Checklist to Buying a Home
Congrats, you are thinking about or even started the process to buy a house. Then you woke up in the middle of the night and thought? “I don’t have a clue about buying a house or what I need to know”. HELP!
Today I am going to talk to you about the steps you need to take to purchasing a home. Let’s get started!
Hi everyone, it’s Cori Dunphy your local real estate expert and proud Marlboro Township Resident. This is the place to be if you are looking for information on all things Real Estate, Monmouth County and Marlboro Township. I put out new videos each and every Monday and I try to cover all things Real Estate, Monmouth County and Marlboro Township! I have a lot of fun on my channel and if you want to stay up to date, subscribe here!
So i’m guessing you have been looking around online trying to gather information on how to purchase your first home. And you may have stumbled across my NAME, my WEBSITE or my youtube channel and decided to take a peek. Thank you so much for that. My hope is by the end of this 2 part series I will provide you the information you need to start the home buying process.
I don’t think home buying is necessarily difficult, but it does take some navigation especially if you are doing it for the first time. Now I have to warn you. This isn’t a quick 2 minute video giving you a list of 5 things you need to do to purchase a home. I need a bit more time this week. So grab a cup of coffee or wine, and settle in while I help get you started!
So the first step. Research. Now something tells me you’ve already started that process. There are so many outlets for people to search real estate online. There is Realtor.com and Zillow There is Trulia and Youtube and the list goes on and on and on. I”m sure google has become your best friend.
Now for the purpose of this video, i’m going under the assumption that you have already picked your general location and you have an idea of exactly where you want to live. Just be sure you do enough research to be sure the location you picked, and hopefully it’s here in Monmouth County fits all of your wants and needs. That includes: style of homes, schools, cost and commute time.
So you’ve done your research or you’re doing your research. You see homes that you are absolutely in love with, based on the photos. You can imagine yourself opening the front door each and every day or your children playing in that gorgeous yard. BUT do you even know if you will be approved to purchase a home?
This may be a good time to do a check on your credit score. So many times people don’t realize there may be something on their credit score that is going to prohibit them from even obtaining a mortgage. There could be something so basic on your report that will keep you from that dream home and all all it requires is a simple easy fix, so why not be sure your credit is in order and check your score now!
Let’s move on to step 2. How much can you afford? I know everyone tries out those online calculators, and they may be good, to a point and maybe then can even help get you started. But in reality you need to take a ton into consideration about what you can or can not afford. Many different things come into play. It’s more than just the price of the home. What are the taxes on the property? How much will homeowners insurance cost? Is there an HOA? What about your down payment and monthly mortgage. What is it going to cost you to actually run the home each month? Step 2 is the perfect time to be in touch with a lender. There is nobody out there that can give you more information on truly what you can and can’t afford. You can go over the current interest rates and a good mortgage rep will direct you and help you figure out what type of mortgage best suits your needs. If you do NOT have a mortgage lender I suggest you reach out to a family or friends or a realtor and grab some suggestions. You do not want to go on line and randomly pick someone. Trust me, that doesn’t usually work out well in the end. I have some fabulous names or mortgage lenders I’ll share with you if you need them!
So you have a basic idea of where you want to live and what you can and can not afford. Now it’s time to choose a realtor. Maybe you were given the name of a realtor from a family member or a friend or even someone at work. Or if you’ve been all over the internet you may have seen a particular realtor come up often in your searches. No matter how you found your agent, this is the time to contact them. I promise you, if you find the right agent, they are going to bring you a wealth of knowledge. An agent will know the area inside and out. The local neighborhoods, schools, cost of living, information about commuting. People thing choosing an agent is easy. And while be for some, choosing the right agent is absolutely crucial. You will be spending a lot of time communicating with your realtor. You need to be sure you choose someone you feel has your best interest at heart and is someone you know you can trust!
Sometimes people change up the order of steps 2 and 3. If you have contacted an agent first but have no idea what you can and can’t afford, i’m sure a local realtor can put you in touch with a lender that can guide you and answer all your questions. As I mentioned I work with fabulous lenders, so if you need some info in New Jersey. JUST ASK!
Moving on. Now the steps to purchasing your first home are getting more exciting and definitely more fun. Have your agent set you up on a personalized home search. Share with your realtor about exactly what you are looking for in a home. I like to tell my clients to give me the top 10 most important things they are looking for in a home. Wanna know a secret? If you find a home with 5 of those items on your list. You may have found the perfect house!
This is the time to let you realtor know how many beds and baths you need or want. Do you need a garage? Attached or Detached? Do you want a large piece of property and eat in kitchen? Do you dream of a full finished basement or a home with an inground pool. These details are very important, and no detail is too small to share. At this point your agent will set up a detailed search for you right within the MLS. This way you will get an email and notification as soon something new and exciting hits the market! So keep your eyes on your email! Another new and exciting feature within our MLS is you get a sneak peek of coming soon listings!
Let the good times begin. We are heading out to view properties. I’m not going to lie. This is my favorite part, well one of my favorite parts. At this point, you will have your pre approval, you’ll have an idea of exactly what you want in a home and off we go. In and out of homes. Some you like, some you don’t like and then there are some………..
It’s all fun and games, going in and out of many properties and trying to take it all in. And then it happens… you instantly fall in love with a home as soon as you open the front door. NOW WHAT? You start sweating, maybe crying, you can picture spending forever in this home.
Well that brings us to the end of this video. You found a home and now it’s time to make an offer. What do you do? How much should you offer? What does that entail? Don’t worry, I’ve got you covered on all that information as well. Trust me, we have covered more than enough info this week to make your head spin. Review it all, clear your mind, maybe start the process and Check back next week for part 2 in my series on the steps to buying a home. Thanks for joining me and i’ll see you next monday!