Buying your new home is a complicated financial process. I've created these steps to help you plan ahead and stay organized:
1. TALK IT OUT
Let's talk it through. Whether you’re becoming a homeowner for the first time or you’re a repeat buyer, buying a house is both a financial and emotional decision. Professional support and an experienced team will help you make informed decisions.
2. FIND YOUR REALTOR
With all of the forms, financing, inspections, marketing, pricing, and negotiating, it makes sense to work with a professional, local Realtor who knows the community and much more.
3. GET A MORTGAGE PRE-APPROVAL
Many buyers need to finance their home purchase, and a consultation with a mortgage lender is a crucial step in the process. Find out how much you can afford before you begin your home search. If you'd like lender referrals, just ask.
With all of the online options, including Redfin, Trulia, and Zillow, the search for your home is more accessible than ever before. Educate yourself on the local market so that you can work with a knowledgeable Realtor who will help you define your priorities in selecting the right property for you.
So you've found a great option. When you choose to buy a home that meets your needs and priorities, you’ll be happy living in it for years to come.
6. GET INFORMED ABOUT FUNDING
The cost of financing your home purchase is usually greater than the price of the home itself (after interest, closing costs, and taxes are added). Gather as much information as possible regarding your mortgage options and other costs.
7. MAKE AN OFFER
While much attention is paid to the asking price of a home, a proposal to buy includes both the price and terms. Consult with your Realtor to stay informed while making your best offer possible.
8. GET INSURANCE
Real estate insurance protects owners in the event of catastrophe. Getting the correct coverage to protect your assets is extremely important, and your Realtor can help discuss your options.
The closing process, which in different parts of the country is also known as “settlement” or “escrow,” brings together a variety of parties who are part of the real estate transaction. When escrow closes, you have completed the home buying process. Congrats!
10. NEXT STEPS
So now what? Stay organized - be sure to maintain files for all warranties, insurance documents, and contracts. Keep original closing documents in a safe place. Set up your utilities so that you are move-in ready. Plan your move, set your move date and hire movers or plan a move party with your friends. If you're happy with the work of your real estate professional, be sure to recommend her to friends and family.
Want to take the first steps in the home buying process? Contact me, I would love to discuss your options and help you get started.