Buyer's Guide

By now, you've likely explored numerous homes online, and perhaps you've even attended a couple of Open Houses. Now is the time to pinpoint the essential criteria for your search.

Location, location, location! It's a refrain in real estate for a reason! Thoroughly investigate school districts, work commutes, crime rates, and community amenities. Once you've settled on a general area, it's time to assess your individual requirements for a dwelling. Consider factors like the number of bedrooms and bathrooms needed, parking, storage, and whether a home office is essential. Additionally, think about your level of handiness; do you prefer a property that's move-in ready, or are you open to a fixer-upper? Some buyers will even filter their search to include their preferred utilities (such as heat source, water type and public/private sewer.) Tailoring these specifics to your preferences will help streamline your home search.

What do you want your monthly mortgage payment to be?

How much can you afford on the down-payment?

Interest rates can significantly affect your monthly payments and overall home cost. Property taxes and insurance costs vary by location and property type and should be included in your budget. If you're looking at condos or communities with HOAs, account for these fees as ongoing expenses. Finally, the down payment percentage is crucial, impacting your immediate closing costs, interest rate, and potential need for private mortgage insurance (PMI.) Careful consideration of these elements ensures a well-balanced mortgage budget for your homeownership journey.

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. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. We can help you arrange this, and you can schedule it within days of making an offer. Depending on the inspector's findings, they may recommend further evaluation. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it. 

The appraisal is an important component to the mortgage. An appraisal ensures that all parties involved are paying a fair price for the house. In the event that a home does not appraise, buyers may renegotiate the purchase price with the seller. In competitive markets, some buyers will waive their appraisal or offer appraisal gap coverage to make their offer more appealing to sellers.