Are you thinking about purchasing your first home? Or has it been a while since you’ve last sold or bought a home? Regardless of the answer, let’s take a walk through the home buying process to refresh your memory and remind you how to prepare for it.
Understand your finances.
In other words, check your financial health. Review your credit score, look at your expenses versus your income and calculate how much you can afford.
Create a budget.
When it comes to budgeting, remember to calculate the one-time and recurring costs. These include the down payment, closing costs, move-in expenses and property taxes, for example. Typically, a 20% down payment is the norm.
Get pre-approved for a mortgage.
Before you start looking at homes, it’s important to get pre-approved for a mortgage. This will give you a better understanding of how much you can afford to spend on a home and will show sellers that you are a serious buyer.
To get pre-approved, you’ll need to provide your financial information to a lender, who will then determine how much they are willing to lend you.
Find a Realtor.
A Realtor will be your guide through the home buying process, helping you find homes that meet your criteria, negotiating offers and navigating the closing process. Look for an agent who is experienced in the local market and has a track record of successful transactions.
Start house hunting.
Once you have your pre-approval and a Realtor, it’s time to start looking at homes. Make a list of your must-haves and nice-to-haves. Be open to exploring different neighborhoods and property types. Attend open houses, schedule private showings and don’t hesitate to ask your Realtor for their expert opinion.
Make an offer.
When you find a home that checks all the boxes, it’s time to make an offer. Your Realtor will help you draft a competitive offer that takes into account the current market conditions and the seller’s motivations.
Schedule a home inspection and appraisal.
As we continue our walk through the home buying process, it’s important to remember this critical step. A home inspection helps determine if the property has any structural, mechanical or other potential issues.
Depending on the report, potential buyers can request specific repairs from the seller or back out of the deal.
Prepare for the closing.
It’s official! As you get closer to closing day, your Realtor will help you become familiar with the standard closing documents beforehand. On or near closing day, plan on doing the final walk-through with your Realtor to ensure that everything’s as agreed upon.
Summary
With a walk through the home buying process fresh on your mind, do you have more questions for an experienced Realtor? Connect with your next local Realtor to have your questions answered and start your search for a home in Lee County. Keep reading our blogs for more real estate news and guidance.
