Last year, everything changed when the pandemic erupted. Work styles changed, teaching styles changed, and even how we buy and sell houses changed. Technology facilitated all these aspects of our lifestyles to continue, albeit in new forms. Restrictions have eased, but many of the shifts we experienced are lingering. Read on to learn how you can buy the home of your dreams in modern times.
Getting Started
The first step in buying a new home is to consider your budget and finances. A seasoned lending agent or mortgage broker can help you determine how much house you can afford to buy based on your income, credit score, and debt-to-income ratio. Check to see if you’re eligible for a lower-cost conventional home loan. Conventional loan requirements include a good credit score, cash reserves, and proof of income.
Considering your budget and finances first is a wise decision because, if you need to pay down debt or save for a down payment, you can get to work on addressing those key issues. You’ll also want to start off by getting a feel for the types of properties that are in your price range so you can set your expectations accordingly.
Searching Online
Just about every home or land property listed for sale by a real estate agent can now be found online, and ads usually come complete with multiple photos and virtual tours.
Online listings also provide information related to everything from anticipated utility costs and taxes, to the quality of schools and the availability of local amenities. While your agent can help you dig deep and handle the paperwork and negotiation elements of real estate buying, you can do a lot of advance work on your own, online.
Seeing Properties In Person
Of course, you’ll want to visit a property in person to check out the neighborhood and surrounding area before making an offer. Visiting a home gives you a sense of how well it was maintained and what possible changes you could envision making so it feels like “you.” If the property owners are on site, you might also be able to ask questions about neighbors and other issues related to the home’s location.
Similarly, viewing land in person helps you envision how your build would look there. Land Century notes you should consider things like how buildable a lot is; for instance, steep slopes, wet areas, and heavily wooded areas can present challenges. Zoning and practical access to utilities will also come into play.
Making an Offer
If you’ve got your finances in order and have a preapproved loan, your real estate agent can submit an offer for the home you’re interested in buying. Depending on whether you’re buying in a seller’s market or buyer’s market, your agent will advise you on the appropriate offer to make. This usually comes with a promise of earnest money, in which you provide a modest deposit with your offer.
The owner then has the option of accepting, countering, or declining your offer. If there’s a counter, you can decide to accept, decline, or re-counter. If the offer is accepted, your agent will move on to the next steps in the process.
Finalizing Your Purchase
After an offer has been accepted, your agent will make arrangements for a home inspection and appraisal to ensure there are no underlying issues with the property, and that the house is valued at an amount equal to or greater than your offer. You’ll then move toward a closing (takes 30–90 days) in which papers are finalized and money is exchanged. A date will be set for signing mortgage documents, and you will be the proud owner of a new home.
Buying or building a home can be both exciting and stressful at the same time. A professional in your corner can help ease the process and ensure all aspects of the process are handled appropriately on your behalf. If you’re ready to purchase your dream Treasure Coast home and need a skilled and seasoned realtor on your side, reach out to Tracy Madden: (484) 343-3856.
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