10 Practical Steps to Buying a Home
Thinking of buying a home? You’ve come to the right place. Whether you’re looking for your starter home, dream home, or something entirely different, we’re here for you! Our committed and knowledgeable team will not only protect you, but also educate you from our initial meeting to the purchase of your perfect property. The home buying journey is an exciting chapter in your life, below are 10 Steps to ensure a smooth process and desired outcome. The Hunter’s are dedicated to assisting you in hunting for your dream home!
Table of Contents
1. Save for Your Down Payment
In the first step of buying a home you need to save for your down payment. Do your best to budget. Putting together a budgeting plan is your first step to becoming a homeowner. It also helps give you an idea on when you might have enough money saved to make that home purchase you’re comfortable with. There are also down payment assistance programs available to those who may qualify.
2. Know Your Credit Score
Know your credit score. Understanding your score is vital to not only obtaining a loan but also earning a loan that lowers your monthly mortgage payment. Learn what your score is and if there is room for improvement see what it is that you can do to raise your scores.
3. Buying a Home: Find a Real Estate Agent
Find a real estate professional. This may be your first point of reference as a good Realtor should be able to guide you through the entire home buying process, saving you time and money.
4. Get Pre-Approved
Get Pre-Approved. When that perfect home hits the market be ready to make it yours by having your loan pre-approval. It will also give you a better idea on what you can afford and more importantly what monthly mortgage payment you’re comfortable with. You will also need a pre-approval letter from a certified lender to submit with an offer.
5. Find a Home
Find a home. Together with your agent construct a list of must haves and wants for your ideal home that fits your budget. Then go see the homes! *It’s important to have your agent look for your ideal home as well due to their ability to search through the MLS (Multiple Listing Service).
Your standard Zillow, redfin or trulia actually receive property information from the MLS however they do not have as many search capabilities nor do they always have the same reliability in uploading the correct information. You can still use them as a great resource but back it up with the reliability of an MLS search from your agent. Contact us here for more information.
6. Make an Offer
Make an offer. When it comes to buying a home, this is where a good agent separates themselves from the pack. Determining what comparable sales suggest the price of the home is truly worth is your first step… Next you’ll want to write an offer that has the highest chance of acceptance (especially in a seller’s market) without overpaying for the home. A well versed, agent can negotiate the deal from here through building rapport, have a great reputation among other agents and knowing how to write the perfect offer.
7. Have a Home Inspection
Have a home inspection. This is where you find out what the condition of the home really is. It’s vital to get a general inspection however, not many people know there are a few other inspections almost every buyer should get, in addition to the general inspection. An experienced agent will know which additional inspections to get.
8. Get a Home Appraisal
Get a home Appraisal. This helps ensure that you are not overpaying for the home. Your home loan lender will likely make this a requirement as the lender will also want to ensure their loan value is based on fair market value and not an overpriced purchase.
9. Close the Sale
Close the sale. This is when the home is officially recorded under your name as the new owner of the home. Though going into escrow you will have a preset date as to when the close of escrow would be you will have a more accurate idea once the loan is approved. At that point the final paperwork is ordered for you to sign!
10. Move In!
Move in. The moment you’ve been waiting for! The home is yours to finally make your own… Homeownership at last!!