Buying a home can be a wonderful, life-altering experience. But it comes with some stressful, sometimes anxious moments. Here we provide a step-by-step guide on getting through the process from beginning your search to moving in.
Hire A Qualified Professional Realtor
Once the decision to look at buying a new home is made, hire a real estate agent to assist with the search. Realtors know the current market and have access to far more resources than the general public and are valuable in providing insight and knowledge about current market conditions.
Know What You Are Looking For!
Have a wish list of what you are looking for in your new home. You’ll want to figure out whatis a “must have” versus what would be nice to have but isn’t essential. Depending on your budget, you may need to compromise on some of these items. Number of bedrooms and bathrooms, style of home and preferred neighborhood should all we worked out before the search begins and communicated to your real estate professional to assist them in the search.
Always remember, you may not get everything on your list, but knowing what you can and can’t accept as a compromise will make the process smoother and possibly save time in the search.
View Properties
Looking at properties is next. Professional photographers are excellent at showing a home in the best possible light, but physically seeing the home is still the best way to search. In order to get a feel for a home, it’s great to be able to walk through and see if the layout works for you, or if there are features you love (or not) that you may not have considered. On occasion, your search criteria may change slightly based on something you see in a home and this can further narrow down the options available to you.
When looking at homes, always try to envision the home with your furniture and belongings in it. Don’t get caught up in the way the current owner has the home set up or in the clutter that you may see. Paint colors and wall finishes can be easily changed if they don’t suit you.
Look at the structure of the home and whether or not it makes sense to you. Does the layout work, does it have the essential features you want, can you see yourself and your family living there?
Get Pre-Approved For Financing
This step can be done at the same time you are viewing properties. Speak with your bank, mortgage specialist or other lender to determine how much of a mortgage you can secure. Combined with the amount you have saved for a down payment, this number will be the top of your budget range. Don’t search for homes that far exceed this as negotiations on price may not be successful if the distance between the two is too great. Keep your search within the terms approved by your lending institution.
Make An Offer & Negotiate Terms
Once you’ve found the home you want to buy, your real estate agent will prepare an offer on your behalf and with your input. You’ll review the comparable sales in the area to determine an appropriate first offer. In a neutral market, your first offer likely won’t be accepted so be prepared to negotiate on a possible counter-offer. Strategies differ in a buyer’s or seller’s
market, so make sure you fully understand the market in your area by speaking with your agent.
If the seller is stuck on price, try including other things in the price such as appliances or other chattels that are not already included. You can ask them to cover closing costs such as lawyer fees. Or if repairs are needed to the home, you can ask them to complete the repairs prior to closing at the sellers expense. Make sure you get answers to any questions you have on the Offer language before you sign it. Once it is signed, it becomes a legally binding contract. You don’t want to get caught
after the fact by something you don’t agree with or understand.
Be Ready For Closing
Once the deal is signed, the mortgage is approved and your inspection is complete (if applicable), you need to get ready for closing. This means you’ll need to find a lawyer or notary to assist with closing. They’ll handle transferring funds from the lender to the seller’s lawyer, registering the title transfer at the Land Title’s office and ensuring all the paperwork is in order. Once title transfers to you, they’ll provide a copy of the Title Certificate for your records.
Move-In
The only thing left to do at this stage is move in! By now you’ve packed up your old home and as soon as you get the keys to the new place, you can settle into your new home. Congratulations, you’ve survived the buying process!
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