This is one of the biggest purchases you will ever make, so do some research and come up with a plan. This will help to ensure you purchase a house you’ll be proud to call home. Make a list of your wants and needs. Then prioritize them.
Making sure you can pay your bills once you buy the home of your dreams is a key factor in determining which home is right for you. Take a look at your monthly budget and figure out what’s left after you pay all of your current bills. That’s how much you’ll have every month for your new home plus the expenses that come with owning your own home.
Prior to looking at any homes, you’ll choose a lender. You should talk to two or three and choose one that you’re comfortable with and that provides competitive rates as well as competitive closing costs. Your lender will help you determine how much you’re able to spend on your home and which home loan is the right one for you. This will make choosing and purchasing a home much easier. Your lender will provide you a list of items needed for loan approval.
You have the right to your own representation when you buy a home. In order to create an agency relationship with your REALTOR®, Idaho law requires that relationship be agreed to in writing. Choose a REALTOR® who listens to your wants and needs when it comes to buying a home and one you can trust to give you honest advice when you need it. When you call PowerHaus Real Estate Services, we’ll do everything we can to make your buying experience a great one!
In today’s market, it’s critical to be pre-approved before you go house hunting. You’ll have a much better chance at purchasing your dream home. Be sure to look only at homes that are within your price range. By now, your lender will have helped you establish how much you are able to spend.
Now that you’ve found the right home for you, it’s time to make the offer. Your REALTOR® will guide you through the contract but it’s best if you have previously reviewed a blank contract form. There are a few things to consider in addition to the price you are going to offer the home seller. Some of these decisions include: earnest money deposit amount, contingencies, items in the home you would like to specifically include or exclude from the sale, title company to perform the closing, whether to have the home inspected and what types of inspections, choosing the closing date and more.
The seller may accept your offer, the seller may counter your offer with a different price or terms, or you may not receive a response at all. This is not personal. In a fast moving market like ours, a home seller may receive multiple offers and not respond to all of them. When making your offer, it’s best to remember that everything is negotiable, not just the price. Price isn’t always the most important factor in negotiations. If you have an agency relationship with your REALTOR®, decide what’s most important to you and share it with him or her.
The home inspection will make you aware of any major issues in the house. Finding a good home inspector is important. We have a list of preferred home inspectors we provide our clients or you may want to check the American Society of Home Inspectors website for a list of accredited inspectors.
Get a list of phone numbers from your REALTOR® so you can call the utility, phone and cable companies to have your name transferred to your new address. Do this one to two weeks prior to closing. You will receive a preliminary closing document prior to closing. This statement will list all of your closing credits and costs and will provide a final amount that you will be responsible to bring to closing. Be sure to ask your personal team of professionals to explain anything you don’t fully understand.
All that’s left now is to unpack and love your new home!
