Buying a new home is an exciting venture for the first time home buyer or the seasoned home owner. It can seem overwhelming at first but by breaking the process down and following these step by step suggestions buying the perfect home is much easier.
Get Preapproved for a Home Loan
According to Realtor, Collette McDonald, of Collette McDonald & Associatesthe first step should be arranging financing, “Buyers need to know what they can afford and have the financing lined up before they even go online and look at a home.” Knowing financial limits creates an informed buyer and saves a lot of time and stress.
New Home Priority Checklist
Collette McDonald also suggests, “Once the buyer has determined what your price point is, the next step is to determine what is important for the buyer’s criteria.” Make a couple checklists, one a list of things that are essential and then a list of things that are preferred but not necessary. Consider also making a home buying checklist that pertains to the neighborhood as well. This instantly narrows the selection and keeps new home priorities in check.
Realtor or Not
A realtor is not necessary to buy a home, but can be very beneficial, especially for first time home buyers. An experienced realtor can ease the entire process, saving time and money. As Atlanta Realtor, Collette McDonald points out, “Many buyers do not understand that hiring an agent, in most cases, will not cost them a dime. The buyer’s agency is covered in the marketing fees that the seller of the home pays.”
Look at New Homes
Now it’s time to start shopping. For buyers with a realtor, the realtor can do the legwork and find homes for sale that are within the budget and criteria lists. But most home buyers prefer to do a bit of shopping themselves. There are several great online resources for home searches such as Realtor.com.
Make an Offer
Once a potential home buyer has found a home that fits within the price range and criteria then it’s time to make an offer. Review the value of houses in the area, how long the home has been on the market, any necessary repairs, and any extras in the home that make it worth more. The offer should fall within the range of being a deal for the buyer and not offensive to the seller.
Home Inspection
Once a home purchase offer is accepted then a home inspection should be scheduled. Home inspections are not necessary but it’s a way to hedge a bets as the offer is usually contingent upon a home inspection. This means that if the inspector finds huge problems the buyer can back out of the offer. It also provides a bargaining chip to get a discount or have repairs made before the close.
Closing on a New Home
When buying a new home the closing is a tricky step filled with expenses and legal paperwork. A real estate attorney is a good idea, especially for first time home buyers, as they can provide guidance through the process. A realtor can also provide a lot of assistance in this phase of the home buying process.
Buying a new home is a wonderful time and should be enjoyed. Eliminate the stresses of buying a home by following the steps above one at a time and not letting the entire process become overwhelming. Remember the key to buying a new home is sticking within the predefined budget and criteria checklists.
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