Purchasing a home is a major commitment that comes with tremendous benefits. I would love the opportunity to assist you through your home buying journey!
Home Buying Journey in 9 simple steps!
Finding the Right Agent
Selecting the right Real Estate agent is essential for a successful home purchase for many reasons. Not only will a good REALTOR have knowledge in the local Real Estate market, they will also have access to listings, a trusted network of professionals and top notch negotiation skills.
Agents are bound by a code of ethics and will look out for your best interest as well as offer guidance and support. It is especially important that you work with someone you feel comfortable with and that you trust will take good care of you.
Assessing your Budget
This involves determining how much you can afford to spend on a house, considering your income, savings, debt, and other financial commitments.
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.
Getting Pre-Approved
Find a suitable lender and get pre-approved for a loan. Your lender will give you all the information you need in order to get the process going. Once you are given your Pre-Approval letter, you are 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. Once you have done your research on the area you would like to live in, your real estate agent will begin sending you an email notification for homes that align with your specific housing preferences. 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, 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.
Home Inspection
The goal of a home inspection is to assess the condition of a property and identify any potential issues or defects that may require attention or repairs. A home inspector evaluates things like plumbing, electrical, HVAC, roofing, exterior walls, fireplaces, pools, and basement. Testing may also be conducted to detect hazardous substances such as mold, radon, and asbestos. Buying a home is a big investment, and thorough research and careful consideration are critical.
Order an appraisal
When finding the home you want to buy, a licensed Appraiser will assess the value or worth of the property. 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!!! Don’t forget to change your mailing address with USPS or fill out a change-of-address form at your local post 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 items you need most.
Closing Day
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 will receive possession and keys to move into your new home! Remember, if this is your primary residence, apply for a Homestead Property Tax Exemption. This is designed to help reduce the amount of property taxes homeowners are required to pay each year!