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5 Things First-Time Buyers Should Know Before Looking for their First Home and Jumping Into Real Estate
By Coach Joe Lauderman – Licensed REALTOR® & Real Estate Coach for First-Time Buyers
Buying your first home is a major milestone—and it doesn’t have to be intimidating. As a licensed REALTOR® serving South Carolina in Kershaw and Richland Counties, including Columbia, Elgin, Lugoff, and Camden areas, I specialize in coaching first-time buyers through the process with confidence. Here are five essential things you should know before making the leap from renting to owning.
1. Rent vs. Mortgage: Know the True Cost
Many first-time buyers are surprised to learn that a mortgage payment can be equal to or even less than rent. For example, if you’re paying $1,600/month in rent, a mortgage on a $269,000 home with a competitive interest rate could be in the same range—especially when you factor in tax benefits and equity growth.
Coach’s Tip: Run the numbers with a local lender. You might be closer to homeownership than you think—and building equity instead of just paying rent. A 3 Bedroom, 2 Bath house in the Columbia area is currently an average of 1833 per month and rising. Call or text me to see what you rent budget equals in a house payment.
2. Down Payment: It’s Not Always 20%
The myth that you need 20% down to buy a home keeps many first-time buyers on the sidelines. In reality, many loan programs allow for much less:
- FHA Loans: As low as 3.5% down
- Conventional Loans: Often 3–5% down
- VA & USDA Loans: 0% down for qualified buyers
Coach’s Tip: Ask your lender about down payment assistance programs available in South Carolina. You may qualify for grants or forgivable loans that reduce your upfront costs. Most of Kershaw County qualifies for Rural and USDA programs. I also have lenders who have helped people get into FHA loans with less down payment, in special circumstances. Contact me to connect and see if you may qualify.
3. Credit Score: What’s the Minimum?
Your credit score plays a big role in loan approval and interest rates. Here’s a general breakdown:
- 580+: May qualify for FHA loans
- 620+: Opens doors to conventional loans
- 740+: Best rates and terms
Coach’s Tip: If your score needs work, don’t panic. I can connect you with trusted lenders and credit specialists who help buyers improve their scores and qualify faster. Do not pay a company to help improve your credit score, it adds a bill and tightens your budget. We can get you on track at no cost to you.
4. Pre-Approval Is Your Power Tool
Before you start house hunting, get pre-approved. This shows sellers you’re serious and gives you a clear budget. It also helps you move quickly in competitive markets like Columbia and Elgin.
Coach’s Tip: Pre-approval gives you negotiating power. Sellers take your offer more seriously when they know you’re financially ready. You can get pre-approved quickly and easily on coachjoe.org under the financing tab.
5. You Don’t Have to Do It Alone
Buying a home is a team sport. I coach first-time buyers navigate every step—from finding the right lender to negotiating offers and understanding inspections.
Coach’s Tip: Choose a REALTOR® who listens, educates, and advocates for you. I’m here to make sure your first home purchase is smooth, informed, and successful. Choose a REALTOR® who has put the extra work and training to earn designations & certifications that can help you like ABR (Accredited Buyer Representative) and being a Real Estate Negotiation Expert (RENE) & Pricing Strategy Advisor (PSA) to get you the best deal on houses that are priced right.
Ready to Make the Move?
If you’re a first-time buyer in South Carolina and want personalized guidance, let’s connect. I specialize in coaching buyers in Camden, Elgin, Lugoff, and Columbia turn their homeownership dreams into reality.
📞 Contact Coach Joe Lauderman, Licensed REALTOR®
📍 Camden, SC
🔗joe.lauderman@cbrealty.com
