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1.
Hire a real estate professional.
The first step is to
select a professional
to help you find your
dream home and fine-tune your financial
expectations. Working with a buyer agent is worth
consideration since he or she is legally responsible
for representing the buyer's interest in a real
estate transaction. Before making a decision,
however, have a Realtor explain the pros and cons of
using a buyer agent versus a sales or dual agent.
Your RE/MAX Associate can guide you through every
step to buying a home.
2.
Shop for mortgage rates and terms.
A difference of even half a percentage point can
make a huge difference in how much you pay over the
life of a loan. For example, the difference in the
monthly payment on a $100,000 mortgage at 8 percent
vs. 7.5 percent is about $35 per month. Over 30
years, that's $12,600.
3.
Prequalify for a loan.
Your third step should be to get prequalified ,
which determines how much you can afford. It allows
you to move swiftly when you find the right home,
especially when there are other interested buyers.
It also indicates to the seller that you are serious
and really can afford to buy the property.
4.
Define what you want.
The next step is to create a realistic idea of the
property you'd like to buy. What features are most
important to you? Make two lists: one of the items
you can't live without and one of the features you
would enjoy. Refine the lists as you house hunt. It
is also helpful to search online to see what is
currently available on the market. Your real estate
professional can then show you houses that meet your
expectations.
5.
Visit properties.
Now you're ready to visit houses. Ask your RE/MAX
Associate to arrange showings, and keep track of the
properties you've seen.
6.
Know the features that help or hurt resale.
In some areas, a swimming pool actually detracts
from a home's value and makes it harder to sell. In
neighborhoods with two-car, attached garages, a
single-car or detached garage may impact the home
sale and future value. Your RE/MAX professional can
point out features that hurt, and those that help,
resale value.
7.
Rate the houses you tour.
After touring each home, write down what you liked
and didn't like. Develop a rating system that will
help narrow the field down. For example, pick the
house you like best on day one and compare all other
houses to it. When you find a better one, use the
new favorite as the standard.
8.
Make an offer.
Once you've pinpointed your dream house, it's time
to get serious about the financial and contractual
side of the purchase. Your RE/MAX Associate will be
a strong advantage since you and the seller have
different goals.
9.
Arrange for a home inspection.
After your offer is accepted, set up a home
inspection. It's common to find problems, including
leaky roofs, cracked walls, insect infestations and
foundation problems. Your real estate professional
can help find a reputable inspector, and will
negotiate to get you the most for your money once
the inspector's report is final. If you negotiate
repairs as part of the purchase, ask for a ";walk
through" before finalizing the paperwork. Ask your
real estate expert about home protection plans,
which may save you money in the near future.
10.
Close.
Before your closing date, make sure you've made all
necessary deposits and completed the paperwork -
including mortgage, title, homeowners insurance and
any other paperwork required by local or state
governments.
11.
Prepare for life in your new home.
Before rolling out the welcome mat, consider some
moving basics: arranging for an alarm company,
turning on electricity, water and gas, cleaning or
replacing the carpet, and notifying your local post
office of your new address. The best time for
renovations is often before you move in.
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