Home Buying Steps and Strategies
Whether you are an experienced real estate buyer or seller, or are new to the process, please consider the following home buying steps and strategies:
- Find the Right Real Estate Salesperson
Working with the right real estate agent who understands your needs and objectives and will work hard to help achieve them will make or break your home buying experience. Buying a home is one of the largest financial decisions most people make in a lifetime, so entrust that enormous responsibility with someone who is an experienced expert in your target area and who is worthy of your trust and confidence.
- Stabilize and Improve Your Credit Score
Check your credit and be sure that you qualify for a pre-approved home loan with the best terms and rate – this means you’re been “checked out” by lenders and you can begin to know how much you can afford.
- Determine Your Purchasing Power
The mortgage application process is designed to ensure fiscal responsibility and balance. You don’t want to devote so much of your income to a mortgage that you cannot maintain other phases of your life. Determine an appropriate monthly mortgage payment that you can live comfortably with. Take in consideration that for conventional financing, approximately 20% of the purchase price or more will likely be required as a down payment. Other insured or US Government home loan programs, like FHA, VA, USDA, etc., may be available depending on your circumstances and often require lesser down payments.
- Develop Your Search Criteria and “Must Have” List
Take some time to identify the elements and characteristics that you will look for in your new home. Prioritize the list into “must have” versus “nice to have” or preferred characteristics. Doing your homework upfront will help your Realtor narrow the list of potential properties on your showing list.
- Narrow Your Search Locations
It’s easy to begin with a list of potential locations, including school districts, and break down the list to a couple of options that you and your real estate agent can focus on. Having a real estate agent who will provide you with insight and transparency can prove to be invaluable during this process. Emprise Realty Group offers a team search approach to our clients to ensure that no stone goes unturned.
- Negotiating Price and Terms
Rely on your real estate agent to help develop a price negotiation strategy before making an offer. He or she is an experienced professional and will help take emotion of out the negotiation process. Offering on a home can be stressful, so let your real estate agent do the heavy lifting.
- Home Inspection by a Licensed Professional
You’ve negotiated the deal and have a signed contract, so now it’s time to perform the home inspection. Having the home inspected by a licensed professional is an important part of the process. The most obvious reason to perform a thorough home inspection is to verify the property’s condition, as well as to understand the maintenance that you as the new home owner will need to perform.
- Home Appraisal
Your lender will require an appraisal of the property as part of the mortgage underwriting process, which helps ensure that the price paid for the property is generally in line with current market conditions.
- The Closing Process
Each side of a real estate transaction is most often represented by an attorney, who will manage the closing timeline and process. Emprise Realty Group has a closing coordinator who will work with you, your lender, your attorney, and your real estate agent to help ensure the process goes as smoothly as possible. No home purchase process is perfectly smooth. There are always issues that come up, so we provide as much support as necessary to help address issues before they become “problems.”
If you have specific questions about the home buying process, please give us a call at 716-662-9200.
About Emprise Realty Group, LLC….
Emprise Realty Group, LLC is an experienced team of Realtors who represent quality residential, vacant land, and commercial properties in every price range across Western New York. We open doors to both publicly listed and private homes for sale, as well as an extensive network of qualified buyers. Our mission is to offer exceptional properties, provide exceptional service, and achieve exceptional results. Always.