The Homebuying Process

Congratulations on making the decision to purchase a home of your own! There’s a lot to get done between today and move in day, but it is going to be exciting! Here’s what to expect when purchasing your home.

Research, Research, Research

How far are you willing to travel for work? What are the property taxes like in this town? If you have children what are the public schools like? Is there a homeowner’s association for this neighborhood? If you are going to buy a home you need to have answers to every possible question that may arise. This is a 30 year commitment and will likely be the most expensive thing you will ever own. Do your research and keep an eye on the market.

Find A Real Estate Agent You Can Trust

Not all real estate agents are equal. Talk to your friends and coworkers to see who they trust and if they have had a good experience with the person who sold them their home. Use the search engines and check out the reviews to see who the public has trusted with their home buying purchases. Review all of these reviews and use them to make an informed decision on who you would like to work with, and if your personalities clash or if you have issues with them or their realty office, you aren’t required to stay with them. Keep trying until you find the one that works with you.

Determine What You Can Afford

Buying is radically different than renting in the sense that you are now responsible for all utilities and in the event anything breaks, you are responsible for that as well. This isn’t just budgeting for rent and one or two utilities. You also have to factor in property taxes and insurance on the home. You should be putting money aside for any sort of repair work that needs to be done. You don’t want to have a home that stretches your resources thin because then every little thing that goes wrong could put you in a dire fiscal situation.

Get Prequalified For Your Mortgage

Just like when you go out to purchase a car, you need to do some research on what kind of mortgage you can afford. What is the percentage on your mortgage? How much do you need to put down? How much more can you afford to put down and how will that set you up down the road? You should seek out multiple banks and multiple institutions. Get the best deal for you and your family.

View Properties And Determine What You Like

Every successful home purchase comes after people have been to several  houses and learned what they like and what they don’t. What are you looking for in countertops? Do you like rugs or hardwood flooring? Have you ever given thought to when you want the sun to come in through the windows or blinds? Don’t be afraid to ask your Realtor to show you several choices.  That is part of our job – and we’re happy to do it !

Make An Offer And Negotiate Terms Of The Agreement

Get An Inspection

Getting the home inspected is typically a mandatory part of any home sale. The inspection will let you know if there is anything structurally wrong with them home. If the inspection leads to any issues you head back to the negotiating table to decide how much of the damage you would like for them to pay for or if they will take any money off of the price of the home in order to help you pay for it that way.

Get an Appraisal

Make sure you are getting a fair price for your home! A third party appraiser will let you know if what you are paying for the home is fair, and if the seller is letting it go for above, below, or at market value. 

Closure and paperwork

As the Buyer, you get to choose the title company who will process all the paperwork and record all the necessary documents.  Your Realtor can assist you by recommending a few title attorneys they have worked with in the past.  Naturally, you are free to choose any attorney or title company you like.  Settlement will usually occur anywhere from 14 days to 90 days from the date of your contract.