The Ultimate First-Time Home Buying Guide

So, You've Decided to Buy Your First Home

Congratulations! Our team is here to help. On this page, you'll find a ton of valuable resources and some guidance to help you make the right choice in Winston-Salem. Simply click a button below to get started.

Find Your Perfect Style

First off, we're so excited you're considering Winston-Salem as your new home! This is a wonderful community with a lot to offer. And, when it comes to buying a home, you have to make sure it's in a community that's going to complement your unique lifestyle. Luckily, Winston-Salem has a lot going on. The job market is stellar, the recreation and entertainment opportunities seem endless, and the people are some of the friendliest folks you'll ever meet.

And, if city living isn't quite for you, you'll be delighted by the wide variety of charming communities that make up the greater Winston-Salem and Forsyth County area! Find your perfect fit by browsing our local area guides below. Have a question about a particular community? Don't be afraid to ask.

Local Winston-Salem Guides

Consult Your Finances

Buying a home is likely one of the biggest financial decisions you'll ever make. That's why it's so important to be very thorough as you set your budget and come up with a plan. Chances are, you're going to need a mortgage loan to afford your home. To get the process started, we highly recommend meeting with a lender to get pre-approved for a mortgage pre-approval.

During the pre-approval process, the lender will review every detail of your finances. This includes your savings, outstanding debts, any assets you may have, your annual income, and your credit score. To buy a home, it's highly recommended that you have three things: a good credit score, steady income, and a nice chunk of cash to use for the down payment. Once the lender has assessed your finances, they'll give you an estimate: that's the amount of money the bank is willing to lend you to buy your home. Boom: budget set.

However, we do recommend meeting with at least two or three different lenders before deciding on a mortgage loan and an interest rate. Please let us know if you need a recommendation, we have a network of lending agents we'd be happy to send you!

The Upfront Costs of Buying a Home

There's a lot more to buying a home than just making your monthly mortgage payments. Here are all of the fees and costs to expect when you purchase a home in Forsyth County:

Down Payment

Generally, for a standard mortgage, a down payment is 20% of the overall cost of your home. For a home that's priced at $250,000, that's around $50,000. However, depending on the type of loan you qualify for, your down pamyent could be anywhere from 3% to 20% or greater.

Earnest Money

Think of this as a "good faith deposit." Providing the seller with earnest money tell that that you're serious about buying their home. In today's market, sellers rarely accept an offer without some kind of earnest money deposit. If you end up buying the home, the earnest money goes towards your closing costs.

Home Inspection

This is crucial to buying a home. Before you sign any paperwork, you want to purchase a home inspection. This way, if there are any last-minute issues with the home that would affect your purchase, you'll be aware of it and be able to negotiate with the seller to have it resolved before closing. The average home inspection is anywhere between $300 and $700.

Closing Costs

When it comes time to close, that means it's time to pay all your closing costs. While this is an exciting time, it's important to plan and budget for these costs. These include real estate attorney fees, taxes, title insurance, and the cost to process your mortgage. Plan on closing costs being around 2-5% of your home's overall cost.

Calculate Your Monthly Payments!

Want to know what your monthly payments will be like? Use our free mortgage calculator to help estimate monthly costs.

Ready to Find Your
Dream Home?

Whether you'd prefer to live in a stylish condo close to work, a spacious home with multiple acres, or a stunning single-family home in the 'burbs, your perfect fit is waiting in Forsyth County. Ready to find your dream home?

Meet Your Perfect Match

Additional Home-Buying Resources

Looking for some extra resources we didn't cover above? We've got more for you to explore!

You Deserve the Best

If you're ready to buy a home in Winston-Salem or the greater Forsyth County area, then it's time to contact Forsyth Realty. We're here to help you explore the Winston-Salem, discover its beautiful communities, and find the perfect home for your unique needs. Give us a call and let's get started today!

We'd Love To Chat!

By giving us your phone number and email address, you are giving Forsyth Realty Group permission to contact you via email or phone.