The process of buying a home can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home! Here are some steps to buying a home:
1. Hire a real estate professional
An important first step is selecting a home buying professional to help you find your dream home and fine-tune your financial expectations. Working with a buyer agent is worth consideration because he or she is legally responsible for representing the buyer’s interest in a real estate transaction. Before making a decision, however, have a REALTOR® explain the pros and cons of using a buyer agent versus a dual agent. I can guide you through every step of home buying.
2. Shop for mortage rates and terms
A difference of even half a percentage point can mean a considerable savings over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about $35 per month. Over 30 years, that's $12,600.
2. Prequalify for a loan
Also early on, you’ll want to get prequalified for a mortgage loan, which determines how much you can afford. It allows you to move swiftly when you find the right home, especially when there are other interested buyers. It also indicates to the seller that you are serious about home buying and can afford to buy the property.
4. Ouline what you want
The next step in home buying is to create a realistic idea of the property you'd like to buy. What features are most important to you? Make two lists: one of the items you can't live without and one of the features you would enjoy. Refine the lists as you house-hunt. It is also helpful to search online to see what is currently available on the market. I can then show you houses that meet your expectations.
5. Visit properties
Now you’re ready to visit houses. Ask me to help in your home buying process by arranging showings. Be sure to keep track of the properties you’ve seen. Each time you venture out to see more properties, revisit your notes to immediately eliminate any that clearly do not meet your standards.
6. Make an offer
Once you’ve pinpointed your dream house, it’s time to get serious about the financial and contractual side of the purchase. Let me guide you through this sensitive home buying process. Because you and the seller have different goals, rely on my experience and expertise to bring order and calm to the process – and help both parties reach a favorable outcome.
7. Arrange for a home inspection
After your offer is accepted, set up a home inspection. It's common to find problems, including leaky roofs, cracked walls, insect infestations and foundation problems. I can help find a reputable inspector, and will negotiate to get you the most for your money once the inspector's report is final. If you negotiate repairs as part of the purchase, ask for a "walk through" before finalizing the home buying paperwork. Ask me about home protection plans, which may save you money in the near future.
8. Close
Before your closing date, make sure you’ve made all necessary deposits and completed the paperwork – including mortgage, title, homeowner's insurance and any other paperwork required by local or state governments when home buying. I will be there to help you complete that closing checklist and avoid any last-minute snags. You deserve to enjoy every moment of the home buying process.
9. Prepare for life in your new home.
Before rolling out the welcome mat, consider some moving basics: arranging for an alarm company, turning on electricity, water and gas, cleaning or replacing the carpet, and notifying your local post office of your new address. The best time for renovations is often before you move in. Welcome to your new home!
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