Home Buying Guide
The home-buying process can move quickly once you make an offer on a house, closing in as little as three to four weeks and taking up to six to finalize a purchase. Of course, the journey to finding a house can prove more challenging and time-consuming.
But it doesn't have to.
Below, we've put together a home buying reference guide that touches on the high points of five significant steps in the process of buying a home:
- Engage an experienced real estate agent
- Review your finances and seek out pre approval
- Tour properties
- Make an offer
- Time to close
There are nuances with every home search and more things to consider based on the type of home you're buying and where you're buying it (a historic, coastal home, for example). This guide will at least prepare you for most standard home searches. And it all starts with hiring an experienced real estate agent.
Engage an experienced real estate agent
Though hard to quantify on paper, your real estate agent is a valuable resource of local data, insight, and first-hand knowledge. More than a tour guide, your agent helps provide:
- The pros and cons of neighborhoods or specific residential buildings and where to buy based on your lifestyle needs (young professional, growing family, or ready to retire)
- Information about an area's top public and private schools or childcare facilities
- Insight into a city or county's zoning codes, ordinances, or regulations that may impact your home purchase
- Knowledge of the best places to eat, drink and seek entertainment or explore the outdoors
- Experienced representation at the negotiation table and throughout the buying process, helping you secure the best home at a price that works for you
Review your finances and seek out preapproval
Before buying a home, you want to ensure your finances are sound and that not only will you be approved for a home, but you can afford it long term.
This is also an excellent time to determine what you want from your home and your preferred neighborhoods, as they will significantly impact your costs. Create a budget, and remember to apply fees before and after you close on the home.
When shopping for loans — and yes, you can and should shop for loans — you can get prequalified relatively quickly, but if you are serious about buying, seek pre approval instead.
Tour properties
The best part about the home buying process is when you get to peek behind the curtains of other people's homes with the hope of making one of them yours. A key component in choosing the right home is picking the right neighborhood.
Along with your needs and wants for the house, create a similar list for the neighborhood, conducting some personal due diligence. Be sure to:
- Drive around your favorite neighborhoods during different times of the day and week
- Assess whether the homes are well-maintained
- Note how convenient the commute will be to work, school, retail, or entertainment
- Verify school information and neighborhood amenities to ensure it's a place you want to live
Make an offer
Once you've narrowed down the right home and neighborhood, make an offer.
Your real estate agent will prove to be a valuable asset by helping you create a competitive offer. They'll account for area comps and past sales to determine if the list price is fair and if you have room to maneuver.
When finalizing your number, be sure it's a price you are comfortable submitting. Especially in competitive markets, where buyers are forced to bid high, you don't want to regret later trying to win a bidding war or agree to conditions that could hurt you financially long-term.
Once a seller does accept, earnest money changes hands, and the home is under contract.
Time to close
The closing process can seem a bit dizzying with its numerous moving parts, but you can take comfort knowing that all of it is moving towards a singular goal. Some of what to expect includes:
- Execute option fee
- Deposit earnest money
- Submit loan application
- Lender appraisal
- Home inspection
- Negotiate repairs or credits with the seller
- Title search and tax verification
- Final walkthrough to ensure repairs are complete
- Provide proof of homeowners insurance
- Prepare any closing costs
- Settlement and execution of paperwork
Should something from the inspection prove less-than-satisfactory, you can negotiate repairs or a credit for the issues. If the seller balks, you can still back away from the deal. But assuming all goes well, the whole process moves swiftly. After that, you can expect to:
- Pay any closing costs or fees
- Execute the necessary paperwork
- Have the property title transferred to your name and sign the paperwork
- Establish an escrow account for taxes, insurance, or HOA fees
Once everything is complete, fees are paid, and papers are signed, the keys to your new home are now yours.
What we do for you
If you're seeking the ideal home in the perfect neighborhood, you should consider The DH Citadel Real Estate to help you secure your next great home.
- As a boutique real estate firm, our hands-on approach and concierge-level service ensure that we'll do whatever is necessary to make your home search highly successful.
- More than just real estate agents, we are customer service providers. That service extends well beyond the home buying process to ensure you're not just happy with your purchase but that you are thriving in your home. If there's something not quite right after moving in, let us know, and we'll do whatever we can to make it right.
- We’ll go out of our way to ensure that the home buying process is fun, fulfilling, and a true partnership that meets your every need.
