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  Buyer’s Guide A home is probably the biggest financial investment you’ll make in your life. Before you get started, do some homework. This handy Buyer’s Guide will show you some things to keep in mind as you’re hunting for that home of your dreams. 1. Determine how much you can afford 2. Shop for a home 3. Find a real estate professional 4. Research different mortgages 5. Make an offer 6. Begin contingency period 7. Buy homeowner’s insurance 8. Complete settlement or closing 1. Determine How Much You Can Afford How much house you can afford is largely dependent on how large a mortgage – basically, a home loan -- you can handle. Start your research by using a simple mortgage calculator to see whether you can afford to pay the monthly mortgage on the kinds of houses you have in mind. You may even apply for a mortgage at a lender before you start looking for a home. This is called getting pre-qualified for a loan; it will tell you exactly how much you can afford and may make the closing process go faster. But, remember that owning a home involves more than a monthly mortgage. You’ll also have to consider money you’ll need to have at hand when you make an offer, when you close on a home and on a monthly basis after the home is yours. Payments you may have to make when you submit an offer and at closing include:
House hunting can be both exciting and frustrating. Most homebuyers see roughly 15 houses before buying one. To make the search easier and faster, nearly half of all house hunters today begin by browsing for properties on the Internet, using web sites like this one. The Internet is a quick way to see whether the houses that are currently available meet the following critical criteria: in the right location, with the right features and at the right price. If you find after your Internet search that few properties meet with your expectations, you may want to readjust your criteria – change the location, features, price – to increase your chances of finding a house that works for you. If you have any difficulties in this initial search, feel free to contact me for assistance. Homes can become available instantly and your agent is always the most current resource for literally up to the minute new home listing information. Once you know what you want, where you want it and what you can afford, it’s time to see the houses for yourself. To help stay focused, bring with you a checklist of things that you’ve decided ahead of time are important qualities of your future home. This might include:
You may also want to take some exterior and interior photos of each house you visit so that you can keep track of its pros and cons. 3. Find a Real Estate Professional
6. Begin Contingency Period When your offer has been accepted, the contingency period begins. This is time that allows you to obtain financing, perform inspections and satisfy any other contingencies of your purchase agreement. Obtaining financing might include loan approval, which will include an appraisal of the property. Also be prepared to make your down payment, which is usually due several days before the close of escrow. Now is the time to schedule a professional inspection of the property; it is one of the best safeguards you can take before buying. A home inspector should check (and may give you a rough price for repairs on) the electrical system, plumbing and waste disposal, the water heater, insulation and ventilation, water source and quality, pests, foundation, doors, windows, ceilings, walls, floors and roof. Keep in mind that the inspector isn’t there to tell you whether you’re getting a good deal. He or she is there to give you an educated opinion on whether the house is structurally and mechanically sound and fill you in on any repairs that are needed. 7. Buy Homeowner’s Insurance A paid homeowner’s insurance policy is required at closing. Often a real estate professional will help make sure your insurance company and your title officer are working together to put your policy in effect by the close of escrow. But, if you get your insurance agent involved early in your home-buying process, he or she may also help point out ways to help keep your insurance premiums lower. 8. Complete Settlement or Closing When the property you’re buying has been inspected and you’ve had your final walk-through of the property to see that all contingency conditions – such as final repairs made by the seller -- have been met, it’s time to face the paperwork. You will be signing loan documents and closing papers, paying the balance of your down payment and closing costs. This is the day you get the keys to your new home. Congratulations! Feel free to contact me if I can be of any service! | |
