1. Check Your Credit Score – Before you begin the home buying process, you want to make sure you’re actually in a position to take on all that buying a house entails. That’s why the first step is to do your research, check your credit score and review your finances.
2. What Can you Afford – Before you speak with a mortgage lender, it’s helpful to calculate how much house you can afford on your own. A lender will tell you how much money you qualify for, but you want to ensure you won’t overextend yourself.
3. Choose A Lender and Get Pre-approved – Many first-time home buyers don’t realize they can – and should – shop around for lenders before choosing one. Doing your research can make a big difference.
4. Find A Real Estate Agent – Although some home buyers decide they want to do it on their own, having a trustworthy and reliable real estate agent can make things a lot simpler. HusVar Real Estate has 60+ realtors, who are experts in their field and the western New York Community.
5. Start your Home Search – As you browse, keep your priorities in mind. Remember it’s highly unlikely any listing will perfectly match your dream home, so try not to be too picky until you see the houses in person.
6. Make An Offer – When you find a home you want to buy, it’s time to begin the process of making an offer. Ask your real estate agent to run a comparative market analysis to determine a fair price based on recent sales of similar homes in the area.
7. Home Inspection And Home Appraisal – The home inspection is important, as it will identify areas where major repairs or renovations require immediate attention as well as any work that needs to be completed in the future. Your lender will require the home to be appraised before they agree to release any funds.
8. Purchase Homeowners Insurance – Also in your best interest is homeowners insurance, which works as a safety net to protect your home and finances. Although homeowners insurance isn’t legally mandated, most lenders will require you to have an insurance policy on the home before giving you a loan.
9. Do A Final Walk-through – Final walk-throughs typically take place a day or two before closing, allowing you to ensure all agreed-upon repairs have been completed.
10. Close On Your New Home! – Congratulations! You’ve made it to the final step of the process. When the time comes, make sure you review your Closing Disclosure, which will outline the terms, final closing costs and any outstanding charges or fees included in your loan. Your lender will send the disclosure to you at least 3 days before closing.
Contact HusVar Real Estate for all your real estate needs. Serving all regions of western New York area.