BUY WITH ADRIANE
Purchasing a home marks a significant and thrilling milestone in your life. To ensure you’re well-prepared for this moment, it’s essential to understand what to anticipate throughout the process. Your agent has crafted a step-by-step guide tailored for first-time buyers, aiming to alleviate the stress associated with buying a home and allowing you to embrace and savor the journey to the fullest extent possible.
01.
START RESEARCHING
Have you decided on the location and type of property you prefer?
Whether it’s a condo, townhome, or single-family house, what features appeal to you or don’t? Are you aware of the current options in the market? If not, it’s a good moment to begin researching. Aside from exploring homes that catch your eye, pay attention to fluctuations in asking prices. This information can offer crucial understanding of housing patterns in certain areas and be beneficial when you’re ready to make a purchase offer.
02.
KNOW YOUR BUDGET
Do not solely relying on the amount a mortgage company might approve you for.
Often, lenders may pre-approve you for more than what you’re truly comfortable spending. That’s why it’s crucial to establish the monthly payment that feels manageable before engaging with a lender. This involves creating a comprehensive household budget and considering other financial changes besides the mortgage payment when transitioning to a new home. If you’ve been in an apartment or shared housing, you might overlook additional expenses such as waste disposal, water bills, or HOA fees, which could significantly exceed your budget.
03.
GET PRE-QUALIFIED
Never Assume You’re Approved.
Just because you believe you can manage a specific monthly payment doesn’t guarantee the mortgage company will concur. Similar to potentially approving too high an amount, they might also sanction a lower sum or reject your mortgage application altogether. Factors like short job tenure, insufficient credit history, previous bankruptcies, or other financial concerns can pose significant obstacles when seeking a mortgage. It’s wise to consult with a mortgage expert before setting your sights on a particular home to understand the qualifying amount you might receive. This knowledge can also give you an edge when making an offer, as some sellers prefer dealing with buyers who have already been prequalified for a loan.
04.
CHOOSE AN AGENT
Is it possible to search, view, and bid on a home without a real estate agent?
Yes, it’s technically feasible, but why would you when having an agent like me doesn’t cost you anything and can alleviate a lot of stress? I not only assist in pinpointing properties that align with your preferences, arranging viewings, and managing the offer phase, but I also possess market insights that you might lack. I can guide you away from certain properties or neighborhoods, recommend hidden gems, and offer tips that could lead you to your ideal home at a suitable price.
05.
FIND YOUR HOME
This should be the most enjoyable step of the entire process.
I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.
06.
MAKE AN OFFER
The moment of truth.
Once you’ve chosen your ideal home, collaborate with your agent to create a reasonable offer, considering the value of similar homes available for sale. Depending on the listed price of the home and the prevailing market conditions favoring either buyers or sellers, your offer might be below, at, or potentially above the asking price. If you receive a counteroffer, I’ll assist in negotiating to reach a mutually agreeable outcome. Subsequently, the house will enter into escrow.
07.
schedule the inspection
Make sure your home doesn’t have a caveat.
Typically, your offer will depend on conducting a home inspection to verify the absence of significant structural issues or substantial repairs required. I can assist in organizing this, and you can plan it shortly after making the offer. If there are no significant concerns, the process advances to the eighth step. However, if issues are discovered, you have the option to renegotiate your offer based on necessary fixes or choose to retract it.
08.
Select your loan
Date the rate. Marry the home.
It’s time to revisit the mortgage lender who previously pre-approved or pre-qualified you and make your mortgage selection. You’ll have a range of options tailored to your specific financial circumstances, such as fixed-rate, variable-rate, 15-year, 30-year loans, or specialized programs like VA or FHA loans. Collaborate with your mortgage lender to choose the option that aligns best with your comfort level.
09.
GET A HOME APPRAISAL
Find out what your home is actually worth.
Your lender will conduct an independent appraisal of your new home to establish its value. This appraisal is crucial to guarantee that all involved parties are paying a fair and justifiable price for the house.
10.
SIGN THE PAPERS
It’s time for you to own your home.
The extensive paperwork in home buying may not be anticipated eagerly, yet it remains an essential part of the process. Luckily, your lender and title company will handle all the necessary arrangements. Once completed, you’ll have the assurance of being the legal owner of your new home.
Does this sound like your future? Schedule a call with Adriane today!