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What to Know Before Buying Your First Home

July 20, 2025

Do you dream of the day you can buy your first home from a Chattanooga TN home builder? Do you wonder what it might be like to go through the process of buying a home?

When you purchase a home from an experienced builder like River Stone Construction, you can expect a smooth progression of steps that ends with you getting the keys to the home of your dreams.

Here’s a general outline of how it goes:

Preparation

First, you’ll want to get pre-approved for a mortgage. This tells you how much home you can afford. It also prepares you to make a quick offer on the right house. You don’t want to find a home you love only to have someone else snatch it up before you can make an offer! Apply with several potential lenders to see who will give you the best interest rate and payment.

Meanwhile, get the money together for a down payment and other costs. Your down payment should be at least 3% of the home price unless you’re using a special zero-down program such as a VA loan. Other costs include an earnest money deposit of 1-2% of the purchase price to show that you’re a serious buyer. On the day of closing you’ll pay taxes, fees and other expenses that add up to 2-5% of the purchase price.

House hunting

Now the fun begins! You know what you can afford and you have your funds ready, so it’s time to find your dream house! Start with a list of must-haves to help you narrow down your search. How many bedrooms do you need? Do you want a two-story or single-level home? Do you need a home office?

If you’re choosing a new home from a builder’s inventory, make an appointment with a sales counselor to tour the homes you like. Your ideal home will include all of your must-haves, at least some of your nice-to-haves, and will make you feel good about the purchase.

Contract and closing

Wrap up your home-buying adventure by signing the contract to purchase a home and then attending the closing. The house will officially become yours!

Looking to buy your first home in Chattanooga? The Eleuthera and The Exuma townhome communities by River Stone Construction offer great options for first-time buyers. Both communities offer low-maintenance living and affordable 2-bedroom townhomes from $279K.

Call River Stone Construction today at 423-954-7550 to check out these beautiful townhomes designed and built by a top Chattanooga TN home builder.

This post was written by River Stone.