Step 1: Be Selective, but Don’t Be Unrealistic
No home is perfect. Look for location, price and condition and realize you can usually have two out of the three.
Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
No home is perfect. Look for location, price and condition and realize you can usually have two out of the three.
Decide what is important on your wish list. What you must have and what you want to have will be of different importance.
Go over your comfort financial zone. Figure out how much you have to put down on a home, including your closing costs, which usually run 4-5 percent of the loan amount.
Sit down with a lender, review your credit and provide them with the information needed so they can provide you with the amount you can afford.
Select one or two people to turn to for a second opinion or it may be overwhelming.
Are you renting? When is your lease up? Are you allowed to sub-let? Are you relocating? Are you starting a new job?
Is a starter house what you are looking for? Or a home to grow into? Your answer will determine which type of home you will be searching for, along with which mortgage type is best for you.
Don’t let yourself be “house poor”. You will need money each month for maintenance, decorating and possible renovations or just to save for the future.
It is worth the $450-$500. Home inspectors go over the house from top to bottom and explain the ins and outs. You will receive a complete inspection report with items to be addressed now and in the future.
Agents work for the seller, unless hired by the buyer. Unlike a listing agent, whose first duty is to the seller, a Certified Buyer Representative is working for you and their fiduciary responsibility is to the buyer. Many buyers working with a real estate agent assume they are working for them. Agents owe honesty and fairness to Buyer Customers and many buyers choose to work that way and not enter into a contractual agreement with the agent.
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
Margaret BIegelman has worked in the real estate industry for over 20 years and has amassed a renowned class of clientele and unmatched experience. Bringing together the passion, dedication, and resources to help her clients reach their buying and selling goals. With you every step of the way.
