Buying a Home
Buying a home can be one of your most significant investments in life. Not only are you choosing your dwelling place, you are most likely investing a large portion of your assets into a home purchase. The more prepared you are at the outset, the less overwhelming and chaotic the buying process will be. The goal of this page is to provide you with detailed information to assist you in making an intelligent and informed decision. It’s a complex ordeal that requires a lot of planning, and instating the help of a knowledgeable REALTOR® to make the process run smoothly. To ready you for this, here is a general overview of what to expect and prepare. Remember, if you have any questions about the process, we’re only a phone call or email away!
Get Your Finances In Order
The first thing you’ll need to do is put money aside for a down payment. This amount is (at minimum) 5% of the purchase price of the home you’re planning to buy. Second, you’ll need to meet with a mortgage broker to determine what you can afford. Shopping around for the best rate is highly recommended.
Visualize Your Dream Home
Once you’ve established a price range, it’s time to decide what type of home will best suit your lifestyle. Think about things like access to schools, recreational facilities, what the neighborhood is like, and so on. Why you’re choosing to buy should help answer these questions for you — so think about it carefully. You may want to put this down in writing and create a needs v/s wants list.
Meet With a REALTOR®
It’s important to partner with a REALTOR® you feel completely comfortable with. A REALTOR® can help you find your dream home, that meets both your needs and your budget. They will set you up with viewing appointments, and also help bring clarity to the complicated process of buying a home. You’ll want to go with an experienced and knowledgeable REALTOR® who you can be sure will represent your best interests
Home Inspections
Inspections are designed to help you understand the overall condition of a property, potentially saving you considerable time with the purchase process and hundreds or thousands of dollars in repairs. Some of the inspections which may be required and or recommended by your real estate professional are:
Standard Home Inspection
The areas which may be covered include, roofs, exterior surfaces, garage/carport, structure, attic, basement, crawl space, electrical, heating and air conditioning systems, plumbing, fireplace, and appliance condition. Remember that your inspection rights are clearly stated in the Purchase Contract For Sale and vary from jurisdiction to jurisdiction. In some cases homes can be sold “as-is” even though an inspection may take place.
Radon Inspection
Radon levels are detected and measured. The Environmental Protection Agency (EPA) estimates that between 15,000 – 22,000 deaths per year result from radon exposure, therefore they recommend that all homes be tested for radon. EPA recommends that homes containing 4.0 or more Pico Curies per liter be remedied.
Underground Storage Tank (UST) Inspection
The most common methods for testing a UST, typically used to store oil for heating homes, are either the soil test. The soil test consists of random core samples taken around the location of the tank and submitting them for lab analysis. This will determine if any product has contaminated the soil at that particular area and to what extent.
Since USTs are predominately made of metal they rust and corrode over time, causing hazardous materials to contaminate soil and potentially aquifers that supply drinking water to surrounding communities.
Obtaining the proper inspections for a home prior to purchase is one of the best ways to make a smart purchase decision and protect your investment.
Closing
Your REALTOR® can help you place an offer that the seller will either accept, counter, or reject. After you’ve negotiated an offer, you’ll need to conduct a home inspection and deal with any repairs (the cost of which you can also negotiate with the seller). Finalize your mortgage with a visit to your lender, and you’re ready to sign off on ownership. This takes place at a Title Company.
At this point, congratulations are in order! Becoming a new homeowner is one of the most liberating things you’ll ever experience. There are many benefits to home ownership — pride of ownership, the ability to make home improvements, building equity, appreciation — the list goes on.