Learn the best property purchasing techniques to locate your dream home!
If you’re preparing to purchase a home, it’s crucial to ask yourself one question: “What do I want?” As you envision your ideal home, you may realize that certain features are non-negotiable and worth paying a premium for, such as being located within a short commute to work, having more acreage with specific amenities, top-tier schools, an open-concept kitchen or family room, or even wheelchair accessibility for a family member. Sometimes it’s easy to distinguish wants from needs; for example, saying, “Having a pool would be nice.” However, another way to approach it is that wants can be added or altered later, while finding an excellent home at a reasonable price and location is much simpler when you’re adaptable with wants.
It’s important for prospective real estate buyers to consider hiring a realtor to help them. A realtor can provide the necessary expertise and knowledge to aid buyers in purchasing a home effectively. A step-by-step process can be established by a realtor to streamline the procedure, which includes considerations such as location, budget, obtaining a mortgage loan, searching for a suitable property, negotiating and closing the transaction. Planning and scheduling these aspects upfront can lead to a successful purchase. As the seller often pays all broker fees, buyers can usually acquire the services of a broker without incurring any costs for their services.
One of the primary steps in the buying process is to establish your budget, considering the available financing and cash. It’s unproductive for both the buyer and the broker if the buyer hasn’t been pre-approved for financing or determined their budget. Pre-qualifying for a loan is a quick process that not only informs you of your budget but also demonstrates to realtors and sellers that you’re a serious buyer. Once you’ve determined your budget, you can focus your search on affordable areas. If you require assistance, we’re pleased to help and suggest a reputable local lender to guide you through the financing process. Click below and get an estimated monthly payments with our Mortgage Calculator.
Once you’ve established your budget, the next step is to locate a few areas that catch your attention. Several factors may impact your decision regarding the area you want to explore. Popular considerations include schools, amenities, commuting distance to work, market values, resale values, taxes, and other specific aspects that make an area attractive to potential buyers. Recognizing which areas you’re interested in will simplify your search and make it easier for your realtor to help you discover your ideal property.
Now that you’ve selected your preferred neighborhoods, it’s time for the fun part – searching and shopping for your dream property! The best place to begin your search is online, and both you and your realtor can participate in locating properties for you to inspect. Many resources are available to help you find homes, including our website, which features all of the MLS Listings from various multiple listing services. Your realtor may also have additional sources through referral networks between brokers and may be aware of properties that are about to be listed but are not yet accessible online.
When searching for properties, it’s easy to fall in love with pictures online, but it’s important to remember that they don’t always tell the full story. To ensure that you’re making an informed decision, it’s crucial to visit properties in person. It’s recommended to choose 2 or 3 properties to view during each outing with your realtor, which allows for effective comparison. Take your time during each visit and try to envision living in the space. Consider the neighborhood and surroundings, including access to major shopping centers, schools, hospitals, and highways. This is an opportunity to get a feel for the potential property and area before making a purchase.
After finding the perfect property, the next step is to make an offer and begin the contracting and closing process. This is where having an experienced and knowledgeable realtor can be extremely beneficial. They can guide you through the important details of the contract, negotiate the sales price, and address any other necessary paperwork and details such as option periods, inspections, and who pays for the survey. Your agent will work with you to ensure that all your specific needs and requirements are addressed in the contract. Once the offer is accepted, the countdown to becoming the owner of your new property begins!
Consider having a home inspection done, even if it’s not required, to ensure that there are no hidden problems that could cost you a fortune in repairs later on. As a major investment, it’s important to spend a few hundred dollars to hire a qualified inspector who can thoroughly examine your potential home. If you have a buyer’s agent, they can recommend an inspector for you, or you can find one on your own. During the inspection period, typically 10 days after the offer is accepted, the inspector will schedule an appointment at a time that’s convenient for you. After the inspection, your realtor can help you review the results and determine whether any repairs or negotiations are necessary before closing the deal.
Closing day is an exciting day, but it may also require a lot of paperwork to be signed. Depending on the situation, the closing may be held at different locations such as the title company’s office, your lender’s office, or a real estate attorney’s office. Before the closing, most home-sale contracts entitle you to a final walk-through inspection of the property 24 hours before closing. This is to ensure that the seller has vacated the property and left it in the condition specified in the sale contract. If any major issues are found, you can request the seller to make the necessary repairs or delay the closing. Once all parties sign the documents and the seller receives the funds, the property is officially yours. It’s time to celebrate and start moving in!
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