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Home Buying Tips in 6 Steps:
Weather you are buying your first home or not you will have a lot of questions, Why not take advantage of my knowledge as a Real Estate Agent, let me do the foot work for you and bring you good trustworthy information so you can make the best decision for yourself and your family. Source: National Association of Realtors.
Get Ready for Home Ownership
Build a good credit history
Get mortgage pre-approval
Find out what type of mortgages you qualify for
Save up for a down payment (typically 10% to 20% of property’s value; if FHA-qualified, then possibly less)
Consider closing costs which can include taxes and fees
Consider utilities and monthly bills, such as homeowner’s assessments
Find a Real Estate Professional
Ask you real estate professionals that you interview about buyer’s representation contracts and agreements; make sure your real estate professional explains the terms for your understanding.
Explain your needs and expectations to the real estate professional you choose to work with.
Find the Right Property
Determine what is important to you, such as particular schools, neighborhood amenities, monthly mortgage payment, walkability, etc.
Make sure you include home owner’s assessments, utilities, and taxes when calculating the monthly mortgage payment.
Finance the Right Property
Contact your mortgage lender
The lender will run a title search to ensure there are no clouds on the title
Make sure you understand the financing terms – ask the lender for clarification, if needed
Make an Offer
Ensure the property is inspected by a licensed home inspector
Acquire title insurance
Make sure the title is clear, or make your offer contingent upon title clearance
Read all contract before signing – make sure you understand all of the terms, ask your realtor questions
Place a competitive bid and be prepared to make a counter-offer
Keep your credit score stable and in-check by waiting to purchase any big-ticket items until long after the closing
Only one offer will result in a sale, so be prepared to move on if your offer is not accepted
Closing & Life After the Big Purchase
Protect you new asset by obtaining insurance such as homeowner’s, flood, disaster, and fire
Weatherproof your new home
Maintain files-digital or print-for all warranties, insurance documents, contracts, etc.
Keep original closing documents in a safe place, preferably outside the home ( such as a safety deposit box)
Set up utilities bills in your name, maintain files
Implement desired aesthetic changes such as painting , minor construction, and re-flooring
Set a move date and hire movers or plan a move party with your friends
Get to know your neighbors and explore your new neighborhood
If your’re happy with the work of your real estate professional, be sure to recommend her / him to friends and family