Purchasing a home will be your single biggest investment and there are many factors to consider when purchasing a home, whether it’s a primary residence or an investment property. I am here to make this process stress-free and as smooth as possible for you!
A few weeks ago I asked you on my instagram what posts you’d like to see on my blog, and you requested a “Home Buying 101” guide. So below are the basics of buying a home.
(If you missed it, I announced back in March that I am now a licensed realtor in PA!)
Determine why are you looking to buy right now and what kind of home are you looking for. Take this time to also evaluate your financial situation and budget. Make a projection of how much you are able to spend on a monthly mortgage payment, real estate taxes, insurance, and any other costs required for maintaining a home.
Buying a home is a complex transaction and no transaction is the same. After defining your goals, you are likely to have a long list of questions. A knowledgeable realtor will help to guide you through the property search, financing, negotiation, and transaction process.
The loan officer at your local bank or credit union will examine your financial situation and credit history to determine how much you can borrow to buy a home. Even if you’re not planning to buy a home anytime soon, it’s still helpful to meet with a loan officer to go over your financial situation and they can tell you what steps you can take in the coming months to prepare to buy a home in one to two years.
Based on your goals and loan pre-approval, your realtor will send you a list of homes that match your criteria. You can also download the KW app to your phone to search through listings. Once you find homes that peak your interest, coordinate a date and time to see the home in person with your realtor.
When you find “The One”, have your realtor present an offer to the seller. The seller can accept it, reject it, or provide a counteroffer to negotiate the sale.
After you and the seller agree on a price, contact your loan officer to finalize the details for the purchase of your home. This includes the down payment, interest rate, monthly mortgage amount, and any other fees associated with your mortgage. During this time, you will also need to get the title search and have the property appraised.
On average, you will have to wait 30-45 days to close the deal. On top of a title search and appraisal, you’ll also need to schedule a home inspection. On the day of your settlement, you can perform a final walk through before all documents are signed and the transaction is closed.
If you want to know more specific details about what happens once your offer on a home is accepted, enter your email below to get the free guide outlining all the deets!
Submit your email address below to get a free in-depth home buyer guide that specifies details about each step in the home buying process, including everything that will need to be completed after the seller accepts your offer on a home.
I hope this blog post answered a few questions you might have had about buying a home. If you have not submitted your email above to download a free in-depth home buying guide, scroll back up and do so. I think that this free guide will provide you with more tips and information so that (no matter which realtor you choose to proceed with) you will be making more informed decisions along the way as you search for your loveliest home and get ready to submit an offer.
If you have more questions, I’m leaving my contact information below. Don’t be shy about reaching out, no question is too silly!
Email me at alena.votchits@kw.com
Call/text me at 267.270.1593
♥ Alena
Welcome to Love Everything Lovely, a life & style blog filled with my take on living a life all around lovely and with the goal to inspire you to pursue your loveliest life! I’m Alena, a twenty-something with a heart full of passion for beauty, fashion, and always striving to live my best and loveliest life.
Very informative article. Really thank you! Fantastic. Marielle Ogdan Hobbie