By: Charla Puccino
Shopping for a home is a pivotal moment in any young adult’s life. Becoming a homeowner represents achievement, financial stability, and independence. It is an exciting time, but it can also be a stressful and overwhelming time for someone who doesn’t have a clear understanding of the different steps involved, as well as how long it takes it close on a home.
In order to gain a better understanding of what it takes to realistically shop for a home, take a look at the following steps explained by Remax Alliance Realtor Cindy DeBrino. Cindy has been working in the real estate business and selling homes for over two decades.
Start your research early:
Find a good agent who is willing to sit down with first time buyers to discuss the buying process. Do this by reading reviews online, network, and see who your friends and family have used, and from there see what agency names appear recognizable. For example: what agency signs have you seen on houses for sale during your daily commute? You want to choose a realtor you can rely on who is backed by a reputable agency.
A good real estate agent like Cindy will meet with buyers ahead of time and go through the process of writing up a mock offer. This helps potential buyers feel more confident and less overwhelmed when they are ready to make a real offer on a house they like.
Determine what you can afford:
One of the biggest mistakes a first-time home buyer can make is shopping for houses outside of their budget. Therefore you should determine what you can afford, and then get pre-qualified for a loan that you can pay off over time without trouble.
Shop for houses:
Once you are pre-qualified and you’ve decided on which realtor and agency you will be working with, he or she will set up a search for you through the MLS (Multiple Listing Service). You and your agent will be emailed any new listings that meet your search criteria (price, size, location, etc.) the moment they are entered into the MLS. From there, choose which houses you want to tour and have your real estate agent set up tours of those houses for you.
Get a home inspection:
You should always get an inspection on the house you have decided to buy. The cost is dependent upon the size of the house as well as whether or not you are doing a termite, radon, and well, or septic, inspection.
Should you have the home appraised? Yes, as the bank will require an appraisal. They want to be sure that your home is actually worth what you are paying for it. Also, if you are financing an FHA, CHFA, or VA loan, the appraiser will look for FHA-required repairs. Those repairs would include chipping paint, stair railings, etc.
Make an offer:
Once you found your ideal home in your price range, it is time. Work with your real estate agent to make that offer!
The following is a list of common questions asked by first time home buyers, and answered by Cindy DeBrino of Remax Alliance.
When purchasing a home, it is important not to rush the process. Any first time home buyer is going to be eager and excited to close on a house they can call their own, but it is important to understand the different steps involved when shopping for a house. Happy house hunting!