No one expects you to be an expert at the homebuying process, especially as a first-time home buyer. However, there’s no need to stress. The buying process is exciting and you’ll be raiding home decor stores before you know it.
You don’t have to do this alone! Our real estate agents will help to make your buying experience way easier. Being within Michigan’s largest network of agents, they know about properties before they hit the market. This gives you an advantage over other buyers and could earn you some insight going forward. Contact one of our agents to get started or to answer any questions you may have.
Buying a home involves a few steps: getting pre-approved, finding the property, securing financing, making an offer, getting a home inspection and, finally, closing on the purchase. Below we have a guide and some tips on the best way to snag your dream home.
Check Your Finances
Getting pre-approved for a mortgage is the first step to take if you’re serious about buying a home. This shows that you have the funds to buy. In addition to a mortgage, look into loans. First-time homebuyers can get help from state programs, tax breaks, and federally backed loans.
Our mortgage professionals at John Adams Mortgage can help you assess your budget, and pre-approve you for a mortgage loan. They will be able to give you insight on what your financials should look like going forward.
Additionally, you need to purchase homeowner’s insurance. Should the unexpected occur, this will help protect your house and belongings. Homeowner’s insurance needs to be purchased before the closing. Check out our HomeSuite services for an easy and convenient real estate transaction!
Handpick Homes
Now it’s time to look for your dream home! Consider the type of residence that fits your needs. What can you afford? How much financing can you secure? Who will help you conduct your search?
Weigh the pros and cons of different types of homes. A condominium or townhouse may be more affordable than a single-family home, but shared walls with neighbors will mean less privacy. Don’t forget to budget for homeowners association fees when shopping for condos and townhomes, along with any additional fees that may come with fixer-upper homes.
Our agents can help find you the perfect homes to tour. They’ll register you for our First to Know Listing Alerts that automatically sends new listings your way. They’ll also handpick homes that fit your needs and set up showings so you can visit them.
Make an Offer
When you fall in love with a home, the agent will write up an offer to purchase it and prepare the necessary contracts for your transaction. Contracts enable you and your agent to specify a sale price and include clauses for various terms of purchase, such as closing and possession dates, deposit amount, and other conditions. Once the offer is written, your agent will present it to the seller and/or their representative. The seller can accept your offer, reject it or do a counteroffer.
If it comes to a counteroffer, it’s time to negotiate. Often the most complex aspect of buying a home, your agent will do a number of things to win. You will be presented as a serious buyer and your agent will be creative in their negotiatory approach. If necessary, they will negotiate to compromise.
Time to Inspect
You are on the closing stretch! It’s time to inspect the home. A professional, third-party home inspector will take a closer look at the house and confirm it’s in good shape. The goal is to evaluate it from a structural and safety standpoint to ensure you are buying a house that is up-to-code. This can take up to two weeks so be patient- but the wait is worth it!
Not only is the structural integrity of the home inspected, but the process also includes inspecting the title. A title search is conducted to make sure the property’s title is valid. Once this is complete, it’ll be ensured that you’ll become the rightful new owner of the property.
Closing Time!
The moment you’ve been waiting for! After confirming your finances, finding your dream home and completing your home inspection, it’s time to close. You’ll receive the property title and copies of all documentation pertaining to the purchase. And, the keys!
Congratulations- you’re now a homeowner!
