Decide to buy a home.
That sounds reasonable, right? Yet, so many of us are really 'just looking' rather than seriously considering changing the location of our home. Why is it that you want a new home? Has your lifestyle changed enough to warrant this type of investment? Until you identify your needs and your wants, you'll find it very difficult to find the home that's right for you.
Find a great real estate consultant.
Once you've decided to buy, you'll need a great consultant to help you. You need a 'Buyer's Agent'. This means your consultant that represents YOU, the buyer, rather than the person selling the home. They will have your best interests at heart. Really good consultants know their markets, and will help you find the best match for your needs and wants. They can also recommend mortgage brokers and other reliable resources that they have relationships with.
Secure financing.
If possible, get pre-approved for a loan in the amount you're willing to borrow. With this pre-approval, you are in a stronger position to buy a home -- rather than finding your dream home, only to lose it to another buyer, because you were waiting on your approval.
Find your dream home.
Now that you have your 'wish list', your consultant, and your pre-approval in hand, you are ready to find a home. As you go through homes, make sure to keep the listing, make notes of your impressions of the house, and a photo (if possible) in a folder, so you can remember all the homes you've seen.
Make a written offer and negotiate the price.
Once you find your home, work through your consultant to make an offer. The amount of your offer may be lower, at, or higher than asking price. It depends on the market conditions and whether or not there are multiple offers on the home. Listen to your consultant, they are representing you and know what homes have sold for in that neighborhood. If the seller does not accept the first offer, then may give you a counter-offer with different price and/or terms. Back and forth you'll go until you settle. (This is where the consultant is really using their experience.)
Have an inspection.
The home inspection is to protect you from buying a home that may have items in need of repair that you did not see yourself. The inspector will report on all the major systems of the home . . . electrical, heating/cooling, plumbing, roof, exterior, basement/foundation, and check all the appliances to determine whether they are in good working order.
Sign final documents, get the key, and move in!
The home has been inspected, you've cleared the title to the property, and you've closed the deal. All you have to do now is move in. Don't forget to put out that welcome mat!
To learn more helpful tips or to find out more about what Century 21 Semiao & Associates can do for you, contact us!
- Fernando Semiao's blog
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