1: Know What You Want
What are the features do you want in your next home? Write them down. Use them as your search guide. Where do you want to live? Talk to your real estate agent and determine the location. Location, location, location. It is a very important part of buying the property.
2: What You Can Afford?
When you’re ready to move to the next step, you’ll want to get pre-approved for a mortgage.
There’s a big difference between a buyer being pre-qualified and a buyer who has a pre-approved mortgage. Anybody can get pre-qualified for a loan. Getting pre-approved means a lender has looked at all of your financial information and they’ve let you know how much you can afford and how much they will lend you. Being pre-approved will save you a lot of time and energy so you are not running around looking at houses you can’t afford. It also gives you the opportunity to shop around for the best deal and the best interest rates. Do your research: Learn about junk fees, processing fees or points and make sure there aren’t any hidden costs in the loan.
By definition, a pre-approved buyer has an approved mortgage subject to an appraisal of the property.
3. Start looking for the property.
You can begin this by searching online. I can help you identify houses that meet with your search range. Then, ask me to arrange visit and attend open houses that are in your target location and price range.Keep an open mind when you shop around.
4. Do not try to time the market.
The best time to buy is when you find your perfect house and you can afford it. Real estate is cyclical, it goes up and it goes down and it goes back up again. So, if you try to wait for the perfect time, you’re probably going to miss out.
5. Make an offer.
A real estate agent can help you negotiate the offer. Do not interact with the home buyer by yourself, let the agent do their job and keep you updated.
6. Consider purchasing a home protection plan.
These insurance policies can be purchased (by the buyer or seller), and help protect against unexpected costs or home repairs both during the listing period and in the initial years after a home is purchased.
7. Inspection and insurance
After your offer is accepted, you will need to set up, coordinate, and interpret various inspections (i.e. insect, radon, building quality, oil tank, title, etc). You will also need to arrange for homeowners insurance and finalize the mortgage process. This is a major step in the buying process. There are many potential problems that can be discovered during this period. These include a leaky roof, radon gas, termite damage, foundation problems, and wall cracks – to name a few. These problems surface all the time. The difference between closing on your dream home and starting the process all over again is what events occur during the negotiations between you and the seller. As your agent, I can help make these discussions go more smoothly. In most states, you will also have the option of a “walk through” before the closing. This is your last chance to make sure that all of the items that you have agreed upon were completed to your satisfaction.
8. Closing.
Closing is the wedding day in real estate. I can just imagine how happy you will be when I hand the key over to you.
Before you arrive at the closing, make sure all the necessary paper work and deposits have been completed. If the mortgage, title work, homeowners insurance and other items necessary under local and state laws are not completed and brought to the closing table, the closing may not take place on time. Depending on what the contract says, this could result in further action including financial penalties and even the loss of your rights to the home. Once you close, it is official – you own the property!
9. Be aware of some expenses
The difference between renting and homeownership is the sleeper costs. Most people just focus on their mortgage payment, but they also need to be aware of the other expenses such as property taxes, utilities and homeowner-association dues. New homeowners also need to be prepared to pay for repairs, maintenance and potential property-tax increases. Make sure you budget for these expense and set aside money for them.
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