7 Things to Think About When You Start Looking for a New Home
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Figuring out how much you can afford goes well beyond what a bank approves you for. I suggest creating a budget, down to the last penny of what you will spend on a weekly, bi-weekly or monthly basis. This will give you a realistic idea of what you can afford for monthly payments. Figuring out what you can pay every month for a mortgage is a fast way to calculate what size of loan you could get.
Go to the bank you already bank with and get pre-approved for a loan. (Using a bank you already have history with will help you to get a loan.) Your banker will determine what amount of loan you can be pre-approved for based off your house hold income, credit history and overall credit score. Getting pre-qualified for a loan lets you know what range of houses on the market you could be looking at.
You’re going to want to get an agent on your side in the home picking process. There can be a lot to think about and having an agent to help you sort through all the details is beneficial. As an agent, I put in the time and effort to find you the home you are looking for, based off the amount of rooms you need, size of yard, price range, location etc. Looking for a new home should be fun, so let your agent do the messy stuff while you sit back and enjoy.
This has got to be the best part right here! You will start attending showings! Your agent will schedule showings of homes that match your criteria, all at your convenience. Don’t be afraid to tell your agent about a home that you may have found that you find particularly appealing!
When you find the home you have been looking for, the next step is to put in an offer. It is common to place an offer a little under the listing price and negotiation is always welcome! Do expect a counter offer from the seller, where they take your offer into consideration and try to match it as close to the original selling price. This is also something that you use your realtor for.
After your offer has been accepted by the seller, you go under contract. This means that you are both, buyer and seller, contractually obligation to fulfill both ends of the bargain. Then your agent works with the seller to set a final closing date. The closing date is the date you get to move in to your new home!
Finding your new home will be a wonderful experience!
For any information about buying and selling a home, feel free to contact me directly.