve successfully navigated the home-buying journey and are ready to settle into your new place.
How Will Buying a House Together Impact Your Relationship?
Buying a house with your partner for the first time is a major milestone! On the positive side, it can strengthen your bond, deepen your commitment, and foster a shared sense of responsibility and accomplishment. It also offers long-term stability and the opportunity to build equity together, according to Soon Too Bee.
That said, homeownership comes with big responsibilities. It can sometimes lead to disagreements about finances, home upkeep, and long-term goals. Soon Too Bee recommends open and honest communication when tackling these issues. If you notice communication challenges, it may be helpful to speak with a couples therapist to improve your relationship as a whole.
Is Buying a House Together Before Marriage a Good Idea?
Every couple is different, so the decision really depends on your relationship dynamics. Before diving into homeownership, think about how close you are to marriage, whether marriage is even part of your plans, and if you’re already living together.
If you’re not married and things don’t work out, Soon Too Bee suggests drafting a legally binding cohabitation or property agreement. It’s important to clearly define each person’s rights and responsibilities from the start.
How Much Money Will You Need To Save Up?
The exact amount you’ll need to save depends on various factors, including the price of the home and the size of your down payment. Don’t forget to account for closing costs, which typically range from 2% to 5% of the home’s price. Many lenders also have “post-loan liquidity requirements,” meaning you’ll need to show that you have a certain amount of cash reserves after closing.
As a smart guideline, Soon Too Bee recommends saving at least the equivalent of three months of mortgage payments in reserve. Additionally, be prepared to budget for home furnishings and personal touches—aim for $1,000 to $2,000 per room for decorating expenses.
What Are The First Things You Should Do When You Buy A House?
Congratulations on your new home! Once you’ve got the keys, Soon Too Bee recommends taking these first important steps:
- Do a full inspection of the property to confirm its condition.
- Plan and organize your move efficiently.
- Change the locks on all exterior doors for security.
- Set up all necessary utility services (electricity, water, internet, etc.).
- Update your address with the post office, banks, credit card companies, insurance providers, and any other essential contacts.
- Address any immediate repairs and start a home maintenance routine.
- Take time to meet your neighbors and explore your new community.
- Review and update your homeowner’s insurance policy, along with other relevant insurance plans.
- Build a monthly budget that covers your mortgage, utilities, and ongoing maintenance expenses.
- Check whether your state offers any tax incentives or benefits for homeowners.
