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Buying a Home
Whether you've spent years saving
and preparing to buy a home, or you're unsure if you
can afford it, the questions surrounding home buying
can feel endless.
You can find the answers - and peace of mind - by
working with us
Here are some tips to help you become your own
landlord through home buying.
- 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 REALTORŪ
explain the pros and cons of using a buyer agent
versus a dual agent.
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- Shop for mortgage 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.
- 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.
- Outline 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. Your real estate professional
can then show you houses that meet your expectations.
- Visit properties.
Now you're ready to visit houses. Ask us 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.
- Know the features that help or hurt
resale.
In some areas, a swimming pool actually detracts from a home's
value and makes it harder to sell. In neighborhoods with
two-car, attached garages, a single-car or detached garage may
affect the home buying prospects and future value. We can point out features that hurt or help resale
value.
- Rate the houses you tour.
After touring each home, write down what you liked and didn't
like. Develop a rating system that will help narrow the home
buying field. For example, pick the house you like best on day
one and compare all other houses to it. When you find a better
one, use the new favorite as the standard. Avoid trying to track
more than four top choices at any given time since this can
quickly become overwhelming.
- 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 us guide you through this
sensitive home buying process. Because you and the seller have
different goals, you can rely on our experience and
expertise to bring order and calm to the process - and help both
parties reach a favorable outcome.
- 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. Your real estate
professional 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 your real estate expert about home
protection plans, which may save you money in the near future.
- 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. We
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.
- 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.
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