Simple Steps To Buying A Home
Making the decision to buy a home can be one of the most exciting decisions in a person’s life, and making sure you have the right real estate team to support you is essential. Buying a home is likely one of the largest investments you will make, and is one that offers great financial benefits over time. This decision is not one that should be taken lightly. A Team Realty prides itself in spending time with our clients to make sure we comprehend exactly what it is that you are looking for in a new home. We recognize the challenges and stress involved in making such a large purchase, but we are here to support you through each and every decision. To begin assisting you in this process we have provided the following guidelines about the steps to take when buying a home.
Find the Right Real Estate Agent
Finding an agent who suits your needs is the first step in buying a home. Having a client- centered expert to support you throughout the process will result in buying the home of your dreams. You should look for an agent who is knowledgeable about the market and is able to convey their expertise to you so that you feel confident in their advice. Make certain you find an agent who will spend time with you to understand your needs, who will only show you homes that meet your standards. You should feel confident that your agent is willing to be a strong advocate for you, is prompt and accurate with deadlines, and is able to negotiate with the selling agent.
Financing your home
Making sure you have the financial resources to buy your dream home is the next important step. First you must examine your finances and determine a reasonable budget. Once you figure out what you are comfortable paying, finding a loan officer is the next step. This requires a bit of research comparing different lender’s interest rates, loan terms, credit report fees and application fees. Remember that your real estate agent is knowledgeable in this area and can give you information about suggested lenders. It is recommended that you consult with at least 3 lenders before making a decision. When you are ready, you can chose a lender and apply for a loan. These steps include submitting an application to get pre-approved, selecting a loan option based on your budget, and then providing documentation and a purchase contract from the house you are buying. You should obtain a title commitment from the seller and the lender will appraise your home. Once the deal is closed, you can access your financial funding.
Search for Your Dream Home
The real estate market has a lot to offer and can be a bit overwhelming, so how do you begin your search to find a home that meets all your criteria? Having a conversation with your agent to discuss your absolute requirements in a home can be a starting point. You may want to make a list of things such as desired locations, minimum square footage or bedrooms, qualities you are looking for in a community or neighborhood, and consider what amenities are must-haves in your new home. As your agent shows you different houses, you may find yourself modifying your needs. It is a process, and your agents are there to help you until you find exactly what you are looking for.
Propose the “Just-Right” Offer and Perform Property Inspections
It is very exciting to find the home you want to purchase, but it is important that you work closely with your agent to make a competitive offer that represents the accurate value of the home that the seller will accept. Your agent will help you determine this “just-right” price by researching other houses in the area of similar quality and comparing the pricing among them. When you are ready to make the offer you will have to discuss price, terms of conditions and write contingencies for any unforeseen problems of which you may be unaware.
Perform Property Inspections
This is followed by property inspections to uncover any unseen problems that may exist with the house. Such issues may include architectural damage, but establishing these conditions is necessary before purchasing a home. If a large problem exists, it is suggested that a specialist come evaluate the property as well. Lastly, it is always recommended to purchase homeowners insurance on your new home to protect the property.
Finalize the Offer and Close the Deal
Once the inspection is completed and any problems are resolved you are almost ready to call it your new home. Being in contact with your agent during this time is important to make sure that you complete and return necessary documents on time, make a final visit to your new home, and keep informed about the status of your financing. It is essential that you are financially responsible at this time so to not negatively affect your credit. Lastly, you will want to be certain to have a settlement statement to document the purchase and verification of insurance on the home before you close the deal.
This concludes the process and you have just made a very exciting investment. It is always recommended that you keep your home well maintained to prevent large expenses down the road and ensure the possibility of future sale. We encourage you to stay in touch with your real-estate agent with questions or concerns that may arise after your new house becomes your home.