STEPS TO BUYING YOUR HOME
DECIDE TO BUY
Although there are many good reasons for you to buy a home, wealth building ranks among the top of the list. Home ownership is the best investment most people ever make. But, when it is done right, home ownership becomes an investment. That lays the foundation for a life of financial security and personal choice. There are solid financial reasons to support your decision to buy a home. Among these, equity buildup, value appreciation, and tax benefits.
Before you start shopping for your property, it is a good idea to make some preparations
BUILD A FILE: A file should contain all your important financial documents. You will need it to secure financing for your property. A typical file should contain:
- Financial statements
- Bank accounts
- Credit cards
- Auto loans
- Recent pay stubs
- Tax returns for two years
- Copies of leases for investment properties
- 401K statements, life insurance, stocks, bonds, and mutual account information
Choose a mortgage specialist
Get pre-approved – This will determine what you will pay monthly and the costs to close the loan. Be careful with your finances. Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability.
HIRE YOUR REALTOR
The typical real estate transaction involves many individuals from mortgage lenders and underwriters, home inspectors, appraisers, buyers agent, sellers agent, closing attorney, title researchers, and a number of other individuals whose actions and decisions have to be orchestrated. It is the responsibility of your Realtor to expertly coordinate all the professionals involved in your home purchase and to act as the advocate for you and your interests.
TIME TO GO SHOPPING
Location, location, location – Get to know the neighborhoods, or subdivisions, which interest you. Start getting a sense of the properties available in those areas. Outline you preferences in neighborhoods and nearby amenities.
CREATE A WISH LIST
Before the home search begins, your Realtor will want to know as much as possible about the features and amenities you desire. To help your Realtor better serve you, analyze what you want and what you need in a homes features and amenities.
SELLING YOUR HOME
DEFINE YOUR NEEDS
Why are you selling your home? What do you expect to accomplish with the sale? For example, do you have a growing family and need more room, downsizing, or a job opportunity in another area? Is there a certain time frame for selling?
PRICE TO SELL
Although location and condition affect the selling of your home, pricing will affect how long your home will stay on the market. Your Realtor knowledge of the overall market and what’s selling – or not selling – will be invaluable in helping you determine the price.
PREPARE YOUR HOME
Most of don’t keep our homes in showroom condition. We tend to overlook the clutter, windows that stick, leaky faucets, torn screens and piles of boxes in the basement or garage. Remember the 60 second rule: That’s all the time you have to create a winning first impression.
Here are some simple to significant ways to maximize your home’s appeal:
- Keep the grass cut and remove all yard clutter
- Weed and apply fresh mulch to flower beds
- Apply fresh paint to wooden fences
- Tighten and clean all door handles
- Clean windows inside and out
- Powerwash home’s exterior, if needed
- Ensure all gutters and downspouts are firmly attached and functioning
- Paint the front door
- Buy a new welcome mat
- Place potted flowers near the front door
- Evaluate the furniture in each room and remove anything that interrupts “the flow” or makes the room appear smaller. Consider renting a storage unit to move items off site, if possible.
- De-personalize by removing photos, nick knacks, etc. – pack them away. Buyers want to visualize your house being their house.
- De-clutter – clean and organize cabinets, closets, bookshelves and countertops.
Clean all light fixtures and ceiling fans.
- Shampoo carpets.
- Repair all plumbing leaks, including faucets and drain traps.
- Make minor repairs – torn screens, sticking doors, cracked caulking.
- Clean or paint walls and ceilings.
- Fix or replace discolored grout.
- Replace broken tiles.
- Replace worn counter-tops.