Learn about Buying - For Printable PDF Format Click Here
Get ready to find the home of your dreams.
Get tips on what you should look for, how to negotiate a great deal, how
to protect
yourself along the way, and more.
Learn the Basics
Step 1: Defining What You Want
Step 2: Figuring Out What Your Can Afford
Step 3: Shopping for Homes
Step 4: Making an Offer
Step 5: Inspections and Insurance
Step 6: The Final Closing
Step 1: Defining What You Want
Start by creating a prioritized list of features you want in your next
home and the reasons
why. Use it as your search guide, but remember that depending on your
funding, you will
probably need to make some compromises. In addition, talk to your real
estate
professional about where you want to live. Location is a huge part of
any move.
CENTURY 21 At The Crossing, Inc. professionals are trained to help their
clients narrow
down their choices by sharing market trends and local information like
neighborhood
statistics and community links.
Step 2: Figuring Out What You Can Afford
Now that you know what you want, it's time to see what you can afford.
You can start by
crunching the numbers yourself in the Rates & Mortgage section of
our website under
Mortgage Tools. When you're ready to move to the next step, you can get
pre-approved
for a mortgage. This process can often be performed in under an hour and
it accomplishes
two important goals. First, it will tell you how much house you can
afford and what your
monthly payments would be. Second, it tells the seller that you can
afford to buy their
home. By definition, a pre-approved buyer has an approved mortgage
subject to an
appraisal of the property. Many times a buyer can use this pre-approved
status as
leverage during the negotiation process.
Step 3: Shopping For Homes
Once you know what community you'd like to live in and have an idea of
how much
house you can afford, its time to start searching for a home. Beginning
this search online
can help save you time since it can help you target homes that meet your
search criteria.
Next, begin visiting homes in person. Ask a CENTURY 21 At The Crossing,
Inc.
professional to arrange visits and attend open houses that are in your
target area and price
range. Make sure to look at all aspects of the property when comparing
homes. Is the
property tax approximately the same? Are both the houses renovated? Do
they both have
the same amount of bedrooms and bathrooms? Are both houses located on
the same or
similar streets? Does either house have any encumbrances? Remember to
keep an open
mind when you are looking at homes. Use a virtual home planner to help
you imagine
what the house could become with you as the owner.
Step 4: Making An Offer
Once you find the home you want, you need to make an offer for the
house. Typically
this is a very difficult and trying time since both parties have totally
different goals. In
most cases it is best to have a third party, such as a real estate
professional, negotiate the
offer. If you have any personal interaction with the homeowner, don't
give out any
information about your move, your current housing status, financial
status or your
feelings about their property - positive or negative. This could hurt
you in future
negotiations. This might also be a good time to consider purchasing a
home protection
plan. These insurance policies can be purchased by the buyer or seller
and help protect
against unexpected costs or home repairs during the listing period or in
the initial years
after a home has been purchased.
Step 5: Inspection & Insurance
After your offer is accepted you will need to set up, coordinate and
interpret various
inspections, including insect, radon, building quality, oil tank, title,
etc. You will also
need to arrange for homeowners insurance and finalize the mortgage. This
is a major step
in the buying process and there are many potential problems that can be
discovered
during this period. These include a leaky roof, radon gas, termite
damage, a foundation
problem, and wall cracks, to name a few. These problems happen all the
time. The
difference between closing on your dream home and starting the process
all over again is
what occurs during the negotiations between you and the seller. Your
CENTURY 21 At
The Crossing, Inc. Professional can help make these discussions go more
smoothly. In
most cases, you will also have the option of a "walk through"
before the closing. This is
your last chance to make sure that all of the items that you have agreed
upon were
completed to your satisfaction.
Step 6: The Final Closing
Before you arrive at the closing, make sure all the necessary
paperwork and deposits have been completed. If the mortgage, title work, homeowners insurance and other items necessary under local
and state laws are not completed and brought to the closing table, the closing may not happen on time. And, depending on what the
contract says, this could result in further action including financial penalties and even the loss of your rights to the home. Once you
close, it's official - you own the house! But there might be a few things you want to do
before you lay out the welcome mat. These include arranging for an alarm system,
turning on the utilities, subscribing to the local paper, cleaning or replacing the carpet,
arranging for lawn services, etc. This could also be a good time to make some needed
renovations. Be sure to turn to your CENTURY 21 At The Crossing, Inc. Professional for
guidance and information about all the money-saving offers available to CENTURY 21 At
The
Crossing, Inc. customers.
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