Do you know where to start? …. It can be very overwhelming. Don't worry I am here to walk you through the steps. I have been where you are and that is one of the reasons I became a realtor. I am here to help and guide clients through the home buying process.
Yes, it is an exciting time.
But it can be a stressful experience that will test you. That is why you want to make sure you have the right team. Did I just say a team!!!! Yes, it’s not just one person who helps you through this process but a team of professionals that will help you through your buying experience. You'll get to know who's on your team later on.
I was 25 and just finished college. I thought life couldn't be any better.
I'm not ashamed to say I was still living at home. I remember my parents said they needed to talk to me. They sat me down and said it was time for me to move out of the house and they would help me find my first place. What!!! No way!! I’m too young to own my own home!
I had the perfect set up, why would I need to leave. I felt that I was not ready to move out on my own, let alone buy something.
Does that sound familiar to you? How can I afford a home?
Lucky for me I had saved money for a down payment and was getting some help from my parents. Having this help, in the beginning, has continued to aid me throughout the years in my home and investing purchases.
Yes, this will be one of the biggest financial decisions of your life and you want to make sure you make the right decisions.
The first thing you want to do is sit down and create a budget. Do a breakdown of what you earn and your monthly bills. This will help you figure out how much you can afford when buying your home; decide what you are comfortable with putting towards your mortgage payments.
You want to make sure you can do the things you enjoy; like go out for dinner, seeing a movie or going on a trip to some amazing place you always wanted to visit.
Next, you will want to make an appointment with a lender; your bank or a financial specialist. It’s ok to talk to both. There are different types of mortgages out there and you want to find the right one that fits you.
My mortgage has a cash back feature built-in, in case something was to break down or needs to be replaced.
You will also want to be pre-approved before you start looking for your home. You don't want to find a home only to find out you can't afford it.
Once you have been pre-approved for a mortgage you now can make a wish list of what you want in a home. The area you want to live in, the school zone, style of home, the services and facilities you would like to live by.
For me, it is living in a smaller city which has all the amenities of a big city. I’m also close to a ring road which makes it easy for me to get around the city.
How do you find a realtor?
You can ask a friend or family member if they know of anyone, or you can research online.
You will want to make sure you talk to more than one realtor.
Find a realtor that feels right to you. Who will help you find the home you are looking for. They will also guide you through the buying process from beginning to end; right up to the moment you get your keys to your new home.
Continuing to Build Your Team; Lawyer and Home Inspector
Continue to build your team; you already have a lender and a buyer’s agent. Now is a good time to find a lawyer. They help you with the legal work that goes into buying a home. You can always ask your realtor or lender for some legal references.
Now you are ready to put in an offer on the home. It may take 14 days or longer to ensure everything is in place regarding your offer.
Your buyer’s agent will walk you through the process and make sure the conditions in the offer include an inspection, financing and any other documents required based on the type of home you are buying.
Peace of Mind
One of the biggest reasons for having the home inspected is piece of mind. You want to make sure that if the home has any issues you have options on how to handle these problems. You may even be able to negotiate these repairs with the sellers.
In the final weeks before you take possession of your new home your hard-working team is behind the scenes to make sure everything goes smoothly. This is when you will meet with your lawyer and lender to sign the paperwork in buying a home.
The Big Day!!
Moving day; you are now a homeowner.
Author:Lee Booth Phone: 780-243-5848 Dated: August 7th 2018 Views: 144 About Lee: Lee was raised in St. Albert and has owned several homes in the city. Living in these neighborhoods ...
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