What Do I Need To Know About Buying An Existing Home?
Read this article learn what do I need to know about buying an existing home.
So, you are interested in buying an existing home? Well you have come to the right place for information and facts about buying an existing home! The home buying process can be made easy and simple by looking at homes with your real estate agent! Your real estate agent should be an expert and will know how to navigate the field of buying an existing home. This article has information on what I need to know about buying an existing home
Get Pre-qualified Or Pre-approved
The first step in the home buying process is to talk to a mortgage lender and get pre-qualified or pre-approved. Unless you are buying cash, this is the first step. This will also save you time as you will know the price you can afford and the amount you want to spend.
Location, Location, Location
Do your research on where you want to live based on the amount you want to spend. Identify the things that are important to you and find locations that meet your needs. Some items that may be important to you are: commute time to work, schools, recreation, stores, restaurants, walkability, and any other items important to you.
What Is Important In A Home?
Now it is time to start making a list of what is important to you in a home. Some items you will need to identify is the number of bedrooms, number of bathrooms, garage spaces, how many stories, size of the yard, type of air conditioning, type of heating, and many more items,
Search Homes For Sale Online
A good real estate agent will email you homes that meet your criteria. The latest report from the National Association of Realtors found the 50% of home buyers found their home on the internet and 28% were found by their realtor.
View Homes For Sale
The next step is to pick out the homes you want to view and have your real estate agent make arrangements to view the homes. You may want to do a drive by before you get your real estate agent involved. Either way it;s time to go inside and get a good look. I have found that most buyers are surprised by the difference in the pictures and the actual home. Sometimes they are surprised to the good, sometimes to the bad.
Definitely check out the entire home, the kitchen, bedrooms, living spaces, front yard, and backyard. It is important to view the home to make sure you love the home. It is also important to keep a keen eye to potential problems.
There are more specific details that you will need to know and understand about the home before you make a purchase, such as asking about the appliances. Ask about the electrical and heating of the home. Check out if there is natural light that enters the home. Ask about the plumbing and the water heater too. Be specific and be very detailed about your questions. It will be good for you to ask as many questions as possible about the home, so you can make a good judgment in your home buying process.
Write An Offer On A Home
Found the home of your dreams? It is time to write up an offer on your dream home. Discuss how you want your offer to look with your real estate agent. Your offer will depend on the real estate market. Is this a seller’s market or a buyer’s market? Your offer will need to include the following; price, when to close, who pays for each of the closing costs, who pays for inspections and other items. A good real estate agent can help you prepare an offer that puts you in the best chance of purchasing your dream home.
Get Home Inspections
You should get the appropriate inspections after you are under contract. There are many type of home inspections, including home inspection, termite inspection, radon tests, sewer line scoping, inspections for radiant heat and potentially others. After the home inspections, you might negotiate with the seller to have repairs made.
Closing On Your Dream Home
There are several items identified in the purchase agreement that must be completed prior to closing on your dream home. Your real estate agent will guide you through all the steps to get to the closing date. All of the steps will need to be completed by the time frames in the purchase agreement.
Myers & Myers Real Estate is a full service real estate brokerage located in Albuquerque New Mexico. We help home buyers and home sellers in the Albuquerque metro achieve their real estate goals. Our website has every home for sale in the Southwest Multiple Listing Service. Check out homes for sale in Albuquerque, homes for sale in Rio Rancho, homes for sale in Corrales, homes for sale in East Mountains, homes for sale in Valencia County, and homes for sale in Los Lunas.