Home Buying 101

Buying a home is an exciting journey, and having a real estate professional by your side can make all difference! With their expertise and resources, you can navigate the process with ease and confidence. 

​

Here are 6 tips from the National Association of Realtors to help get your started.

​

1.  Get Ready for Home Ownership  ​

• Build a good credit history

• Get mortgage pre approval

• Find out what type of mortgages you quality for

• Consider hiring an attorney to review all contracts and agreements associated with the home buying process

• Save up for a down payment (typically 10-20% of property's value; if FHA-qualified, then possibly less)

• Consider closing costs which can include taxes, attorney's fees, and transfer fees

• Consider utilities and monthly bills, such as homeowner's assessments

 

2. Find a Real Estate Professional

• Get a referral from friends, family, and work colleagues, or search realtor.com* and look for real estate yard signs and advertisements

• Ask the real estate professionals you interview about buyer's representation contracts and agreements;

• make sure you understand the terms

• Explain your needs and expectations to the real estate professional you choose to work with

 

3. Find the Right Property

• Determine what is important to you, such as particular schools, neighborhood amenities, monthly mortgage payment, public transportation, walkability, etc.

• Make sure you include home owner's assessments, utilities, and taxes when calculating the monthly mortgage payment

​​

4. Finance the Right Property

• Contact your mortgage broker or lender

• The lender or attorney will run a title search to ensure there are no clouds on the title

• Make sure you understand the financing terms-ask the lender for clarification, if needed

 

5. Make an Offer

• Ensure the property is inspected by a licensed home inspector

• Acquire title insurance

• Make sure the title is clear, or make your offer contingent upon title clearance

• Read all contracts before signing-make sure you understand all of the terms, ask questions

• Place a competitive bid and be prepared to make a counter-offer

• Keep your credit score stable and in-check by waiting to purchase any big-ticket items until long after the closing

• Only one offer will result in a sale, so be prepared to move on if your offer is not accepted

 

6. Closing and Life After the Big Purchase

• Protect your new asset by obtaining insurance such as homeowner's, flood, disaster, and fire

• Weatherproof your new home

• Maintain files-digital or print-for all warranties, insurance documents, contracts, etc.

• Keep original closing documents in a safe place, preferably outside the home (such as a safety deposit box)

• Set up utilities bills in your name, maintain files

• Implement desired aesthetic changes such as painting, minor construction, and re-flooring

• Set a move date and hire movers or plan a move party with your friends

• Get to know your neighbors and explore your new neighborhood

• If you're happy with the work of your real estate professional, be sure to recommend her/him to friends and family

​

​