Buying A Home
Discover the possibilities that Broadvest Real Estate offers to help you find the perfect property that matches your particular lifestyle.
Buying a home is one of the most important financial decisions a person will make in their lifetime.
Your home is an important investment that grows in equity as you pay down your mortgage. In time, you can use it to your advantage to help pay for your children’s education, perhaps as a down-payment for a large purchase or simply to make home-improvements.
Not only does a house build equity, it can provide other benefits, as well, when compared to renting. An advantage of owning a home is the tax benefit from the interest paid on your mortgage and any other expenses related to home ownership.
Your own home can offer stable housing costs, whereas, rents can increase year after year. Additionally, you have more control over your living space, by being able to make changes and renovations of your own choice.
Most of all, you can feel a sense of accomplishment from the stability and security it provides for you and your family.
Important Steps To Buying A Home
- Do I Rent Or Buy?
- Where Will I Live?
- Review Your Credit Score
- Get A Pre-Approved Mortgage
- Start The Search For Your Dream Home
- Make An Offer & Prepare To Negotiate
- Inspect The Home
- Start Your Home Ownership Journey
As you consider home ownership, ask yourself this question, “Where will I be in four years?” Typically, it takes four years to break even on a home purchase, so if you are planning on living somewhere else in four years, you’d be better off leasing, so as not to lose money from an unfortunate decision.
If you haven’t identified the areas where you’d like to live, perhaps you can make your selection based on these categories: your commute to work, the schools in the area, accessibility to the amenities and what the property taxes will cost in the areas you’ve chosen.
A very important step in buying a home is to know what your credit report says about you. Your credit score seriously influences whether you qualify for a loan, what type of loan you can secure and what the interest rate will be. Mortgages such as an FHA, VA, USDA and Conventional mortages, all have different credit score requirements that will determine what you qualify for. The minimum credit score for a conventional loan is between 620 and 700. Remember the lower the credit score, the higher the interest rate will be.
Getting a pre-approved mortgage is best for both you and the seller. It helps confirm that you can afford the home you are interested in purchasing and reassures the seller that you are a serious buyer. The last thing a seller wants is to have an offer fall through due to lack of financing or funds. With cash offers being the best, a pre-approved mortgage is the second strongest offer there is.
The best part of buying a home is shopping for one. Once your financing has been figured out, now you are able to attend house showings or open houses. As your real estate agent, we can set up a feed of available homes on the MLS that meet the list of specifications for your dream home. This allows you to do some of the research at home before venturing out to see the homes.
Once you’ve succeeded in finding your dream home, it’s time to make an offer. If your offer meets with the seller’s approval, you will be considered “Under Contract”. If not, you might need to negotiate with counter-offers until you’ve reached an agreed upon price.
The Broadvest agents are here to help you create the most appealing offer possible.
A home inspection gives you the information needed to make the decision whether to negotiate repairs/issues or walk away from the purchase. The home inspection usually takes place between seven and ten days after signing the contract. There are different types of inspections, so you might want to discuss these options with us prior to signing the contract.
Before you sign papers and collect your keys, a final walk through the house is needed to make sure everything you agreed upon has been completed. You should be looking to see if the house is clean and clear of items you are not keeping. Check the lights, toilets, sinks and HVAC to see if they are working properly. Review all agreed upon repairs to make sure they have been completed and ask to be shown the repair receipts.
It is finally time to close on the home and take ownership. Your Broadvest agent, will guide you through signing the paperwork, making sure the mortgage and financials are all in place. Upon completion of the closing papers….. we will hand you the keys to your new home. Congratulations!
Selecting A Broadvest Realtor
Selecting a Broadvest real estate agent can work to your advantage when you start looking for a home to buy. We have access to home listings that are not yet on the market or are being sold privately. We are your negotiator and will work hard to get the best possible deal for you.
The Broadvest realtors work alongside our clients, offering our extensive network of reliable and trustworthy professionals such as lenders, home inspectors and contractors who work within the real estate industry.
We are skilled in familiarizing ourselves with the local real estate market and its regulations, ensuring that all legal requirements are met throughout the process of purchasing your dream home.