Important Tips When Buying Your First Home

home-searchBuying your first home is a milestone purchase. The process is easy for some and difficult for others due to the challenge of balancing emotions with practicality.

Step 1: Getting pre-approved by a bank or financial institution. They will provide you with the amount they are willing to lend you to purchase a home.

 Step 2: Find yourself a real estate agent. Although you can search for homes on your own, it’s easier to select a real estate agent to assist you. Hiring an agent and taking advantage of their expertise is wise. They have a plethora of information at their fingertips and can run several reports with important market information.

Step 3: Let the showings begin!  Make sure you confer with your agent and let them know the features you want, such as three bedrooms with an attached garage.  Make them aware you would like a second full bath but for the right house it’s not a make or break. Bring an extra set of eyes with you on showings; family members and friends can be valuable. Tap into their knowledge and years of home-ownership as they can often identify things to look for that you might otherwise miss.

Step 4: Once you find the home you want to buy, the offer process is next. This is where having an agent represent you will pay dividends. They will be able to run a Competitive Market Analysis (CMA) for you, more commonly known as comps. They give you an idea as to what homes are selling and will help you to make an educated decision on how much to offer.

Step 5: Once your offer is accepted a home inspection is next and your agent can recommend a few companies. The inspector will review the home and point out any items which are potential for concern, typically concentrated on safety issues.

Step 6: The appraisal process. This is where your lender hires a third party to assess the value of the property. They use several methods to determine the amount of the appraisal.

Step 7: The last and most fun step, the closing.  Meeting with the title company to go over all of the final settlement statements. They will go over all of the costs associated with your mega purchase! The title company will call you once the house transfers and then off to pick up the keys to your new home!

Don’t forget to plan your move into your new home along the way! If you have any questions or would like more information on the move then give us a call, The Lincoln Moving & Storage Co. is here to help!

216.741.5500   OR   tonyc@lincoln-parma.com

Author: Tony Carcioppolo

 

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