A Step-by-Step Guide to Buying a Home
Is your goal to buy a new home in the new year? Buying a home is a big move, but it's a good one too. It can help you build wealth, offer tax benefits, and provide a space that really belongs to you.
But while buying a home can be exciting, it can also be stressful and emotionally draining. Before you begin your home search, you’ll need a crash course on the ins and outs of buying a home. So if your goal is making a move in 2023, here’s a step-by-step guide:
Know What You Can Afford
Getting pre-approval is essential to the home-buying process. After all, the last thing you want is to find your dream home only to realize you can’t afford it! Pre-approval is easy, with most lenders offering online applications. The process considers several factors, such as your income, credit score, and debt-to-income ratio. And then, you’re pre-approved! Click here for some local lenders I can highly recommend.
Begin Your Home Search
Now that you’re pre-approved, it’s time to begin your home search! But before you do, there’s a few things you need to consider. Remember to choose a location that fits your lifestyle. Love the nightlife? Then keep your search to the city center. But if you have a family, schools might influence your choice of location. Location, how long you plan on staying in the home, and certain home features should all be considered in your home search. But above all, remember to be flexible! It’s all about keeping a clear line between what you need in a home and what you want.
Making An Offer
When you find a home, it’s time to make an offer. But whether you’re a real estate veteran or a first-time homebuyer, putting in an offer can be stressful and confusing. Making an offer includes the contract, a list of estimated closing costs from your lender, earnest money, and inspections.
Your agent should go through the offer or contract with you page by page, and if they’re anything like me, they’ll also provide a market report. You should also consider whether you want or need the seller to pay any of your closing costs.
After you’ve made an offer, the seller can accept it, send a counteroffer back, choose another offer over yours, or if you made an offer much lower than the asking price, the seller might reject it. But hopefully, you and the seller will agree and can finalize the contract!
Title, Final Walkthrough, and Closing
You’re on the last leg of the homebuying journey. It’s time for the title, final walkthrough, and closing! Before purchasing the home, you must make sure the title is clean. That’s where the title company comes into play. The title company will do a title search to ensure the title is clean, meaning no liens are registered on the property. Typically the day before closing day, you’ll do a final walk-through. This is your time to make sure any requested repairs have been made. And then - it’s time for closing! You should have already received closing disclosures and your final settlement statement. So all you’ll need to bring are your closing fees, down payment, etc., via a certified check or wire transfer.
Work With A REALTOR® You Trust
What’s the best way to ensure a smooth home-buying experience? Work with a great REALTOR®! Working with someone who knows their stuff truly makes all the difference in your home search. So if you hit a roadblock in your home-buying process, they’ll work hard for you!
Wondering why you should choose me as your REALTOR®? Because I work hard for my clients, ensuring they get the most bang for their buck. I make sure my clients aren't just updated throughout the process but understand the process too!
