Home Buying 101

Feb 28

Let’s break down the home buying journey. Here’s a general road map of what to expect next time you’re in the market for a new home.

Determine your budget and get pre-approved for a mortgage: Before you start looking at homes, it's important to determine how much you can afford to spend. Consider your income, debt, credit score, and other expenses to determine a budget. Then, talk to a bank or mortgage lender and get a pre-approval letter. This will give you a general idea of how much house you can afford bearing in mind current interest rates and your personal finances.
Find a real estate agent: A good real estate agent will help you navigate the home buying process, provide valuable advice, and help you find homes that fit your criteria. Look for an agent who understands your needs and preferences.
Start looking at homes: Once you've determined your budget and found an agent, it's time to start looking at homes! Your agent will help you find homes that meet your criteria and arrange viewings. Be sure to keep track of the homes you like. Reviewing what stood out from each property can help you make an informed decision.
Make an offer: When you find a home you like, you'll need to make an offer. Your agent can help you determine a fair price based on comparable sales in the area and will guide you through the negotiation process. Almost everything is negotiable, so speak with your agent about your options.
Get a home inspection: Before finalizing the purchase, it's important to get a home inspection. This will identify any potential issues with the home, such as plumbing or electrical problems, and can help you negotiate repairs or a lower price if necessary.
Close the deal: Once the offer is accepted and any necessary repairs are made, it's time to close the deal! Most mortgage underwriters will require you to use a title company and purchase title insurance. The title company will run a title search, this is like a background check on the property to ensure the sale and transfer are executed without error. They will ensure that everything is in order before you sign the final contract.
Move in: Congratulations, you're a homeowner! Now it’s time to pack up and move into your new home. Be sure to change your address on your driver’s license and other ID cards, credit card bills, bank accounts, and utilities, set up mail forwarding from your previous address through the post office, and set up utilities. Finally, add your personal touch to make this home uniquely yours!