10 Steps to a New Home

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1. How much can you afford?

It may sound like such a simple question, but it's not. You need to talk with a mortgage broker to get pre-approved. The monthly mortgage payment will consist of more than just paying the principal and interest on the mortgage, it will also cover the real estate taxes and home owner's insurance. You will also need to examine your budget to make sure you can really afford the payment.

2. Do you have money saved to cover closing costs?

Your mortgage broker will give you an idea of how much you will need at closing. The amount depends on many factors such as which type of loan you pick, the date you close (closing earlier in the month requires you to pay more) and how much money the seller is willing to give you towards closing costs (this must be negotiated in your offer).

3. Make a list of wants vs needs.

What features are an absolute must-have and which ones can you live without? Do you need to be within a certain distance of work, school, family, etc? How many bedrooms and bathrooms do you need?

4. Hire a reputable real estate agent.

As a Realtor®, I subscribe to the highest code of ethics. I will work hard for you and your best interest. I will keep you well informed of the steps involved with each phase all the way through closing. I will show you the available homes that meet your criteria.

5. View the property at different times of day.

Once you have narrowed down your search to a couple of properties, visit them during various times of the day. This will give you a feel for how it will be to live there before you move in.

6. Contact your home owner's insurance company.

They can tell you what the monthly cost will be and whether or not the home is in a flood zone. These factors may impact your choice.

7. Compare the value of the "chosen" home with similar ones.

I will do this for you by comparing the home you want to purchase with similar ones to determine a fair value. This will allow you to make a fair offer that is less likely to be refused.  You will also get the peace of mind to know you did not overpay.

8. Inspect the home.

After the seller accepts your offer, we will arrange for various inspections such as a home inspection, radon, water, pest, etc. These are very important to protect you from buying a home with major problems.

9. Mortgage commitment.

Although you received your pre-approval in the beginning of the process, you will need to sign papers and provide necessary documentation to the mortgage company.

10. Contact the utility companies.

You will need to arrange to have all the utilities transferred to your name as of the date of closing. I will help you determine which ones you need to contact.

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