What to know before buying your first home in Hillsboro, Oregon

As one of the most affordable cities near Portland, Hillsboro, Oregon is fast developing a sterling reputation for its blend of urban amenities and suburban charm. With a thriving tech industry and proximity to both Portland and beloved destinations like wine country and the coast, it’s become a highly sought-after location for first-time homebuyers who are ready to plant their roots in the Pacific Northwest. 

But navigating the real estate market, especially as a first-timer, can feel overwhelming. If you’re looking to buy your first home in Oregon, read on for a few things you should know before you get started. 

Create a list of wants and needs

Before you even start looking at homes, it’s important to identify what you need and want—and to understand the difference between the two. This can help you eliminate homes that aren’t a good fit and act quickly when the right one comes along. First, identify your needs. These are the things you can’t live without, like a room for the kids, space for your dogs, or a main-floor bedroom for family members who have trouble with stairs. Next come your wants; these are things that are negotiable. Where is your ideal location? How much space do you want for your hobbies? Is living near a coffee shop a priority for you? Answering these questions in advance can help save time and effort once you’re ready to start touring homes. 

Learn about first-time homebuyer assistance in Oregon

Buying your first home is a huge undertaking, but you don’t have to go it alone! Oregon Housing & Community Services (OHCS) supports homebuyers who want to purchase a new home in two ways: helping fund down payment assistance programs, and providing lower-than-market-rate loan products through the OHCS Flex Lending program. Learn more about the assistance options available through OHCS at their website. You can also check out organizations like Portland Housing Center, which offer everything from education to down payment assistance. 

Become familiar with different types of loan options 

Oregon homebuyers have access to a variety of loan and mortgage options, so it’s important to compare offers from different lenders to find the best terms and interest rates. You may qualify for options like a conventional mortgage, FHA loan, VA loan, USDA loan, or OHCS loan. Be sure to shop around to find a loan that’s right for you.

Get preapproved

According to Bank of America, “getting preapproved shows sellers that you’re a serious homebuyer and that you can secure a mortgage.” For preapproval, you may need to share information about your income (like pay stubs), bank accounts (like recent statements), tax documents (like W-2 statements and personal/business tax returns), undergo a credit check, and more.

Consider attached homes

For first-time buyers, the benefits of attached homes—like townhomes, duplexes, and triplexes—can be very attractive, including lower purchase price, exterior maintenance that is covered by a homeowner’s association, and more affordable utility bills. Small-footprint homes not only reduce your environmental impact, because you occupy less space, they also reduce the home’s energy consumption and the building materials required, lowering your overall carbon footprint. They can be especially appealing to single homebuyers who may feel more comfortable with neighbors close by. 

Tour the neighborhood (more than once)

While shoppers often get caught up in the home itself, the neighborhood is just as important—if not more so. But it can be hard to get a true sense of a neighborhood from a 15-minute visit. That’s why we always recommend that people spend a while in their potential new neighborhood, visiting at different times of the day to get a feel for what it’s really like. Are there kids outside playing? Do people seem friendly? Are there amenities, like parks or restaurants, within walking distance? And you may be surprised at how different a neighborhood can feel once it’s dark outside. You can tell a lot just by walking around, so be sure to set aside the time to do so. 

Think outside the resale market

For first-time buyers, new construction homes can offer a compelling advantage. With modern amenities and energy-efficient appliances, new homes typically require less immediate maintenance and repairs, reducing unexpected costs in the early years of homeownership. And, in a competitive market like Hillsboro, new construction can offer a more streamlined purchasing process compared to navigating bidding wars on existing homes. At Reed’s Crossing, you generally have two options: select a home site and build from the ground up, or choose a quick move-in home. 

One of the big perks of building a new home is that you can often customize just about everything and be part of every design decision, from the initial plan to exterior features and interior finishes. In fact, many of our builders even offer complimentary design services to help homebuyers realize their dream home. But this process, while incredibly rewarding, also takes time and patience.

Fortunately, you can still enjoy the benefits of new construction with quick move-in homes. Since these homes are already built, you don’t have to wait to move in and start making your mark. This can make the whole process faster and less stressful, but you still get to enjoy all the benefits of a brand-new home in a thoughtfully planned community like ours. 

Still have questions about buying a new home in Hillsboro? Take a virtual tour, come by for a visit, or sneak a peek at what’s in store for the future.