Thinking About Buying Your First Home? Start Here.
- Teresa Lomax Marie Raines
- Jul 24
- 4 min read
Buying your first home is exciting—but it can also feel overwhelming.
Most first-time buyers aren’t worried about finding a home. They’re worried about whether they’re ready, how much money they’ll need, and whether they’re going to make an expensive mistake.
The good news? Nearly every first-time buyer asks the same questions.
At TLMR Homes, we guide first-time home buyers throughout Northern Colorado every day, and we’ve learned that understanding the process makes everything feel much more manageable. Here’s what we wish every buyer knew before getting started.
1. Do I Really Need 20% Down to Buy a Home?
No.
This is probably the biggest myth we hear.
While putting 20% down is certainly an option, many buyers purchase a home with far less. Depending on your financial situation and the type of loan you qualify for, there may be programs available that require significantly smaller down payments.
The best place to start isn’t saving an arbitrary amount of money—it’s having a conversation with a trusted lender who can explain your options based on your unique situation.
2. Should I Find a House Before Talking to a Realtor?
Actually, no.
Most buyers begin by browsing homes online, and that’s completely understandable. Looking at homes on sites like Zillow is fun and can help you identify what you like.
The problem is that many buyers fall in love with a home before knowing:
· What they comfortably qualify for
· What their monthly payment will look like
· How competitive they need to be
· How to schedule a showing
Meeting with a Realtor first gives you a roadmap. Once you know your budget and the buying process, shopping for homes becomes much less stressful—and much more enjoyable.
3. What Costs Should I Expect Up Front?
This is one of the biggest surprises for first-time buyers.
In addition to your down payment, there are several upfront expenses to plan for, including:
· Earnest money (typically around 1% of the purchase price)
· Home inspection
· Sewer scope
· Radon test
· Appraisal (when required by your lender)
· Closing costs
Closing costs often include lender fees, title company fees, recording fees, prepaid homeowners insurance, and other items required to finalize your loan.
One important note: Your earnest money is not an extra expense. It becomes part of your down payment at closing.
4. Is a Home Inspection Really Worth It?
Absolutely.
A quality inspection is one of the smartest investments you’ll make during the buying process.
For several hundred dollars, an inspection can uncover issues that could save you thousands—or even tens of thousands—of dollars after you move in.
We typically recommend a whole house inspection along with a sewer scope, roof inspection, and radon test whenever appropriate. These inspections give buyers valuable information before making one of the largest financial decisions of their lives.
5. What Does the Home Buying Process Look Like?
While every transaction is unique, most purchases follow the same basic steps:
1. Meet with a lender and get pre-approved.
2. Meet with your Realtor to discuss your goals.
3. Begin touring homes.
4. Write an offer.
5. Negotiate terms with the seller.
6. Complete inspections.
7. Complete the appraisal and final loan approval.
8. Attend closing.
9. Receive your keys and move into your new home.
In Colorado, buyers typically receive their keys on closing day, making the transition into your new home exciting and seamless.
6. What If I Don’t Feel Ready Yet?
Many buyers assume they’re not ready because they think:
· Their credit isn’t good enough.
· They don’t have enough saved.
· They won’t qualify.
· Homeownership feels out of reach.
Often, none of those assumptions are true.
The only way to know where you stand is to have a conversation with a lender and a Realtor. Even if you’re six months—or even a year—from buying, creating a plan today can make reaching your goal much easier.
Sometimes all it takes is understanding what steps come next.
7. What Will My Monthly Payment Actually Include?
Your monthly mortgage payment is more than just your loan payment.
In most cases, it also includes:
· Principal
· Interest
· Property taxes
· Homeowners insurance
If the home has an HOA, those dues are generally paid separately, but they’re still factored into your overall monthly housing budget.
For most buyers, the monthly payment—not the purchase price—is what ultimately determines the right home.
Why Working With the Right Realtor Matters
Buying your first home isn’t just about finding a property.
It’s about having someone in your corner who knows what questions to ask, helps you avoid costly mistakes, explains each step clearly, and provides perspective when decisions become emotional.
At TLMR Homes, every client works with both of us—not just one agent. Together, we combine our experience, communicate closely throughout the transaction, and support you from your first conversation through closing day.
Our goal is simple: make the process feel less stressful, more understandable, and ultimately more enjoyable.
Ready to Start the Conversation?
Whether you’re hoping to buy your first home next month or next year, we’d love to help you create a plan.
There’s no pressure and no obligation—just honest answers, practical guidance, and a team committed to helping you make informed decisions.
If you’re thinking about buying your first home in Longmont, Boulder, Fort Collins, or anywhere in Boulder County, Larimer County, or Western Weld County, we’d be honored to help.
Reach out to Teresa and Marie at TLMR Homes to schedule a complimentary first-time home buyer consultation. We’ll answer your questions, explain your options, and help you take the next step with confidence.