Decide If You Are Ready to Buy
Getting excited about finding a beautiful property and building your equity is the first step in finding a home. It is at this stage that you must take a step back and evaluate if you are ready to invest. Everyone has a unique personal and financial situation that they must consider- What are your goals for the future? What area is best for your career? Will your monthly income support a mortgage?
If you are able to approach the purchasing process with a realistic mindset concerning the costs and benefits involved in buying a new home, you may be ready to take the leap and expand your investment portfolio!
Partner with an Agent You Trust
Finding the right agent for your needs is the most crucial step in the process of finding a new home. A seasoned agent will be able to educate you on the current conditions of the market, effectively analyze your needs, coordinate with the other required professionals, highlight important details while guiding you through homes and negotiate on your behalf. A great agent should also juggle your deadlines and paperwork, while constantly offering solutions to any problems that may arise.
Discovering How Much Can You Afford
Once you have decided that investing in a new home is the right direction for your future, you need to determine how much you are able to spend. Your is time is valuable and should only be spent looking at homes which are within your predetermined price range.
Several factors will influence the amount of funds that a lender will be willing to provide to you via a mortgage including your current debt levels, your expenses, your income, and your credit rating. To aid in this process, I introduce my clients to a trusted mortgage broker who is able to find the most cost effective lending solution on the market.
I believe that a buyer should never purchase a property for the maximum amount of funds that a lender will provide for them. Home ownership should be a source of happiness and pride, not a monthly financial burden. This is one of the many reasons that I constantly keep my clients informed on all the costs associated with buying.
Focus on What You Really Want- And What You Don’t
When considering what style of home you would like, you need to consider your needs at the present and in the future. How much space do you require? Are there any plans for children in the future? Do you have time to maintain a yard? Are you comfortable with home-renovations or do you need a home that won’t need to be updated for many years to come?
These are the questions that you need to review with your loved ones and keep in mind when searching the market. It is easy to fall in love with a few features of a property to only later realize that other aspects don’t properly align with your needs. Buy building a list of features that your future property absolutely must have, along with a list of aspects that you wouldn’t love, you can streamline the buying process and save your valuable time only viewing properties that are going to “wow” you.
Make an Offer
Once you have found the home of your dreams, it’s time to put in an offer. Your agent will help you decide on a price pulling information from the market and other comparable properties in the area. Look to your agent to explain and guide you through the offer process, ensuring a competitive offer while still keeping your investment strategy in mind. Your agent will also help navigate the potential property’s needs when it comes to conditions, home inspection, and required improvements.
Close the Deal
Closing day is the most exciting day of the entire process, all the hard work now pays off. This day will typically consist of signing papers with your lawyer or notary and transferring the funds required. You supply your lawyer with the down payment and the closing costs, which will then allow your legal representation to pay the seller and register the home in your name. After that you will receive the deed to the home along with your new set of keys! At this time, you are officially the proud, new owner of a home.