The First-Time Buyer's Guide to the 805
Everything you need to buy your first home in Santa Maria, Orcutt, Lompoc, or nearby, in plain words.
Before anything else: don't rule yourself out
A lot of first-time buyers decide it's out of reach before they ever talk to a lender. Believe it or not, that's the most common mistake I see, and it's the easiest one to fix.
Don't panic. You don't need to know how any of this works yet. This guide walks you through it in order, in plain words, from the first phone call to the day you get the keys.
I'm Lisa Bognuda, a REALTOR® with eXp Realty of California and a licensed general contractor. I help buyers in Santa Maria, Orcutt, Lompoc, Nipomo, and the towns around them.
Step 1: Talk to a lender first
Before you look at a single house, talk to a licensed lender. A lender can tell you what you can borrow, what loan types might fit, and whether you might qualify for a down payment program.
That conversation turns into a pre-approval. A pre-approval tells you what you can spend, and it makes your offer stronger when the right home comes up. Good homes don't wait, and the buyer who's ready usually gets the house.
I'll connect you with lenders I trust, and you choose who you work with. If your credit needs work first, that's okay. My credit repair guide walks you through improving it, and we can plan for when you'll be ready.
Step 2: Know what a home costs each month
The price on the listing is only part of the story. What matters day to day is the monthly cost. That usually includes:
- Your loan payment
- Property taxes
- Homeowner's insurance
- HOA dues, if the home has them
- Money set aside for upkeep and repairs
Your lender can estimate the first four for you. The last one is where my contractor's eye helps, because an older roof or water heater is a cost you'll want to plan for. I'll also give you my buyer guide and a payment calculator, so you know what a home costs each month before you fall in love with it.
Step 3: Pick the kind of home and the town
Condos, townhomes, single-family homes, and manufactured homes all have a place in a first-home search. Each one has different costs, rules, and upkeep, and I'll explain the tradeoffs of each.
The towns here are not one market. Santa Maria has the widest range of homes. Orcutt runs from older homes near Old Town to newer construction in Rice Ranch. Lompoc has more affordable housing options than many nearby coastal towns. Look at each one on its own. Explore the towns and neighborhoods I serve.
Step 4: Know what you're signing with your agent
Before we tour homes together, we'll sign a Buyer Representation and Broker Compensation Agreement, the BRBC. It spells out how I work for you and how I'm paid.
I walk you through every line before you sign. No surprises, and no question is a dumb question. See how buying with me works.
Step 5: Look at houses the way a contractor does
Most agents see bedrooms and bathrooms. I see what the house is going to cost you. On any home you're serious about, I look at it as a licensed general contractor: the roof, the foundation, the plumbing, the electrical.
On one home, I caught a $15,000 foundation problem before my clients were locked into a contract. A first home is a big stretch for most people. You shouldn't find out about a repair like that after you've moved in.
My look never replaces a professional home inspection and pest report. I always recommend both. What it does is tell you early whether a house is worth chasing.
Step 6: Make your offer
When you find the one, we write an offer built on what the home is really worth and what it needs, not on hope.
Once your offer is accepted, your earnest money goes straight to escrow, usually within three to five days. Then comes the inspection period, usually 17 days, when you can inspect, ask questions, and negotiate repairs. I read every inspection report as a contractor and tell you what a repair should actually cost.
Step 7: From accepted offer to keys
After the inspection period, your lender finishes your loan, and an appraisal checks the home's value for the lender. Escrow and title handle the paperwork and the closing. Before closing, you'll do a final walk-through to make sure the home is in the condition you agreed to.
I keep the deadlines and the people moving, and I explain each step before it happens, until you have the keys.
Mistakes first-time buyers make, and how to avoid them
- Ruling yourself out. Talk to a lender before you decide you can't.
- Shopping before you're pre-approved. You'll fall for homes you can't buy, or lose the right one to a buyer who was ready.
- Looking only at the price. Plan for the monthly cost, including upkeep.
- Falling in love before the inspection. Let the contractor's look and the inspection tell you what you're really buying.
- Skipping the inspection to win. It's the one time you can find out what's wrong before it's yours.
- Opening new credit during escrow. A new car or a big furniture purchase can change your loan. Ask your lender before you buy anything big.
- Waiting for the perfect house. Your first home doesn't have to be your forever home. It has to be a good buy you can afford.
Your next step
Start with a first conversation, no pressure. Call or text me at (805) 868-6126, and I'll connect you with lenders and set up a search for your budget.
Read more about how I help first-time buyers.
This guide describes my general process. Nothing here is legal, tax, or lending advice. Loan programs and terms come from your lender.
Frequently Asked Questions
How much do I need for a down payment?
It depends on the loan, and some buyers qualify for programs that help. A licensed lender can tell you what you'd need. I can connect you with lenders I trust.
What if my credit isn't great?
Talk to a lender anyway. If it needs work, my credit repair guide walks you through improving it, and we can plan for when you'll be ready.
How long is the inspection period?
Usually 17 days. That's when you inspect the home, ask questions, and negotiate repairs.
Does your contractor's look replace a home inspection?
No. I always recommend a professional home inspection and pest report. My look helps you decide early whether a house is worth pursuing.
Keep exploring
Ready to make your move with Lisa Bognuda?