Buying a home is probably the biggest investment you will make in the coming years, with long-term financial implications . It is necessary to make informed decisions advised by an expert in the real estate market . Best of all, this advice has no cost to the buyer.
What a Realtor® can do to help you buy the right property?
• They will help you determine how much you can actually invest in a property, without jeopardizing their financial stability. They will help you develop a realistic idea of ??the home best suited to your needs – size, style, features , location, accessibility to schools , transportation , shopping , and other personal preferences .
• They have access to a list of all available properties in the multi – list system , can evaluate in terms of your needs and affordability, and will not waste your time showing inadequate housing .
• You can supply information on real estate values ??, taxes, utility costs , municipal services and facilities , and may be aware of proposed zoning changes that could affect your decision to purchase.
• They help negotiate the best price and the best terms for you , acting as a liaison between you and the seller to present offers and counteroffers until an agreement is reached.
• They can help familiarize you with the closing process and they will obtain closing figures before closing for review.
Steps for successful purchase of a property:
A Realtor can advise and assist you throughout the buying process, making it easier and help you save money, with advice at no cost for you.
Develop a plan to purchase a home can help you focus on the most important factors and organize the entire process. Carefully review your monthly spending budget and clearly define how much is the most you ‘re willing to pay monthly for the property ( Remember to pay Mortgage, Insurance , Taxes and HOA fees some properties )
Define the size, style and features of the property that best suit their needs. Define location according to your personal preferences, accessibility to schools , transportation , shopping, and more.
The establishment of ” criteria ” early on will save time shopping and may keep you from buying a home on a whim. Your main reason for buying a home should be the value you are getting for your money.
3. Pre-approval Loan
Contact your financial institution or through a Mortgage Broker to be pre-approved for a home loan. This pre-approval will set the maximum price we can buy. A lender typically uses the 28% formula ( your monthly mortgage can not exceed 28 % of your monthly income ) in approving your loan.
4. Start looking properties
With the features, location and the defined price, Realtor and you visit and evaluate the properties that fit these criteria. Then the property that best suits your needs (cost, location, features, ..) is chosen.
5. Submit an Offer
When you’ve identified the home you want to purchase, your Realtor and you define what the appropriate value that is being offered by the property and a contract will be written. This contract will analyze the property seller to make a decision.
Your offer may or may not be accepted for any number of reasons. You have to have other properties defined as a second option .
6. Acceptance of Offer
Once your offer is accepted, a deposit of money (usually non-refundable ) will be held, and the processing of the end begins. The title company examines the title to have no problems prior sales . And the lender takes the entire loan process.
To prevent the property has any major physical problems that can not be seen with the naked eye , the services of an inspector are hired to technically review all areas of the property and define not run any risk buying it.
Pay for a qualified home inspection before you buy a home is not just spending “a little more ” for peace of mind , is absolutely essential for anyone who does not want to spend thousands of dollars in repairs.
8. Closing and delivery
The day set for closing, transfer of the property is signed and the keys are delivered. Now you can enjoy your property.