Thinking About Buying Your First Home?

 

If you've never owned a home, it's exciting to start thinking about buying your first house. We're here to answer your questions, address your concerns and offer guidance as you explore the possibilities.

 

Here are few things to ask yourself as you decide if it's a smart idea to start the search for your own home:

• Do you desire a place that is all your own? In your own home, you can paint the walls any color you like, decorate, make improvements, have pets, etc. - homeownership gives you that freedom.

• Are you ready to invest in a home instead of paying rent? When you buy your own home, you are your own landlord and you reap the financial benefits.

• Ready for real estate tax deductions? As a homeowner, you can usually deduct mortgage interest paid, sales tax and mortgage insurance premiums.

• Looking for an investment that appreciates over time? The return on your home investment may not be immediate, but you'll see a steady return over time - while you enjoy a great place to live!

• Want to weigh the pros and cons? Download our Renting vs. Owning comparison chart to help you decide which housing solution works best for you.

 

Do I need a Realtor® as I start to search for my first home?

That's a good question many people have. It seems like you could just find a home for sale that you'd like to see and go take a look. However, the process is actually pretty complicated, and for some first time homebuyers, even overwhelming.

Here are a few reasons you can depend on an Allen Tate Realtor® to guide you through your first home purchase:

• Your Realtor is your advocate. Your Realtor knows the market and a good price, and will negotiate the price and guide you through what seems like a mountain of paperwork.

• Your Realtor has a network of people you'll need. Inspectors, attorneys, home repair specialists, mortgage brokers, insurance agents and others will each factor into your first home purchase. With a Realtor, you don't have to find all those resources on your own.

• Your Realtor knows the area. He or she is familiar with neighborhoods, communities, schools, commutes and area growth plans, and can advise you on places you might want to live.

• Your relationship with your Realtor doesn't end at closing. You will most likely have questions about taxes, home improvements and more. Your Realtor values your relationship and will be there to guide you.

• Your Realtor also knows about new construction purchases. Download this PDF on why you need a Realtor for this type of transaction.

 

Navigating the process

Congratulations! By taking the time to go through this information, you have taken your first step toward becoming a first-time homebuyer! As you begin the process, your questions will change from "Why?" to "How?" We're here to provide the right information to make homeownership a reality.

Read, print and save these downloadable tips, then contact us to answer any other questions you may have or supply information you may need:

• How to choose your Realtor®

• A step-by-step guide to buying your first home

• Things to know as a first-time homeowner

• Real estate terms and definitions

• Who pays my Realtor®?

• Why is NOW a good time to buy your first home?

 

Ready to get started?

• The first thing to know is how much you can afford. Use this Mortgage Calculator to get a good idea of how much house you can buy.

• Start searching for your first home by map.

• Start searching for your first home by what you want in your first home.

 

 

 

ANATOMY OF A HOME PURCHASE

 

For most people, finding the right home begins with a house-hunting strategy combining personal preferences, guidance from others (including an agent) and a mix of neighborhood exploring and online search.

 

For some, the search takes a while; others find what they want right away. In either case, I can be a huge resource of insight and guidance, working through issues or complications that arise along the way.

 

Here’s a general outline of what to expect during a home purchase, from the buyer's perspective.

 

Buyers make a purchase offer.

This is it! You've found the home of your dreams, looked over disclosure documents, reviewed comparable sales data, talked it over with your agent and submitted an offer. The sellers may accept your first offer, but more often will return a counteroffer. In fact, additional negotiations are common, and I will help you through this generally stressful stage.

 

 

 

Mortgage

 

The concept of a mortgage is quite simple. It's basically a loan for a home wherein the property itself is used as collateral.

 

Securing a mortgage, however, can be complex. The process may take more than a month, as several parties – from the escrow officer to the loan underwriter – work behind the scenes to put it all together.

 

A trusted real estate agent can recommend a reputable mortgage professional and help you navigate through the process.

 

Buyers apply for a mortgage.

This step is streamlined if you've already been pre-approved for a loan (which is a smart thing to do). If not, you'll begin the loan application process now.

 

The lender inspects title history and orders a property appraisal.

The lender needs key information about the property before granting a loan. This is when potential problems can come to light. For example, the appraisal could show a lower value than the purchase price, or the lender could have trouble finding comparable homes. Also, the title search could turn up liens or other problems.

 

A home inspection takes place.

You'll hire an inspector – generally, your agent will suggest one, or provide several options – to check the home and point out minor and major problems that should be fixed before closing. At this point, you still have the option of backing out of the deal. Through your agent, you'll submit a list of requested work, and the sellers have the option to complete the tasks, do some of them but not others, or reject the request. The sides will negotiate until reaching an agreement.

 

Removing contingencies.

If the house passes inspection, appraisal and title search, and everything is good to go, then all contingencies can be removed, paving the way to a closing.

 

Closing time arrives.

Once contingencies are removed and financing is set, all parties sign a seemingly endless stack of documents, and the transaction closes.

 

Packing begins!

When the final signatures are in place, it’s time to put down the pens, shake hands, exchange smiles and start packing for the move!

 

 

 

 

 

 

 

 

 

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