There are many factors that are involved to buy a home today. Successfully buying a home involves understanding of the local market, locating the ideal home, negotiating the purchase to meet your desired goals and finally navigating all the complexities involved in the transaction. Having a professional by your side, advising and guiding you throughout the entire process to buy a home, can be the most important decision you make.
Seek a Professional Advisor
The first step in the home buying process should be to contact a Realtor. Purchasing a home is most likely the most expensive decision you will make and seeking professional advice is well worth it. Here are 5 things to consider:
•Communication – The better the communication, the smoother and enjoyable the whole experience will be. You should feel comfortable talking with them and feel free to ask questions. They should be asking a lot of questions to tailor the experience to YOU. A person buying their first home is going to have different needs than an investor.
•Experience – Each Realtor has certain areas and specialties that they have the most experience in.
•Professionalism – This is talking about their knowledge and services that they provide. Not all Realtors provide the same services and not all will have the same knowledge.
•Establish your goals – Everyone of us has a different idea of what we are looking for and our expectations. Ensure that you discuss with them what you are looking for, your goals, your expectations and see if you are a good fit.
•Explain the process -Each state, each city, each Realtor, each homebuyer and each situation can have a different way to purchase a home and the best way they go about it.
Determining Proper Financing
For most people, they have been checking with their finances and checking to see what they can afford, prior to contacting a Realtor. This is great, but remember to also talk to your Realtor about this as well. Here are 3 things to consider about financing:
•Type of Financing – Your goals, eligibility, local programs and the home will factor into the type of loan. Also the time you plan on owning the home can play a role in how you look at financing.
•Credit Issues – By looking at your credit and finances early on, possible credit issues may be easily taken care of before they can cause you heartache later on.
•Pre-Approval – This shows how much financing you are qualified for. It doesn’t mean that you have to use all of it, that’s where your goals fall in.
Searching for Homes
This step can either be a very exciting or stressful time for you. Here are a couple of tips to help make the search more productive and enjoyable:
•Realistic Goals – Let your Realtor know exactly what you are looking for in a home as well as the community it’s located in.
•Technology – Get the most up to date information to help make the most informed decision about the home.
•Voice Your Opinions – Since owning a home may be the largest monetary investment in your life, you want to ensure that you and your Realtor have a complete understanding of each other. Let them know what you like and don’t like, whether looking at homes online or viewing it in person, this will greatly improve your chances of finding the home for you and making it go smoother.
The Transaction
You found the home that you like, now what? What do I need to consider in my offer? What happens after the offer is accepted? How long until I can move-in? You may have a lot of questions, so here are some tips:
•The Offer – You want to have it structured to meet the goals and plans that you have discussed with both your Realtor and Mortgage company.
•Inspection – It’s is highly recommended that you always have a home inspection by a professional to gather the most information about the home.
•Negotiations – Negotiations don’t just happen until you have an agreed contract, but continues throughout the transaction if needed.
•Mortgage and Title – Throughout the process there will documents required to complete the loan process and proper title, the faster your response, the smoother the process will go.
•Closing – Review all the documents that you will be signing, prior to the closing and ask the closing officer any questions that you have. Once you sign, you are obligated to the terms.
After You Close
You have finally closed on your home, now what? These are some things to think about to help later on down the road:
•Documents – Maintain your closing documents in a secure place. These documents may be needed for later and provide you information for any questions you may have about your home and mortgage.
•Utilities – Coordinate for the utilities to be transferred into your name so that you don’t have a lapse in service.
•Vendors – You will receive plenty of offers from mortgage companies, vendors and others once you move in. If you have any questions about the services that they provide, please ask your Realtor.
