|
Know What You Can Afford:
Create a detailed list of your monthly spending (bills, groceries, clothing, auto expenses, etc.) and determine what you can comfortably afford. Take advantage of the various online resources, tools, and mortgage calculators that will help you determine a mortgage you can handle. Talk to an expert to help you assess your situation and what you can afford.
Get Pre-Approved:
Once you know what you can afford shop around for the best mortgage to fit your needs and get pre-approved. If you are pre-qualified beforehand you will have a greater negotiation power.
Don’t Do It Alone:
Buying a home can be an overwhelming experience full of emotions that can cause even the brightest of people not to think clearly. Use a realtor. A realtor will walk you through each step of the process, helping you avoid costly errors. Also, bring someone such as a friend or family member who’s been through the process of purchasing a home. This person will usually go into the process with the intention of protecting your best interests. They will be more likely to notice important details that you may miss. >> Back To Top
Searching For A Home:
There are many great websites that give you the opportunity to see a listing of homes for sale that are in your price range and in the area you desire to live. Also, work with a realtor! A good realtor is a good listener. A good realtor will take what you communicate to them and search for homes that might be a good fit for what you’re looking for.
Touring Homes:
When you go out, take your time. Make sure you schedule just a few homes in a day to look at. If you schedule too many, you will feel rushed and will likely have a harder time remembering the details of the homes you saw on that day.
At each home, while looking over the home, list out the pros and cons. Also take pictures of each home with a digital camera. When you finish for the day, these items will help you do a more thorough re-evaluation of each home.
Narrow down your top choices and go look at each one a second time. You will likely notice things about the homes you did not recognize the first time.
Things To Take Into Consideration:
1) The neighborhood
- Is it well kept? Do people seem to care about their homes in the area?
- What is located around the neighborhood? Is it a convenient location? Are the businesses near by more likely to improve the condition of the area or lead to a decline? Are there any major plans for development surrounding the neighborhood, such as a highway?
2) Schools
- Do the schools have a good reputation?
- How do they compare to other schools in the area?
3) Home
- Does it fit your needs? Is it too big or too small?
- How much work will need to be done to the house when you move in? Do you have the time and resources to complete those projects?
4) Commute
- Do you prefer to be close to everything or are you willing to have a longer commute for other aspects you desire?
5) Resale
- Is this a house that would sell quickly if you need to move?
- Is there anything about the house that would make it less desirable to the general public, such as location, neighborhood, layout of the house, etc.?
6) Anything else you can think of that is important to you! >> Back To Top
Making An Offer:
Before placing an offer, have your realtor do a comparative market analysis of the sale prices of other homes in the area. This will give you a good idea of what a fair offer would be. It’s often a good idea to set your offer at a point where you have room for negotiation. It’s not unusual for there to be several counter offers between the seller and buyer before the two finally come to an agreement.
Sale Pending:
Once you go under contract with a seller there will be a lot to do. Keep in close communication with your realtor so everything will fall appropriately into a desired timeline. Work very closely also with your mortgage company, giving them the appropriate information that they may ask for in a timely manner.
Get A Home Inspection:
There are things that can create very costly issues that aren’t always noticeable such as mold, termites, or foundation issues. The inspector will look over all structural, roofing, exterior, plumbing, electrical, heating & air, insulation, ventilation, and interior components. It’s ideal to be there with the inspector so they might be able to point issues out to you first-hand or answer any questions you may have. >> Back To Top
Home Appraisal:
Your lender will require a home appraisal. This protects both you and the lender. This will ensure you are not spending too much for the property.
Final Walk-Through:
Before the day of closing, you should walk through the home one final time to make sure there are no discrepancies from the original agreement on the condition of the house. Walk through and make sure the agreed upon repairs have been made, there is no new damages, and anything that has been asked to be left with the house is still there.
The Day Before Closing:
Before coming to closing, ask to sit with your lender and review all costs one more time to ensure that there are no discrepancies. Also gather all the appropriate paperwork. Talk to your agent and lender about what would be beneficial for you to take to closing with you in the event you need to refer back to anything.
Closing:
Both the buyer and seller, with their agents, typically will be at the closing meeting together. At this meeting both parties will examine and sign the closing documents. The buyer is typically also required to provide evidence of insurance at this time and then sign any final loan documents. Payment for any closing costs will be required at this time and finally property is officially transferred. >> Back To Top
|
