Buying a home can be both an exciting and stressful time, especially if you’re a new homeowner. There’s a lot to consider even before you start looking at homes. An agent can help you navigate the process, but the outline below can give you an idea for what your home buying journey might look like.

Buying a home is a big step that first starts with making sure you’re financially in good shape.  This can be especially important in a seller’s market, where sellers can afford to be picky.

Few of us can afford to buy a house in cash, which means you most likely will need a loan. One of the assurances that can improve your offer on a house is a pre-approval letter. This letter is from a lender (usually a bank) that states you are qualified (not necessarily guaranteed) to borrow up to a certain dollar value. Combining your cash available with what the bank will lend you gives you the maximum you can spend on a house.

To pre-qualify you for a loan, a lender will closely inspect your financials as if you were applying for the loan. This includes having enough money immediately accessible for a downpayment, stable and sufficient monthly income to cover the mortgage (and all other debts and living expenses), and a healthy credit score that shows you responsibly pay your debts.

Team Lowe can help demystify what lenders are looking for when they review your application. In addition, we work with many lenders and can help find you a good fit.

Your perfect home is out there! Making a list of features you’re looking for in a perfect home will save you time during your house search. The challenge is sometimes your perfect home is out of your budget or located in an area that’s not ideal. In the back of your mind, you should also consider which features are “must have” (meaning you won’t consider houses without it) and which are just “nice to have” (meaning you can live without it).

This is the fun part! Looking at houses can be very exciting. Knowing what you want in a house will help save you time. When you consider any house, look at the bigger picture as well.  Do you feel safe and comfortable in the neighborhood? Is it near to the people and places you like to visit.

Once you’ve found the house of your dreams, now it’s time to put an offer in! During negotiations, it’s important to know what the house is worth so you don’t pay too much. In a competitive seller’s market, there are ways to put together a strong offer without necessarily increasing your offer price.

At Team Lowe, we use our 20+ years of experience, access to real estate data, and knowledge of the local area to help you put together strong offers and getting you into your dream home!

Once your offer is accepted, you’ll want to take a closer look at the house. An inspection can be absolutely essential when buying a house — particularly an older home. A professional, licensed home inspector will look over the house inside and out. Ultimately, you’ll get a report listing potential “gotchas” that might cost you money later.

The inspection can often trigger another round of negotiations to get the seller to reduce the price and/or remedy any issues that were identified.

If all goes well… the inspection, the bank’s appraisal and subsequent loan approval, you are set to move in!

As a homeowner, you may need repairs, remodels or just regular maintenance (e.g. lawn care) from time to time. Don’t hesitate to reach out to us! We work with trusted vendors who will provide you the same quality of service you can expect from Team Lowe!

ADDITIONAL RESOURCES

For more help with buying a home, check out these resources:

• Tips for Buyers
• Why Use an Agent when You Buy
• The Team Lowe Advantage
• Tommy Lowe – Real Estate Broker
• Andi Springer – Real Estate Broker