Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
Do you already know where you want to buy? If you want a condo, co-op, or townhome? Which features or amenities do you like and dislike? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices and the days on the market. This could give you valuable insight into housing trends in specific neighborhoods and gauge the momentum of the market.
Notice we said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or common charges/maintenance fees that could easily blow your budget.
Although you may well be able to make monthly payments, the mortgage company may not agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.
Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for an agent to take much of the stress off your shoulders? Not only will we help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but we also have knowledge of the market. We may be able to guide you toward homes that are not advertised on the market to the public, guide you on investment data if you ever wanted to rent your home out or give you pointers that will help you find your dream home for the right price. We also have a strong list of reliable real estate attorneys, lenders, and other vendors readily available for you.
This should be the most enjoyable step of the entire process (other than moving in!). We will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details such as parking, grocery stores, gyms, etc. We book appointments and offer an all white-glove transportation service including pick up and drop off so you see all of your favorite homes in as little of time as possible.
Once you have selected the perfect home, we will craft a strategy plan based on the value of comparable homes on the market. We will help you negotiate if you receive a counteroffer and reach an agreement. Ultimately, we will work together on a tactic to get the seller to make a deal with us.
No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and you can rely on us to help you get your board package completed to tip-top condition for board review.
You’re at the finish line! We will be there at closing with you or attend closing on your behalf if you cannot make it. Once the final round of paperwork is checked off, your beautiful home awaits you!
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
Compass
10 East 53rd St., Floor 5
New York, NY 10022
The Antigua Team
