1. The decision to make a purchase
This can be one of the most important decisions in a person life. As long as you have evaluated your finances properly, then there is never a wrong time to buy a house.
A home is a great investment, which can easily appreciate in value over time, it has tax benefits, and has equity buildup. Plus you are not throwing your money down the drain by renting. Why not pay your mortgage instead of your landlord’s mortgage.
When buying your home, the best way to keep your stress to a minimum is by letting us do all the stressful work. Your Home-Pedia agent is ready to help you through every step of the way.
2. Find your Agent
Finding the right agent is very crucial because a good agent will take almost all your stress upon him or herself to make it a less stressful and a more productive good experience for you. A good agent puts all his/her focus on you and your needs before any other thing. He/she will take their time in educating you and analyze your wants and needs for your new home. He/she will do all the negotiating with the seller on your behalf, and take care of all the paperwork making sure it is absolutely correct. And one of the other important thing that your agent will do is solve any unexpected problems should they arise.
3. Arrange for Financing
In order to secure a deal, it is highly recommended to get pre-approved by a lender so that it may make the seller want to sell to you. A pre-approved letter that a buyer provides gives a seller an understanding that the purchase has a higher chance of having a completed sale, and therefore will result in a possible deal. The following are a few steps to follow when trying to obtain financing:
Choose a loan officer
Submit a loan application and get your pre-approval
Decide what you would like to pay, and chose a loan option
Have your accepted purchase offer contract submitted to the lender
Obtain an appraisal along with a title commitment by a title company
Have the funding available at closing
4. House Hunting
Before you waste your time going from house to house, it’s a good idea to find out what you need, what is a must have and what you would like to have in your new home. You need to consider where you would like your home to be. Would it matter if it is close or far from school/work, crime rate, how many bedrooms/bathrooms do you need? Does the neighborhood matter, and so on. The other thing you need to consider is your wants. Do you want a swimming pool? Do you want a big kitchen? Extra storage place? and etc. Once you have decided that you must have and other that would be nice then your Home-Pedia agent will help you pinpoint the homes that will fit your criteria most closely.
5. Time for an Offer
You have found the home of your dreams, now its time to submit the offer. Emotions can run high with a dream home. Remember that your home is your investment and you want to get the best deal that you can. Your Home-Pedia agent will do his/her research on all the properties that are similar and roughly in the same area to determine the current fair market value so that you don’t over pay. Your agent can guide you in a more detailed manner specific to your prospective home. There are a few key things to remember with an offer such as the price, terms, and contingencies of the sale. Know the dollar amount that you have received financing for and what you can afford to pay, and don’t forget the contingencies clauses in regards to the condition of the property you are about to purchase, for example the home inspection. In other words, don’t forget to have the offer contingent upon the home inspection outcome.
6. Home Inspection
This is where you need to really do your due diligence on the property that you have came to love. Everything could look perfect on the outside but it is a must to have an home inspection performed by a professional home inspector. You want to make sure that there are no structural damages or foundation damages, and if it is a big problem than you might want to walk away from that house and continue looking for another. And, if the home inspection passes then that is great news, but don’t forget to purchase your home owner’s insurance because that can protect you against any liability that may arise out of any injuries while on your property or it can protect against any loss or damage to the actual property.
When you have reached this step then you are almost at the home plate. But there is still a little bit of work left before you can relax. Before closing day you want to continue to keep in contact with your lender in regards to making sure that all your mortgage funding documents and such are completed. Make sure you do a final walk thru of the property to insure that everything is the way you like it. Make sure you have your settlement statement, certified funds, and insurance ready before closing. You will be asked to sign the largest stacks of papers a few days prior to closing. Once it has been recorded in the county recorders office, you then will be handed your keys to your dream home.
Now that you have the keys to your new home, don’t forget to maintain the systems in your home for it will not only avoid bigger problems in the future but will also be more affordable in the long run.
You should stay in contact with your Home-Pedia agent because even though the transaction has been completed there are still there for you whenever you may need them. They can help you with things such as providing you with copies for your tax returns, helping you find contractors and repair services, and they can keep you informed on your home value in the current market and etc.