🏡 The Ultimate Guide for First-Time Home Buyers
Buying your first home is exciting — but it can feel stressful if you don’t know where to start. At SRQ Coastal Living, we’re here to help you feel informed and confident every step of the way. Here’s our easy, step-by-step guide for first-time home buyers in Sarasota and the surrounding area.
✅ 1. Know What You Can Afford
Before you start searching for Sarasota homes for sale, figure out how much you can afford. Review your income, monthly expenses, and savings for a down payment, which can be as little as 3.5% down with an FHA loan. Many first-time buyers aim for a mortgage payment that’s no more than 28–30% of their income.
Tip: Use an online mortgage calculator to get an idea of your monthly payment. Click HERE for an example on our website.
📝 2. Get Pre-Approved for a Mortgage
Getting pre-approved by a trusted local lender is an important first step. It tells you what price range you can afford and shows sellers you’re serious about buying.
Timing: 1–5 days if you have your paperwork ready.
🔍 3. Find a Sarasota Real Estate Agent You Trust
A local, experienced agent makes buying your first home much easier. They’ll help you find the right homes, negotiate your offer, and handle all the details along the way.
💡 Good news: The seller usually pays your agent’s commission, so there’s no out-of-pocket cost for you.
👉 Meet our Sarasota real estate agents
🏠 4. Start House Hunting
Make a list of must-haves, nice-to-haves, and deal-breakers. Get off zillow and go tour homes with your realtor, visit open houses, and get to know different neighborhoods. Take notes and photos to help compare options.
Timing: 2–6 weeks — some buyers find the right home fast, others need more time.
👉 Browse Sarasota homes for sale
✍️ 5. Make an Offer
When you find the perfect home, your agent will help you make a strong, competitive offer based on current local market conditions. They’ll also handle negotiations if the seller counters.
Timing: 1–3 days to draft, review, and submit your offer.
💡 Escrow Deposit: When your offer is accepted, you’ll pay an earnest money deposit — usually 1%–3% of the purchase price — to show you’re serious. This money goes into an escrow account and is credited to you at closing.
🔎 6. Get a Home Inspection
Once your offer is accepted, hire a licensed home inspector. They’ll check the property for hidden issues so you know exactly what you’re buying. If problems come up, your agent can help negotiate repairs or credits with the seller.
💡 Home Inspection Fee: $300–$600, paid by you.
🏷️ 7. Home Appraisal
Your lender will order an independent home appraisal to confirm the fair market value of the property. The appraiser will assess the home based on its condition, location, and recent comparable sales.
As the buyer, you pay for the appraisal — but your lender picks the licensed appraiser to ensure neutrality.
If the appraisal comes in lower than your offer price, you may need to renegotiate with the seller or pay the difference in cash.
Together, the inspection and appraisal protect you and your lender from paying more than the home is worth.
💡 Appraisal Fee: $400–$600, paid by you.
💰 8. Finalize Your Mortgage
After the inspection and appraisal, you’ll work with your lender to lock in your interest rate, finalize the mortgage paperwork, and get your loan cleared to close.
🗝️ 9. Close and Get Your Keys
On closing day, you’ll sign the final documents, pay any remaining closing costs, and receive the keys to your new home. Congratulations — you’re officially a homeowner!
💡 Closing Costs: Plan for 2%–5% of the purchase price. This covers lender fees, title insurance, taxes, recording fees, and more. Your earnest money deposit is applied here, so you’re not paying twice.
⏳ How Long Does It Take to Buy a Home?
A typical real estate transaction in Sarasota takes 30–45 days from accepted offer to closing. The entire process — from deciding to buy to moving in — usually takes 2–3 months for most first-time buyers.
💡 Tip: Getting pre-approved early and working with an experienced local agent can save you time and stress.
📞 Ready to Buy Your First Home in Sarasota?
If you’re ready to start your first home buying journey, the team at SRQ Coastal Living is here to help you every step of the way.
👉 Contact us today to get started!
Want to explore local communities? 👉 Check out our Sarasota neighborhood guides.
