WHAT TO EXPECT
Purchasing a property is one of the most important financial decisions we can make. Following are steps of what to expect from the home buying process, especially useful for first-time home buyers.
Purchasing a home is serious business, but even the most important topics can be explained with a bit of humor. The team at Priority One Real Estate also strives to make the home buying experience as pleasant, convenient and fun as possible. Check out the buyer tips and educational videos below.
1. DECIDE TO BUY
There are many good reasons to buy a home, wealth building being one. Home ownership is an investment that can support financial security as you gain equity, access tax benefits and as your home appreciates in value.
Also important, is determining if home buying, as opposed to renting is best for you and your lifestyle at this time.
2. SELECT A REALTOR
Real estate transactions involve insurance assessors, mortgage brokers and underwriters, inspectors, appraisers, escrow officers, buyer's agents, seller's agents, bankers, title researchers, and other individuals whose actions and decisions need to be coordinated in order to close a home sale.
A professional, certified Realtor, like the team at Priority One, will be your expert guide to orchestrate this process and advocate for your best interests.
3. SECURE FINANCING
While the thought of home ownership can be thrilling, taking on a 30 year mortgage is a big committment, and many first-time home buyers are unfamiliar with the mortgage application and pre-approval process.
4. FIND A HOME
You may think that shopping for homes starts with touring houses. However, the best start begins with an in depth assessment of your needs and wants, in order to carefully vet homes to be viewed and to most effectively allocate time in the home search processes.
Touring homes can be fun, but if weeks go by without finding a match, the fun can fade fast. That's why a careful assessment of your wants and needs in an ideal home, both for the short and long term is vital.
5. MAKE AN OFFER
You found your dream home and now you are ready to write an offer. You need to approach this process with a cool head and a realistic perspective of your market. The three basic components to negotiate in an offer are price, terms, and contingencies.
Your Priority One Real Estate agent's expert market knowledge and negotiation skills will provide valuable support and help you to negotiate a favorable offer.
With most major purchases, you can return it if something breaks or doesn't work properly, but when you buy a home, you can't. That's why property inspections and home owners insurance are so important. Most offers should be contingent upon inspection.
Once a final offer is accepted and inspection results processed, the final stage of the home buying process requires your lender's confirmation of the home value and legal statue and your continued credit-worthiness. This includes an appraisal, survey, title search, and a final check of your credit and finance. Your Realtor will keep you posted as each step is processed.