Buying your first home can be both exciting & overwhelming at the same time. Here are 12 simple steps to help guide you through from start to finish:
- Save: Have some money saved for a down-payment, closing cost, and other expenses.
- Improve Your Credit Score: Don’t make any major purchases before purchasing your new home. Stay current on your bills & rent.
- Calculate: Do you know what you can afford? There are many calculators available online to help you figure what price point to look for.
- Get Pre-Approved: Your mortgage lender can offer great advice on what programs are available to meet your needs. Shop for the best deal and work with someone that you trust. With a Pre-Approval letter, you know in advance how much you can borrow towards your dream home.
- Decide what You want in a Home: Make a list of the “must have’s” and the “would be nice to have’s” for your new home. How many bedrooms do you need? How many bathrooms? Do you want a city property or do you prefer country-living?
- Choose Your Realtor: A realtor can make the home-buying process less stressful. They are there to help with the paperwork, negotiating, and getting the deal done.
- Tour Homes: Your Realtor can set up showings of homes that meet your criteria and budget. When you visit the homes, take notes, take pictures, and let your Realtor know what you like and don’t like about a property. This helps to narrow your search.
- Narrow Your Search: Once you’ve found a home that you love, do a little secondary research. Test your commute. Drive around the neighborhood. And, have your Realtor schedule a second showing.
- Make an Offer: Your Realtor can help you with your offer and recommend contingencies such as home inspection and financing. Your Realtor can also help with negotiating counter offers.
- Home Inspection: Once your offer is accepted, its time to schedule a home inspection. A home inspector will inspect the property and look for anything that might be a problem. A home inspection is always recommended when purchasing a new home.
- Final Walk Through: Prior to closing, you’ll want to schedule a final walk through of your new home with your Realtor. This is your chance to make sure that the seller has done everything they said they would and to ensure any repairs found during the home inspection have been repaired.
- Closing & Moving In: At closing, you and the seller will sign the necessary paperwork to transfer ownership. You’ll have closing cost to pay and once all of the formalities are done, you will get the keys to your new place.
Home-buying can be stressful. Finding the right Realtor makes the process much easier. Let’s get you on the way to home ownership! If you're ready to buy your first home you can contact Karen Wortman.