7 Ultimate Steps to Homeownership
There are many choices you will make after you have taken the decision to buy a home. From the type of home you want to buy to how much you can afford to make in monthly payments, these decisions will help in shaping the direction of your real estate journey. One of the most important decisions, however, is your choice of the real estate agent.
I have put together a list of what I consider the ultimate steps to homeownership. I hope these will be helpful to you as you go about actualizing your dream.
#1 – Get a Realtor: The journey to homeownership is never one that you should take alone or unadvised, whether it’s your first time or you are a veteran home buyer. Apart from your close circle (family and close friends) that should act as your support system in this journey, you will always need the help of a great real estate agent who understands the process, knows the market, and can introduce you to other professionals like lenders, home inspectors, and title companies that can make the experience as delightful as can be.
#2 – Secure Financing: Ask your agent to give you a list of lenders to discuss with, apart from your discussions with your bank’s mortgage department. You must compare offers from these lenders and consider all the loan options available to you. I will suggest that you hold off on your home search until you have been pre-approved by lenders.
#3 - Home Search: After you made a decision on the type of home you want, your must-have and nice-to-have features, and you have been pre-approved for a loan, it is now time to move to more exciting stuff; your home search! Your agent has immense resources to help you in your search, so trust your agent. Your agent can help curate new listings that match what you are looking for and can help organize a buyer tour for you to see homes on your shortlist.
#4 - Make your offer: Your agent will work with you to prepare the paperwork necessary to make your offer. The agent’s role is to follow your instructions on the amount to offer for the property and to give you the information that can help you come to this decision. Most times, the seller will come back to you with a counteroffer, which may be an amount higher than what you offered. Your agent will help you negotiate the best terms, including the possibility of the sellers paying part, or all, of your closing costs.
#5 - Inspection: Get an inspection company, with the help of your agent, to help you inspect the home and confirm the integrity of both the structure and its major components. You can go back to the sellers to re-negotiate in case there is a major repair issue like a need to replace the HVAC system, for example.
#6 - Appraisal and underwriting: The Lender will finalize your loan application, including an appraisal of the property and request for documents. Ensure that you provide prompt responses to any request for documents from your Lender during this stage.
#7 - Closing: Immediately your loan is approved, your Lender will confirm the amount you should “bring to closing” or your closing costs. On closing day, you will sign all the documents for the loan and property, and the purchase will officially close. You will receive keys to your new home after payment to the seller.
I am available to provide a personalized home buying experience to you, and I look forward to helping you realize your dream. Remember that, with a realtor, you are not alone.
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