Buying a Home
Whether you’re a first time home buyer or a real estate investor, buying a home is exciting but can be an intimidating process. With The Perkins Team it doesn’t have to be. The Perkins Team has over 50 years of combined real estate experience to help you through the process. They will help you every step of the way. From discussing the benefits of buying vs renting to the closing table, The Perkins Team has the knowledge and experience to guide buyers.
Characteristics that make Ginger and The Perkins Team your choice as a Buyer’s Agent:
The Perkins Team 8 Easy Steps to Home Buying:
1. Decide to buy.
Although there are many good reasons for you to buy a home, wealth building ranks at the top of the list. We call home ownership the best “accidental investment” most people ever make. We believe when it is done right, home ownership becomes an “intentional investment” that lays the foundation for a life of financial security and personal choice. There are solid financial reasons to support your decision to buy a home, and, among these, equity buildup, value appreciation, and tax benefits stand out.
Base your decision to buy on facts, not fears.
2. Hire your agent.
The typical real estate transaction involves at least two dozen separate individuals-insurance providers, mortgage brokers and underwriters, inspectors, appraisers, escrow officers, buyer’s agents, seller’s agents, bankers, title researchers, and a number of other individuals whose actions and decisions have to be orchestrated in order to perform in harmony and get a home sale closed. It is the responsibility of your real estate agent to expertly coordinate all the professionals involved in your home purchase and to act as the advocate for you and your interests throughout.
Main roles of your real estate agent:
Important questions to ask your agent:
Qualifications are important. However, finding a solid, professional agent means getting beyond the resume, and into what makes an agent effective. Use the following questions as your starting point in hiring your licensed, professional real estate agent:
3. Secure financing.
While you may find the thought of home ownership thrilling, the thought of taking on a mortgage may be downright chilling. Many first time buyers start out confused about the process or nervous about making such a large financial commitment. From start to finish, you will follow an easy-to-understand process to securing the financing for your first home.
Steps to Financing a Home:
4. Find your home.
You may think that shopping for homes starts with jumping in the car and driving all over town. And it’s true that hopping in the car to go look is probably the most exciting part of the home-buying process. However, driving around is fun for only so long – if weeks go by without finding what you’re looking for, the fun can fade pretty fast. That’s why we say that looking for your home begins with carefully assessing your values, wants, and needs, both for the short and long terms.
Questions to ask yourself:
5. Make an offer.
When searching for your dream home, you were just that – a dreamer. Now that you are writing an offer, you need to be a realistic business person. You need to approach this process with a cool head and an open minded perspective of your market. The three basic components of an offer are price, terms, and contingencies (or “conditions” in Canada).
Price – the right price to offer must fairly reflect the true market value of the home you want to buy. Your agent’s market research will guide this decision. Terms: the other financial and timing factors that will be included in the offer. Contingencies: a schedule of events that has to happen before closing.
6. Perform due diligence.
Unlike most major purchases, once you buy a home, you can’t return it if something breaks or doesn’t quite work like it’s supposed to. That’s why homeowner’s insurance and property inspections are so important.
A home owner’s insurance policy protects you in two ways:
The property inspection will expose the secret issues a home might hide so you know exactly what you’re getting into before you sign your closing papers.
The final stage of the home buying process is the lender’s confirmation of the home’s value and legal statue, and your continued credit-worthiness. This entails a survey, appraisal, title search, and a final check of your credit and financing. Your agent will keep you posted on how each is progressing, but your work is pretty much done. It is imperative that you do not open any new credit lines before closing.
You just have a few pre-closing responsibilities:
On closing day, with the guidance of a settlement agent and your real estate agent, you’ll sign documents that do the following:
As long as you have clear expectations and follow directions, closing should be a momentous conclusion to your home-searching process and commencement of your home-owning experience.
8. Protect your investment.
Throughout the course of your home-buying experience, you’ve probably spent a lot of time with your real estate agent and you’ve gotten to know each other fairly well. There’s no reason to throw all that trust and rapport out the window just because the deal has closed. In fact, your agent wants you to keep in touch.
Even after you close on your house, you agent can still help you:
Attention to you home’s maintenance needs is essential to protecting the long-term value of your investment.
Home maintenance falls into two categories: