Steps To Buying a Home
Step 1: Defining What You Want
Prioritize a list of features you would like in your next home
and the reasons why. Use it as your search guide, but remember that depending
on your funding, you may need to make some compromises. In addition,
talk to your real estate professional about where you want to live. Location is
a huge part of any move. ERA Tides Realty professionals are trained to help their
clients narrow down their choices by sharing market trends and local information
like neighborhood statistics and community links.
Step 2: Figuring Out What You Can Afford
You should get pre-approved for a mortgage.
This process can often be performed in under an hour and it accomplishes two
important goals. First, it will tell you how much house you can afford and
what your monthly payments would be. Second, it tells the seller that you can
afford to buy their home.
By definition, a pre-approved buyer has an approved mortgage subject to an
appraisal of the property. Many times a buyer can use this pre-approved status
as leverage during the negotiation process.
Step 3: Shopping For Homes
Now it is time to start checking out actual properties. Beginning
this search online can help save you time since it can help you target homes that
meet your search criteria. We can even email you when properties
come on the market that meet your search criteria.
Next, begin visiting homes in person. Ask your local real estate professional to
arrange visits and attend open houses that are in your target area and price
range. When comparing homes, make sure to look at all aspects of the property.
Is the property tax approximately the same? Are both the houses renovated? Do
they both have the same amount of bedrooms and bathrooms? Are both houses
located on the same or similar streets? Does either house have any encumbrances?
Remember to keep an open mind when you are looking at homes.
Step 4: Making An Offer
Once you find the home you want, you make an offer for the house.
Typically this is a very difficult and trying time since both parties have totally
different goals. In most cases it is better to have a third party, such as a real
estate professional, negotiate the offer. If you have any personal interaction
with the homeowner, don't give out any information about your move, your current
housing status, financial status or your feelings about their property - positive
or negative. This could hurt you in future negotiations.
This might also be a good time to consider purchasing a home protection plan.
These insurance policies can be purchased by the buyer or seller and help protect
against unexpected costs or home repairs during the listing period or in the
initial years after a home has been purchased.
Step 5: Inspection and Insurance
After your offer is accepted you will need to set up, coordinate and interpret
various inspections, including insect, radon, building quality, oil tank,
title, etc. You will also need to arrange for homeowners insurance and finalize
the mortgage.
This is a major step in the buying process and there are many potential problems
that can be discovered during this period. These include a leaky roof,
radon gas, termite damage, a foundation problem, and wall cracks, to name a few.
These problems happen all the time. The difference between closing on your
dream home and starting the process all over again is what occurs during the
negotiations between you and the seller.
In most states you will also have the option of a "walk through"
before the closing. This is your last chance to make sure that all of the
items that you have agreed upon were completed to your satisfaction. Our real estate
professionals will gladly help you through all of this.
Step 6: The Final Closing
Before you arrive at the closing, make sure all the necessary paper work and
deposits have been completed. If the mortgage, title work, homeowners insurance
and other items necessary under local and state laws are not completed and
brought to the closing table, the closing may not happen on time. And, depending
on what the contract says, this could result in further action including
financial penalties and even the loss of your rights to the home.
Once you close, it's official - you own the house! But there might be a few
things you want to do before you lay out the welcome mat. These include
arranging for an alarm system, turning on the electricity, subscribing to the
local paper, cleaning or replacing the carpet, arranging for lawn services, etc.
Our ERA Real Estate professionals are here to guide you, please do not hesitate
to call.
Buying a Home in the Charleston SC Area | Steps To Buying a Home in Charleston, South Carolina!
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