As a potential homeowner, it can be daunting to start the home-buying process. There are many things to consider and remember, so it’s good to have some assistance on your side. A RE/MAX Showcase Agent can help explain and guide you through the whole process, but there are also a few steps to remember.
Here are a few steps, as outlined by the National Association of Realtors, to keep in mind:
1) Be Prepared for Home Ownership
- Build up a good credit score history
- Get pre-approved for a mortgage
- Find out what type of mortgage you qualify for
- Save 10-20% of the property’s value for a down payment
- Consider closing costs and fees
- Consider utilities and monthly bills
2) Find a Real Estate Professional
- Use a referral from family and friends or find a Realtor through our search bar
- Be sure to explain what property type you are looking for
3) Find the Right Property
- Determine what’s important to you, such as schools / neighborhood amenities / public transportation / etc
- Calculate your mortgage payment (including utilities & taxes)
4) Finance the Property
- Contact your mortgage broker or lender
- Make sure you understand all the financing terms
5) Make an Offer
- Have a licensed home inspector inspect the property
- Acquire title insurance
- Make sure your offer is contingent upon title clearance
- Read all contracts before signing – ask questions!
- Place a competitive bid and be prepared for a counter-offer
6) Closing & Life After the Big Purchase
- Purchase homeowner’s insurance
- Weatherproof your new home
- Maintain all documents of the home buying process
- Keep them in a safe place
- Determine a move-in date and schedule with movers or truck service
- Get to know your neighborhood and explore!
- If you were happy you with Realtor’s work, be sure to recommend them to friends and family!