Fall is in the air, and you know what that means? It's still a great time to search for that perfect house! As the leaves begin to change and the weather cools down, the real estate market stays active with fresh listings and motivated sellers. Whether you're cozying up to the idea of buying your first home or thinking about making a move before the holidays, autumn is a great time to explore your options and find that perfect place to settle in.
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Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
Home Buying can be a daunting task, especially if you've never gone through the process before. There are so many things associated with home buying that it can cause you to become quite anxious. Still, by following these steps, you'll have a more enjoyable experience on your journey to home ownership!
Step 1: Get as educated as you can early in the process. Watch videos, listen to podcasts and explore articles and blogs on the subject of home ownership to get yourself familiar with as much as you can. Also, if you don't already have a realtor in mind, follow a couple of them on social media and see what they are posting about in terms of home ownership. Go to Facebook and type in "Realtor" followed by "in [your town.] For example, I might type in Realtor in Nashua, NH. A list of realtors in my area will appear. I wouldn't reach out yet. This is more to get a feel for their posts and gain some valuable insight.
Step 2: Once you feel ready to start the process, it's time to get pre-approved. In today's market, being well-prepared is key, and that includes having your finances in order. To be financially ready, you'll want to have little to no debt, an emergency fund, and a down payment, typically anywhere from 3.5% -20 % of the purchase price. The more you put down, the less your monthly payment will be. For a pre-approval, Triangle Credit Union offers tailored programs to meet your needs, so don't hesitate to reach out if you are within our area. We're here to support you every step of the way!
Step 3: Find the right realtor for you. I am sure you know someone who has purchased a home before.. Ask them who they worked with and how their experience was! They will give you a first-hand account of the process and will be happy to recommend their agent to you. If you can't get someone to recommend a realtor, go back to Facebook and check out the ones you followed in step 1, and consider reaching out to two or three. Interview them and see if one of them meets your needs! Ask ALL of the questions you have! Remember, they work for you!
Step 4: Visit open houses and make an offer on the home that catches your eye. Houses go on the market on Monday, and within a few hours, private showings are scheduled, and in some cases, offers are being made above the asking price! If you find a home you love, make a firm offer and keep your fingers crossed. But if your offer isn't accepted, don't lose heart! Your dream home is out there, waiting for you to discover it!
Step 5: Once your offer is accepted, it's time for the Home Inspection. A home inspection of the property is a thorough walk-through by a licensed professional to check for signs of structural damage or things that may need fixing. This includes checking the foundation, roof, plumbing, electrical systems, and more. Your real estate agent will usually help you arrange this within a few days of the seller accepting your offer. This process protects you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage. Both you and the seller will receive a report on the home inspector's findings.
Step 6: Have the Home Appraised. Your lender will arrange for an appraiser to provide an independent estimate of the value of the house you are buying. The appraisal will let all the parties involved know that you are paying a fair price for the home. The lender's interest in this process is to ensure that the property is worth the amount they are lending
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