Looking to purchase your first home, or maybe you forgot the steps to purchasing a home and don't know how to start? Teammate, Lindsey Yokitis, breaks down the process and steps for BUYING your first home!
Buying a home may be something you have thought about recently, but where to begin, what to do, and wondering if you are ready are all questions that may be going through your mind. Buying your first home could be the largest purchase you ever make. While this is very rewarding and exciting in so many ways, it may come with some nerves, stress, and many questions. Below are the beginning steps to see if the time is right for you to buy a home!
1. Review your Finances-Take an in-depth look at your finances and find out your credit score. Figure out what you can afford and what you are comfortable with for a monthly mortgage. Take into consideration additional expenses involved such as moving expenses, repairs or renovations on a new home, property taxes, etc.
2. Save Money for a Down Payment- Depending on the type of loan used, you will need cash for a down payment as well as cash for your closing costs. Having that extra savings will help you be ready to buy a home.
Once you have thought about the above items and taken the necessary steps that put you in a good financial position to purchase a home, the home buying search can begin! It is easy and fun to search for homes online, but there is definitely more to it than just looking at beautiful homes. Below are helpful steps that walk you through preparing to buy a home!
A. Get a Pre-Approval Letter- Find a lender that can go over your finances and issue you a pre-approval letter so you know how much you can afford. This will be very helpful when you are looking for homes and ready to make an offer.
B. Find a Real Estate Agent- Hire an exclusive buyer’s agent that has your best interest at heart and will guide you through the home buying process with their experience, knowledge and negotiating skills. The team at DIANE AND CREW will certainly meet your standards!
C. Decide on your Home Search Criteria and VIEW Homes- Take the time to decide what is important to you and what exactly you are looking for in a home. Narrow your search to specific locations and non-negotiable items. Schedule home showings with your agent because walking through homes is the best way to see if they meet your standards.
D. Make an Offer- Once you have found a place you love and it meets your criteria, make the offer. Lean on your agent to give you accurate market conditions, pricing, and ways to present a strong offer. Be prepared to renegotiate if needed.
E. Inspections and Appraisals- Your purchase may be contingent upon a home inspection and an appraisal of the home. Both of these items are important and assure you of the value and condition of your new home.
F. Closing Process/Settlement- This involves additional paperwork, finalizing everything with your lender and title company, and getting the final breakdown of money you will need to purchase the home. Once completed and many signatures later, you are officially a HOMEOWNER!
Stay with us for more regarding the real estate market, interior decorating, and more! Make sure to reach out with any questions! We would love to help you out with your next buying or listing process!