Steps to Purchasing a Home

Before you begin your house hunt, take a close look at your financial situation. Determine your budget by reviewing your income, savings, expenses and also consider your lifestyle and the things you like to do. Just because you CAN afford a monthly mortgage payment does not mean that you WANT to. So if you love travel, it is ok to choose a budget that is less than you could possibly afford. It’s also a good idea to check your credit report to identify any areas that may need attention. Establishing a clear budget will help set realistic expectations for your search.

Choosing a local lender who has an excellent reputation for closing on time can boost your chances of beating other offers, so choose wisely. A good lender will not push you to purchase more than you are comfortable with. Once you have a budget in mind, discuss different loan vehicles available to you. Applying for pre-approval provides an estimate of how much a lender is willing to lend you based on your financial profile.  Having a preapproval letter is essential when making an offer and also allows you to focus on homes within your price range.

With your finances in order and me by your side, it’s time to start house hunting. Create a list of your must-haves and deal-breakers to streamline your search. Attend open houses, schedule private showings, and explore different neighborhoods. Take your time to find a home that feels right for you.

Once you’ve found a home you love, it’s time to make an offer. I can help you determine a fair price based on market conditions and comparable properties. While occasionally sellers may respond to your initial offer with a counteroffer, be prepared to put your best foot forward from the outset. With multiple offers, sellers often choose the best offer on their first review.

After your offer is accepted, arrange for a home inspection. This vital step helps identify any potential issues with the property. If significant problems are discovered, you may want to negotiate repairs with the seller or reconsider your purchase. Remember that CT is a Buyer Beware State. That means that you must do a thorough inspection to protect yourself.

Once the inspection is complete and you’re satisfied with the findings, it’s time to finalize your mortgage. Choose the type of loan that best fits your financial situation and lock in your interest rate. Your lender will provide you with the necessary documents for review. This is also the time to contact your attorney and order the title search.

The final step is closing the deal. This process involves signing various documents, transferring funds, and officially transferring ownership of the property. Before closing day, contact your attorney to set up a day and time to close and me to arrange the final walk-through. Review the closing disclosure, which outlines all costs related to your purchase, and contact your lender or attorney with any questions.

Congratulations, you’re now a homeowner! After the closing process, it’s time to celebrate and move into your new space. Take the time to make it your own, unpack, and settle in. Buying a home is a significant milestone, and while it may seem complex, following these steps can simplify the journey. With careful planning and the right support, you’ll be well on your way to finding the perfect place to call home.