Home Buying Process
Whether you’re purchasing a single family home, a townhouse or a new construction home, this information will explain the process of buying a home.
We have real estate agents who can assist you in looking at homes. The buying process can be an exciting time but can also be a challenging experience. Allow an experienced Hegg, REALTORS® professional to guide you along the way.
Step 1: To Buy or Not to Buy...
Purchasing a home is a great investment and can be a path to long-term wealth, provided you are in the financial position to become a homeowner. Homeownership provides a variety of financial advantages including equity buildup, value appreciation and tax benefits.
Deciding to purchase a home is one of the largest and most important purchases you will ever make. Essentially it can be a forced savings account, unlike paying rent - which builds someone else’s equity and wealth.
In selecting a real estate professional to help guide you through this process, it is important to understand a real estate professional is more than just a “salesperson.” A Hegg, REALTORS® professional will:
Along with choosing a REALTOR®, getting pre-approved for a mortgage is another important step in the home purchase process. Before you begin searching for a home, you will want to know the amount of financing for which you qualify so you search in the right price range. You may not want to borrow the full amount for which you are pre-approved.
Once you are pre-approved, it is time to start your home search. Your real estate agent can help you identify your home search criteria and guide you through the home search process. What city or neighborhood do you want to live in? How many beds and bathrooms do you want in your new home? Do you want a move-in ready home or a fixer-upper? How many garage stalls do you need? Do you want a fenced in yard or a large backyard? What other features are “must haves” for you?
You will also find it helpful to utilize the Hegg, REALTORS® online search to create customized searches and receive automatic emails of new listings as they come on the market.
Once you’ve found the right home, it’s time to make an offer. This is exciting, but it can also be an emotional and complicated experience. You will be glad you have an experienced Hegg sales professional by your side to help guide you through the offer process. In order to make an informed decision on the price you offer on the home, your agent will research similar properties in the area where the potential home is located. This will help determine if the home is being offered at a fair market value, which will help you determine your offer to purchase price. Typically an offer includes but is not limited to:
Once the terms of your home purchase are agreed upon, you will want to have a home inspection completed by a professional. This will expose any hidden issues, i.e. condition of shingles, the foundation, the furnace and the like.
After the inspection process is complete, and you are ready to move forward, there are a few pre-closing responsibilities that you will need to keep in mind:
Congratulations! It’s now time to enjoy your new home!