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The Home Buying Process
Whether you've spent years saving and preparing to buy a home, or you're unsure if you can afford to buy, the questions surrounding home buying can feel endless.
You can find the answers - and peace of mind - by working with Natalie Sweeney and RE/MAX, the industry leader in experience and service.
Here are a few steps to take to becoming your own landlord:
- Hire a real estate professional.
An important first step is selecting a home-buying professional to help you find your dream home and fine-tune your financial expectations. Consider enlisting a buyer's agent. He or she is legally responsible for representing ONLY the buyer's interest in a real estate transaction. Before making a decision, however, have your REALTOR® explain the pros and cons of using a buyer agent versus a dual agent. Natalie Sweeney is the RE/MAX Associate who can guide you through all the home-buying steps.
- Shop for mortgage rates and terms.
A difference of even half a percentage point can mean a considerable savings over the life of a loan. For example, the difference between the monthly payment on a $100,000 mortgage at 8 percent and 7.5 percent is about $35 per month. Over 30 years, that's $12,600.
- Prequalify for a loan.
One of the first things you will want to do is to get prequalified for a mortgage loan. This will determine 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 about buying a home and can afford to buy this property.
- Outline what you want.
The next step in home buying 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 listing the items you can't live without and the other, the features you would like to have. Refine the lists as you house hunt. Remember: Natalie can show you houses that you find in your online search.
- Visit properties.
Now you're ready to visit houses. Ask Natalie to arrange showings. Be sure to keep track of the properties you've seen. Each time you venture out to see more properties, revisit your notes to eliminate immediately any that clearly do not meet your standards.
- Know the features that help or hurt resale.
In neighborhoods with two-car, attached garages, a single-car or detached garage may affect the future value and desirability of the house you are considering. Natalie will help you to look at "the big picture" by pointing out features that will later affect its resale value.
- Rate the houses you tour.
After touring each home, write down what you liked and didn't like. Develop a rating system to narrow the home-buying field. 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. Avoid tracking more than four top choices at once since this can quickly become overwhelming.
- 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. Let Natalie guide you through this sensitive process. Because you and the seller have different goals, rely on your REALTOR'S® expertise to make the transaction an easy one.
- Arrange for home inspections.
After your offer is accepted, Natalie will set up a home inspection and any other inspections that are appropriate. It's common to find problems, including leaky roofs, cracked walls, insect infestations, and foundation problems. Natalie can help find a reputable inspector and will negotiate to get you the most for your money once the inspectors' reports are final. If you negotiate repairs as a condition of the purchase, you will have a "walk through" before finalizing the home-buying paperwork. Ask Natalie, your real estate expert, about home protection plans that may save you money in the near future.
- Close.
Before your closing date, make sure you've made all necessary deposits and completed the paperwork - including mortgage, title, homeowner's insurance, and any other paperwork required by local or state governments. Natalie will be there to help you complete that closing checklist and avoid any last-minute snags. Buying your home should be as stress free as possible.
- Prepare for a good 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. Usually the best time for renovations is often before you move in.
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