8 Steps to Buying a Home
Step 1: Decide to Buy
Purchasing your first home is one of the biggest and best choices you could ever make. After all, a home is the largest and most emotional investment will make throughout their lifetime. Therefore you ask yourself, “How do I know know if it’s the right time for me to buy a home?” Well the answer is simple: “There is never a wrong time to buy the right home ”
The secret to buying a home is finding the right buy and taking the time to carefully evaluate your finances and income before making your decision. A home purchase is an important step that can change your life and have many different advantages. Purchasing your own home is a great investment that can deliver several financial benefits – equity build up, value appreciation, automatic savings plan ! All of these are great reasons to buy your own home today! Start looking at your options , you don’t need to have all the knowledge in world but simply do a bit of reading and research. Once your confident and ready your Keller Williams agent is ready to help you through every step of the process.
Step 2: Hire Your Agent
When you’re looking for a real estate professional to help you, a good agents put their clients first and builds strong relationships throughout the process. This is your dream, and your agent is your advocate to help you make your dream come true.
A great real estate agent will:
- Educate you about the current conditions of the market and update your on any market change that may affect you.
- Analyze and prioritize what you want and what you need in your next home.
- Co-ordinate the work of other needed professionals throughout the process.
- Guide you to homes that fit your criteria and budget.
- Negotiate on your behalf to get you the best deal possible out there.
- Check and double-check paperwork and deadlines.
- Inform and discuss with you, and suggest solutions to solve any problems that may arise.
Step 3: Secure Financing
Ask your agent to introduce you to the preferred financing consultant. This professional will work with you and your agent to make sure the financial aspect of your home purchase is stress free. You want to be sure that you don’t become stress on any financial issue that may arise, when in doubt be sure to reach out to either individuals for support.
A consultant will:
- Review your current financials.
- Discuss the options available to you during the home purchasing process.
- Guide you to an appropriate and reasonable price point.
- Negotiate on your behalf to get you the best deal – price, interest rates, loan approval.
- Keep you informed and updated of the entire financial process throughout your purchase.
Step 4: Find Your Home
So you’ve met with your trusted agent, and now you’re ready to begin your home search. You may ask yourself “how or where do you start?”. There are a lot of homes out there in the market, be sure to not dive in without a guide. We assure that your Keller Williams agent will help you more accurately pinpoint homes that fit your criteria in the area you are looking to move into.
Some questions you might ask yourself include:
- What amenities are crucial for you and your family?
- How much space do you need and why?
- Which is more critical: location or size?
- Would you be interested in a fixer-upper?
- How important is home value appreciation?
- Is neighborhood stability a priority?
- Is accessibility to main routes a priority?
- What features are not negotiable in your new property?
- What schools are located nearby ?
You’ll learn as you start looking and visiting homes, your priorities will soon adjust along the way and you will know which one is the right home for you!
Step 5: Make an Offer
So you found the home you fell in LOVE with, the next step is deciding on a price. Remember to look at the home as an investment. Your agent can give you information on other properties in the neighborhood to help you ensure you make an informed decision when it comes to price and compare on other homes around the area. Your agent should explain and guide you through the offer process.
Some things to consider when deciding on the best price point offer is:
- List price : start the price point that the home is listed at which will give you a base when looking at the home’s value.
- Market Analysis : you should have a list of comparable home values in the neighborhood to help you decide if the price point is on par.
- Improvements : there may be list of improvements made to the home which will help you determine its market value.
Step 6: Perform Due Diligence
Your agent will provide you with improvements and challenges within your home. This will give you an overview of your home and what to expect when purchasing. You should know what improvements or work has been done on your home is very important. It is important as well to know know what work has not been done and needs to be done. Improvements and updates will increase your home value, but damages can also take money right out of your pocket! However, the main concern a home buyer should have is the possibility of structural damage, which can come from water, shifting ground or poor construction. Many times a problem appears to be big, but can be fixed with very little effort and not a huge budget.
Step 7: Close
Once you’ve determined a price point you’re comfortable with, you’re one step closer to buying your home! However, there are 2 things you must be responsible for:
- Be control of your credit and finances: Be sure to not make any big purchases and keep a reasonable budget throughout the buying process. You want to make sure you balance your expenses.
- Stay in touch your agent and financial consultant: be in constant communication with your Keller Williams agent and financial guide during this process. This means to return all phone calls and respond to any emails/text messages. Ask all the questions you have at any given time! Don’t be afraid to ask or share your opinion to your agent.
Step 8: Protect Your Investment
The final Step!!! Congratulations, Welcome to your new home! The home-buying process would now be complete, which means it’s time for your maintenance plan! You now have a new huge responsibility! Now its your time to protect your investment for years to come. Advice from us is to be sure to keep performing routine maintenance on your home’s systems is always more affordable than having to fix big problems later. Always watch out for signs of leaks, damage and wear. And when you see signs of any, take immediate action!
Remember that your relationship with your Keller Williams agent doesn’t need to end! “After you buy, your agent can still help you providing information on the real estate market, finding contractors and repair services, and even tracking your home’s current value.” We always love to work with past clients and keep relationships strong!
We are so thrilled and happy once you become a HOMEOWNER! It’s always a pleasure to assist our clients and give them the best customer satisfaction to assure they are happy with their purchase!
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