Tuesday’s Tip: 8 Steps to Buying a Home
Posted by starr
Think you’re ready to buy a home? Take a look at this guide on 8 Steps to Buying a Home to see if you’re ready.
#1 – Decide to Buy (easy enough?)
Although there are many good reasons for you to buy a home, wealth building ranks among the top of the list. We call home ownership the best “accidental investment” most people ever make. But, we believe when it is done right, home ownership becomes an “intentional investment” that lays the foundation for a life of financial security and personal choice. There are solid financial reasons to support your decision to buy a home, and, among these, equity buildup, value appreciation, and tax benefits stand out.
#2 – Hire Your Agent – we can help with that!
Eight important questions to ask your agent
Qualifications are important. However, finding a solid, professional agent means getting beyond the resume, and into what makes an agent effective. Use the following questions as your starting point in hiring your licensed, professional real estate agent:
- Why did you become a real estate agent?
- Why should I work with you?
- What do you do better than other real estate agents?
- What process will you use to help me find the right home for my particular wants and needs?
- What are the most common things that go wrong in a transaction and how would you handle them?
- What are some mistakes that you think people make when buying their first home?
- What other professionals do you suggest we work with and what are their credentials?
- Can you provide me with references or testimonials from past clients?
#3 – Secure Financing – rates are lower than ever
From start to finish, you will follow a six-step, easy-to-understand process to securing the financing for your first home.
- Choose a loan officer (or mortgage specialist).
- Make a loan application and get preapproved.
- Determine what you want to pay and select a loan option.
- Submit to the lender an accepted purchase offer contract.
- Get an appraisal and title commitment.
- Obtain funding at closing.
#4 – Find Your Home
Questions to ask yourself
- What do I want my home to be close to?
- How much space do I need and why?
- Which is more critical: location or size?
- Would I be interested in a fixer-upper?
- How important is home value appreciation?
- Is neighborhood stability and priority?
- Would I be interested in a condo?
- Would I be interested in new home construction?
- What features and amenities do I want? Which do I really need?
#5 – Make an Offer
When searching for your dream home, you were just that – a dreamer. Now that you’re writing an offer, you need to be a businessperson. You need to approach this process with a cool head and a realistic perspective of your market. The three basic components of an offer are price, terms, and contingencies.
#6 – Perform Due Diligence
Unlike most major purchases, once you buy a home, you can’t return it if something breaks or doesn’t quite work like it’s supposed to. That’s why home owner’s insurance and property inspections are so important.
#7 – Close
The final stage of the home buying process is the lender’s confirmation of the home’s value and legal statue, and your continued credit-worthiness. This entails a survey, appraisal, title search, and a final check of your credit and finance. Your agent will keep you posted on how each if progressing, but your work is pretty much done.
#8 – Protect Your InvestmentEven after you close on your house, you agent can still help you:
- Handle your first tax return as a home owner.
- Find contractors to help with home maintenance or remodeling.
- Help your friends find homes.
- Keep track of your home’s current market value.
Attention to you home’s maintenance needs is essential to protecting the long-term value of your investment.
Home maintenance falls into two categories:
- Keeping it clean: Perform routine maintenance on your home’s systems, depending on their age and style.
- Keeping an eye on it: Watch for signs of leaks, damage, and wear. Fixing small problems early can save you big money later.
The Ross-Haigler Group at Keller Williams Realty
Full Service Team of Licensed Real Estate Professionals servicing the region surrounding Charlotte, NC
The Ross-Haigler Group exists to achieve a higher standard in the Real Estate industry by: continually exceeding our client’s expectations, treating others with respect and honesty, and living our company values – God. Family. Business.
About starrMeet Starr: mom, wife, Realtor, in love with life and finding creative ways to encourage you
Posted on March 5, 2013, in Buying a Home and tagged 4Hismove, 4Hismove.com, Brian Haigler, Buying a Home in Charlotte, Buying a Home in Union County NC, Jay Ross, Keller Williams Union County, Ross Haigler Group at Keller Williams, Starr Haigler, The Ross Haigler Group. Bookmark the permalink. Leave a comment.