Buy a Property

Unless you’re a cash buyer, it is highly recommended to get prequalified to find out what you can afford before looking at homes. Why look at something you might not be able to purchase? When you do find the perfect property, this pre-qualification letter will be needed to accompany your offer. Shop around and find out which lenders give you the best rates with the lowest fees.

Whether you need to be close to work or in a specific school district, it is important to choose the communities that best suit your family, your criteria, and your lifestyle. Do you want to live in a rural area or a thriving urban neighborhood? Are amenities important to you? Do you want to pay homeowners association fees? Narrow down your needs, musts, and wants, which will lessen the stress and make your decision easier to make when choosing a home. Check the market reports in the area of interest to you.

Today, you have so many choices online to shop for homes. Websites such as Zillow and Realtor.com list all the homes for sale. You can narrow down the communities and types of homes you like and determine which ones will fit your budget. Once you find homes you’d like to see, you will have two choices: contact the listing agent of each home to view it or hire a buyer’s agent, who can represent you on all of the showings. An experienced buyer’s agent will know the communities firsthand and can find homes that will fit your criteria and budget. They will look after your best interest and negotiate your best terms.

It is time to negotiate once you find the best home for you and your family. If you’ve hired a real estate agent, they will negotiate for you and prepare the proper contracts and documents. Homeownership transactions have legal ramifications, so they must be done correctly. If you deal directly with the listing agent, they will prepare the offer for you and present it to their client. In this scenario, they will act as a transaction broker, representing both sides. Either way, ensure you’re adequately represented and read the contracts carefully before signing. After the documents are executed, they are binding.

Your contract should allow enough time for a home inspection. Hire a reputable home inspector to check everything from the plumbing and electrical system to appliances, the attic, the roof, and every corner of the property. This is the time to learn precisely what you’re buying and whether the home needs repairs. Based on the final inspection report, you may need to request repairs or renegotiate the contract. You may cancel the contract if the terms are not agreeable within the home inspection period.

Once you’ve found a property and are pleased with the contract terms and inspection, you’re ready to move forward with the purchase. If you’re financing, the lender can get the appraisal to confirm the value and go to final mortgage approval. Do not make large purchases before closing, such as a car or a boat, or load your credit cards. Any major changes will affect your credit score and the final approval. The title company will complete the final closing documents, which include the title insurance, deed, and settlement statement. Before closing, make sure to take a final walkthrough to ensure the home is in the same condition as you last saw it. Also, ensure you’ve scheduled the utilities to be transferred to your name. Otherwise, you might be moving to a home without electricity or water.

Congratulations, you’re now the proud owner of a new home. Keep your closing papers in a safe location, as you may need to recall them in the future. You will receive your recorded deed in the mail about three to four weeks after the closing, depending on the county. Make sure to file for homestead exemption to save you on your property taxes. Set aside additional funds for any desired or unexpected home improvements or renovations, as these can add up quickly. Get to know your neighbors, and enjoy your new home and community!