Start by creating a prioritized list of features you want in your next home and the reasons why. Use it as your search guide, but remember that depending on your funding, you will probably need to make some compromises. In addition, talk to your real estate professional about where you want to live. Location is a huge part of any move. Century 21 professionals are trained to help their clients narrow down their choices by sharing market trends and local information such as area lake information and community statistics.
Now that you know what you want, it's time to see what you can afford. You can start by crunching the numbers yourself using our mortgage calculator at here. When you're ready to move to the next step, you can get pre-approved for a mortgage. This process accomplishes two important goals. First, it will tell you how much house you can afford and what your monthly payments would be. Second, it tells the seller that you can afford to buy their home. By definition, a pre-approved buyer has an approved mortgage subject to an appraisal of the property. Many times a buyer can use this pre-approved status as leverage during the negotiation process.
Once you know what community you'd like to live in and have an idea of how much house you can afford, its time to start checking out actual properties. Beginning this search online can help save you time because it can help you target homes that meet your search criteria. By using our Multiple Listing Service, your Century 21 real estate professional can even email you when properties come on the market that meet your search criteria. The next step is to begin visiting homes in person. Our Century 21 Woods to Water real estate professionals will arrange visits to properties in your target area and price range. When comparing homes, make sure to look at all aspects of the property. Is the property tax approximately the same? Are both the houses renovated? Do they both have the same amount of bedrooms and bathrooms? Are both houses located on the same or similar streets? Does either house have any encumbrances?
Remember to keep an open mind when you are looking at homes. Use your imagination to help you determine what the house could become with you as the owner.
Once you find the home you want, you need to make an offer for the house. Typically this is a very difficult and trying time because both parties have totally different goals. It is better to have a third party, such as a real estate professional, negotiate the offer. This might also be a good time to consider purchasing a home protection plan. These insurance policies can be purchased by the buyer or seller and help protect against unexpected costs or home repairs during the listing period or in the initial years after a home has been purchased.
After your offer is accepted you will need to set up, coordinate and interpret various inspections, including insect, radon, building quality, oil tank, title, etc. You will also need to arrange for homeowners insurance and finalize the mortgage. This is a major step in the buying process and there are many potential problems that can be discovered during this period. These include a leaky roof, radon gas, termite damage, a foundation problem, and wall cracks, to name a few. These problems happen all the time. The difference between closing on your dream home and starting the process all over again is what occurs during the negotiations between you and the seller. Your Century 21 real estate professional can help make these discussions go more smoothly. In most states you will also have the option of a "walk through" before the closing. This is your last chance to make sure that all of the items that you have agreed upon were completed to your satisfaction.
Before you arrive at the closing, work with your Century 21 agent to make sure all necessary paper work and deposits have been completed. If the mortgage, title work, homeowners insurance and other items necessary are not completed and brought to the closing table, the closing may not happen on time. And, depending on what the contract says, this could result in further action including financial penalties and even the loss of your rights to the home. Once you close, it's official - you own the house! But there might be a few things you want to do before you lay out the welcome mat. These include arranging for an alarm system, turning on the electricity, subscribing to the local paper, cleaning or replacing the carpet, arranging for lawn services, etc. This could also be a good time to make some needed renovations. Be sure to turn to your real estate professional for guidance and information about many of these services.
Learn more about BUYING A HOME select LEARN at www.century21.com
