Let's take the home buying leap together.
So you've either decided or are pondering taking the big step into home ownership -- Congratulations!
This can be both an exciting and nerve-racking time as you prepare to make what is likely the largest purchase of your life thusfar, but that is why I'm here.
Below, I go through in detail the entire home-buying process from start-to-finish and how exactly I can help.
Make an appointment with a mortgage specialist through a local bank, credit union or other financial institution. Interest rates and mortgage options vary from one lender to another, so giving me a call before taking this step is always helpful as I will have the current interest rates and mortgage options on hand to put you in touch with the correct lender.
Meet with me.
Contrary to popular belief, using a real estate sales representative when purchasing a home is free, so why not enlist the help of a professional? I will help you to define what type of home you are looking for and share the details of the current market and what is available.
Start house hunting.
Now for the exciting part! I will pull available properties that meet both your budget and wish-list, and will arrange appointments for you and I to take a tour.
Remember that although this part of the process may take just hours, it can also take weeks or months for you to find the right home depending on the market. It is important to remember to be patient and also to be open to modifying your wish-list if need be.
During these showings, don't be afraid to:
- Open doors, closets or cupboards to get a better look
- Open or turn on appliances to make sure they are in good working order
- Turn on the faucets, or flush the toilet to check water pressure
You've found the house, now what?
Once you have found a house that you could see yourself living in, I will work with you to put together an offer. I will go over comparable properties and review the current market and together we will determine terms and a price that you are comfortable with.
I will put together the necessary legal documents to submit your offer, and review these in detail so you completely understand what you are signing. The next step is negotiating which could involve a few rounds of back-and-forth before being accepted, so best to be patient.
Expense of Buying a Home.
Below are the most common expenses of the home-buying process and how much you should budget:
5-20% of purchase price
Avg.1% of purchase price
Only applicable on new homes
Dependant on property
Your offer has been accepted. Now the fun begins.
So you will more than likely have a 7 to 10-day window to fulfill any conditions that were written into your offer; these could include:
I will take care of sending the paperwork to your lender for final approval. You should also contact your lender to ask if there are any additional personal documents that they need to complete the process.
I will take care of booking the home inspection (if needed). It is always best that you attend the home inspection as the inspector will go through the house and point out any maintenance issues or concerns that they may have, as well as showing you the location of any important shut-offs and switches. They will also put this into a report so that you will have a copy for future reference.
I will provide you with a list of common questions that your insurer may ask regarding the property with the necessary answers. Don't be alarmed if your insurer asks questions regarding the plumbing or electrical that you aren't sure how to answer -- The inspector should be able to help you out with these.
Congratulations, it's officially yours!
Once you have been offically approved for your mortgage, and are happy with the home inspectioon and insurance, I will have you sign a waiver that removes all conditions from the offer and makes the deal official.
The house that you have been dreaming about is finally yours! I'll make the moment memorable by taking a few photos of you in front of your very first home.
Now that you are officially homeowners, its time to think about what you need to do before you get the keys to your new home.
Hire a lawyer.
You'll need to choose a lawyer to work with. The lawyer is responsible for searching property title, dealing with the financial aspect of the transaction and will be the one to give you the keys to your new home.
Setup your utilities.
You will need to contact the local utility companies to setup accounts for payment. Be aware that often there is setup fee that is charged when opening a new account.
Although the thought of a new home can be exciting, the thought of having to pack up and actually make the move can be overwhelming. If you have family an friends to rely on, great! But if not, hiring an experienced moving company to give you a hand can help take the stress out of the move.