Buying a House or Condo
Whether you are buying your first home or your fifth, purchasing a property can be an intimidating and confusing process. As your real estate broker, I will be your partner every step of the way. After we have created your unique property profile, I will present options, set up showings, advocate and negotiate on your behalf and keep you informed about every step that is taken. My goal is to find you YOUR perfect home; the property that puts you in your desired neighborhood and that suits your lifestyle.
Here is a brief overview of the Home Buying Process:
Pre-Approval: You will meet with a lender to determine a qualified price point and establish a pre-approval of your loan amount.
Consultation: My objective is to help you find the home that will meet your needs and budget, now and in the future, so our first step in working together will be to have an initial consultation. During our meeting we will discuss neighborhoods, your lifestyle needs & wants, home preferences, budget, etc., all of which will become your personal property profile.
Property Search: I will compile properties that most match your property profile and email them to you on a daily basis.
Preview and Touring: Whenever possible, I will preview homes and weed out any properties that are too far from your property profile. Throughout our house-hunting, we’ll set dates to tour homes. Some homes will be available at any time, others we’ll need to schedule (occupied property). This part of the process will continue until we find a home thats suits your needs!
Making an Offer: Once you have found a property that meets your criteria, we'll need to put together a strong offer. Your offer depends on many factors including the current market, comparable properties, days on the market, the seller’s motivation as well as things specific to the home. I will walk you through the Purchase and Sale Agreement and include all addenda that we agree is necessary for this particular property. I will then present this offer to the listing agent and seller on your behalf.
Negotiation: In many cases, there can be a bit of back and forth between seller and buyer. I will negotiate these items on your behalf so that both parties are satisfied. I'll keep you up-to-date on all activities.
Inspection: Part of the Purchase and Sale Agreement will state that the sale is contingent upon an inspection of the property. It is highly advised that you have a professional home inspector investigate the structure and systems of the property. Additionally, a sewer scope may be advised. An inspection can unearth many issues that you need to know about before closing. In the situation of multiple offers, some buyers choose to have an inspection done prior to writing their offer and if satisfied, waive the inspection to make their offer stronger. Typically the cost of an inspection will be between $300-500. Attending your inspection is a great way to really get to know the property you may be investing in!
Closing Process: Within the time between mutual acceptance and the closing date, there are many transactions that occur. I will manage these, make sure all parties are aware of timeline and obligations and keep you in the loop every step of the way.
Your New Home! After all of the above, congratulations, you have purchased your new home!
Benefits of Buying a Home
Homeownership can be a great investment tool. Your monthly mortgage payments are a type of scheduled savings plan that help build equity. As a benefit, you often can borrow against that equity or convert it to cash if you sell the home. On the other hand, renters continually pay rent to a landlord for as long as they rent without the opportunity to build up equity.
Stable Housing Costs
While rents typically increase year after year, the principal and interest portion of most mortgage payments remain unchanged for the entire repayment period. Because of the effect of inflation, you pay the same amount with ever “cheaper” dollars.
Potential For Appreciation
Houses can increase in value over time. In many parts of the country, homes sell at a higher price than when they were purchased – this is called “appreciation.” This increase in value means the homeowner has essentially increased his or her net worth.
Another benefit is the amount of money you’ll likely save in taxes. The interest paid on your mortgage is usually tax deductible and can save you a substantial amount each year in federal income taxes.