How to Buy a Property
Here are some key things to keep in mind:
Determine your budget
Before you start searching for a home, it's important to determine how much you can afford. Take into account your income, expenses, and any other financial obligations you may have. Use a mortgage calculator to estimate what your monthly mortgage payment will be based on different loan amounts, interest rates, and loan terms.
Build your team
Building your real estate team and knowing who has your back throughout the process is important. It sets you up for support and success early on in the transaction. When you have the team that you have picked to support you, you stay in control and have the support needed to get you to closing.
Get pre-approved for a mortgage
Getting pre-approved for a mortgage can help you determine how much you can afford and give you a better idea of what homes are within your budget. Contact a lender to get pre-approved for a mortgage before you start your home search.
Start your home search
Use online resources and your real estate agent to start your home search. Create a list of must-haves and nice-to-haves to help you narrow down your options.
Attend open houses and schedule showings
Attend open houses and schedule showings to see homes in person. Take notes and photos of each home you visit to help you compare and remember the features of each property.
Make an offer
When you find a home you're interested in, work with your real estate agent to make an offer. Your offer should include the purchase price, any contingencies, and the closing date.
Have the home inspected
Once your offer is accepted, hire a home inspector to evaluate the condition of the property. The inspector will provide you with a report detailing any issues they find.
Appraisal Time
If the home inspection doesn't reveal any major issues that impact the sale, the next step is to confirm the home's value. This is typically done through an appraisal, which can be arranged by either the lender or the buyer's real estate agent.
Clear and marketable title
After the appraisal, the title company steps in to verify the property's ownership history. Their job is to ensure there are no outstanding claims or liens on the title, guaranteeing a clear and marketable transfer to the buyer.
Close on the home
Work with your lender, real estate agent, and attorney to complete the closing process. This includes signing the final documents and transferring the ownership of the property.
