Purchasing a home is a major decision and an extremely rewarding one. I would love the opportunity to assist you through the steps in buying a home.
Home Buying Process in nine simple steps!
Find the Right Agent-
While surfing the internet, it gives buyers unprecedented access to home listings, but the internet does not look after your best interest. Agents have a fiduciary responsibility to their clients, so they are looking out for your best interest through the process. It is especially important that you work with someone you feel comfortable with and that you trust will take good care of you.
Get your finances in order-
Start by getting a full picture of your credit. Obtain copies of your credit report. Make sure the facts are correct and fix any problems you find.
Do not overextend yourself; you should aim to be as realistic as possible about your budget before falling in love with a home you cannot afford. A good rule of thumb is to keep your housing cost (mortgage, insurance, etc.) to 30% of your income.
Get pre-approved –
Find a suitable lender and get pre-approved for a loan. This will put you in a position to make an offer when you find the right house.
Start home shopping –
This is the most exciting part of the process! However, it can also be a very stressful and tiresome experience. Your real estate agent will start emailing you houses that meet the criteria you gave. Take notes of the things you do and do not like about each potential home, which will help refine your search. Be honest!! This is a huge decision, and you won’t hurt your real estate agent’s feelings by telling them upfront.
Make an offer –
Once you have found a home, you want your agent will work with you to craft an offer. Remember, the listing price is only a starting point. Your agent will understand the market and help guide you to make the most attractive offer, whether it’s below, at, or above the listing price.
Order inspection –
The home inspection goal is to make sure that all major systems and structures in your prospective home are in working order. A home inspector evaluates things like plumbing, electrical, HVAC, roofing, exterior walls, fireplaces, pools, and basement. Testing is also usually done for harmful effects like mold, radon, and asbestos. Buying a home is a big investment, and due diligence is essential.
Order an appraisal –
A licensed appraiser evaluates the home you want to buy and gives you an estimate on it’s worth. Typically, the appraiser is chosen by the lender but paid for by the buyer as part of the closing costs.
Schedule the move –
Prepare for the move!!! Remember to update your mailing address at USPS or fill out a change-of-address form at your local office. Create a list of people who you will need your new address and notify them. Contact utility companies. When packing, it is helpful to label your boxes especially with the stuff you need most.
On closing day, you will sign contracts to finalize the mortgage, pay the seller, and pay closing costs. The property title will be transferred to you, and you can move into your new home! Remember if this is your primary residence to apply for a Homestead Property Tax Exemption.