Purchasing a home is a significant time in your life. It is an exciting process that involves some important steps to consider to ensure a smooth process. Always feel free to utilize me as your resource as you navigate your way through. To better assist you in planning, I have created a list of what to expect here.
Prepare financially: Audit your financial situation for what funds you have and what you feel comfortable spending.
- Identify how much you plan on putting down as well as what you are comfortable spending on a monthly basis for your mortgage payment.
- During the pre-home buying and home buying process it is a wise idea to refrain from any larger expenditures as this can affect the amount of a loan that you apply for.
Select a Mortgage Broker: A mortgage broker can help you find out exactly what you will qualify for in regards to an amount of a loan.
- Your broker will verify your financial status with employment, savings and credit score.
- Your broker will also give you a pre-approval letter stating that you can afford this amount to borrow. This letter is important as it will accompany your offer when that time comes.
Viewing Properties: After your budget has been established, you are ready to view properties.
- Create a list of things that are necessary like bed/bath count, square footage as well as the towns you are considering. Each area offers different amenities and accessibility. I can be a great resource for you based on my knowledge and experience.
Offer to Purchase: When we locate the property that you wish to make an offer on, we will need to move quickly.
- Be sure you know the market. I will be educating you on current conditions as we tour properties to prepare.
- Craft a strategy with your offer to arrive at your goal. I will assist you based on my experiences as well as your goals.
Home Inspection: One of the best uses of your money is hiring a professional inspector. A thorough exam of the home will alert you of any repairs that are necessary.
- This will help you budget for the future
- This can help learn about any excessive repairs that are needed. Further negotiation of terms of your deal may be necessary if these arise.
Purchase and Sale Agreement: After the home inspection process it is time to solidify all terms with a formal agreement. Commonly referred to as the “P&S” the Purchase and Sale agreement will identify all of the terms and conditions of the deal. The deposit monies will also be paid at this time. These funds will be held in escrow until released the day of your closing.
If you have any questions about the home buying process or steps please feel free to reach out and let my expertise work for you.