10 Steps to Buying a Home
Considering buying a home in Mansfield, Connecticut? No matter if you're a first-time homebuyer or a seasoned real estate veteran, it's good to have an idea of what to expect in a home buying transaction. Become more familiar with the process by reading through this comprehensive guide.
Step 1: Figure Out What You Can Afford
It may seem simple, but setting a budget should be the first step in your home buying process. Determine what you can afford in mortgage payments a month by using our free mortgage calculator tool. It's also important to calculate how much you can realistically front as a down payment, and figure that into your budget as well.
When determining your budget, it's also extremely important not to overlook other costs that go into the home buying transaction, such as closing costs, fees, homeowners insurance, and taxes. If you're concerned that you may not have the traditional 20% for the down payment, don't panic! Maintaining a good credit score may help you be exempt to this rule.
Step 2: Shop for a Loan and Get Preapproved
The next step in your home buying process is getting pre-approved for a loan. Technically part of the budgeting process, shopping around for loans will help you determine a set budget for what you can actually afford. It's recommended that that you get at least four different quotes from major lenders in order to find the best loan option for you.
Need recommendations for local lenders? I'm happy to help!
Step 3: Determine the Selling Price of Homes in Your Location
If you have a particular neighborhood or community that you're determined to move into — do some research! Find out what the homes in that area actually sell for. While not typical, some home can actually sell for more than what they're listed for if they're in a highly desirable location. By discovering what the homes are selling for, you can figure out if they area you're looking into actually fits within your budget.
Looking at a particular neighborhood in Mansfield? Request your neighborhood sold report here!
Step 4: Find an Agent
There's no law saying that you have to use a real estate agent in your transaction but it is highly recommended that you do! Real estate agents have your best interests at heart and are there to protect you. A good agent also should have a vast knowledge of listings and real estate networks that can be used to your advantage.If you've been searching for an agent you can trust, consider me! With years of experience in the Northeast Connecticut market I can help you discover and buy a home!
Step 5: Find Your Home
Possibly the most exciting step in the process, finding your home doesn't need to be overwhelming! Work closely with your real estate agent to set your expectations for homes and properties that meet your criteria so that you don't have to waste your time on properties that won’t work for you. Keep detailed records of features you enjoy in a home and create a pro and con list to narrow down your potential picks.Thinking about buying a home in Mansfield, or the surrounding Connecticut areas? Let me help you start the search for your dream home today!
Step 6: Make an Offer
After finding your perfect place it's time to put an offer in on your dream home! This is where your agent's knowledge of the market comes in handy as they’ll help you determine a competitive offer that also fits within your budget. It's recommended that you go in with a serious offer and not a lowball so the seller will seriously consider your offer.
Step 7: Get an Inspection
Just because the seller accepted your offer doesn't mean the home is yours yet! It is highly recommended (and expected) that you have a trusted home inspector walk through the home and property to make sure the home is up to code and has no major flaws, defects, or problems. In the event an inspection does find something wrong, don't panic! You can request the seller repair any issues found as part of closing.
Step 8: Review Your Contract
Before you cross the t's and dot the i's, make sure that you, your real estate agent, and potentially your lawyer all read over the contract for buying the home. There should be contingencies included in the contract that state if something falls through or goes wrong with your mortgage that you are not obligated to buy the home.
Step 9: Closing Costs
Make sure your mortgage application has been approved and review any expenses and costs that are expected to occur while closing on your home. Common expenses include attorney fees, title insurance, appraisal fees, home inspection fees, courier fees, government recording fees, and taxes, which are costs often overlooked by first time buyers.
Step 10: Celebrate!
All that's left after finalizing the paperwork, signing the contracts, and paying the closing costs is celebrating! Congratulations, you're finally a homeowner! Enjoy receiving the keys to your new home!
Still Have Questions or Ready to Get Started?
If you've been considering buying a home in Mansfield or any other surrounding Connecticut areas, I'm happy to be your most valuable resource during the process! With years if experience in the local real estate market, I can answer any home buying questions you have, and connect you with the valuable resources you need to make an informed decision. Feel free to contact me or browse our available home buying resources.