Finding Your Way Home
Your Roadmap to Home Ownership!
Looking for a new home can be an
exciting and challenging experience. Having a real estate professional that
takes the time to understand your unique needs and lifestyle is important.
I work hard to not only find the
perfect home for you, but also to handle every last detail of the purchase
process, from negotiating the terms of sale to recommending moving companies. I
will be there every step of your journey to home ownership! Call me at
318.451.2385
To help you get started on buying
your new home, take advantage of these valuable resources.
Step
1: Decide to Buy
The decision to purchase your first
home is one of the biggest and best decisions you could ever make. After all, a
home is the largest (and most emotional) investment most people will ever make.
So, how do you know if it's the right time for you to buy your first home?
·
There is never a wrong time to buy
the right home. The key is finding a good buy and taking the time to carefully
evaluate your finances.
·
A home purchase is an important step
in the path to long-term wealth. Purchasing your own home is a great investment
that provides specific financial advantages, including equity buildup, value
appreciation potential and tax benefits. It's also an automatic savings plan
that you cannot get from renting!
·
Here's the most important rule for
keeping your stress to a minimum: you don't have to know everything, I am here to help you through every step of the process.
Step
2: Hire Your Agent
When you're looking for a real
estate professional to help you, know that above all else, good agents put
their clients first. This is your dream, and your agent is your advocate to
help you make your dream come true.
A great real estate agent will:
1.
Educate you about the current
conditions of the market.
2.
Analyze what you want and what you
need in your next home.
3.
Guide you to homes that fit your
criteria.
4.
Coordinate the work of other needed
professionals throughout the process.
5.
Negotiate with the seller on your
behalf.
6.
Check and double-check paperwork and
deadlines.
Step
3: Secure Financing
Ultimately, your lender will
pre-approve you for a certain amount, but YOU will decide what you're
comfortable paying every month. Remember, your lender only sees your finances
on paper. It's up to you to decide how much you're willing to stretch your
budget in order to get into your dream home.
Be sure to follow these six steps to financing your home:
1.
Choose a loan officer.
2.
Make a loan application and get
preapproved.
3.
Determine what you want to pay and
select a loan option.
4.
Submit to the lender an accepted
purchase offer contract.
5.
Get an appraisal and title
commitment.
6.
Obtain funding at closing.
Step
4: Find Your Home
So you are preapproved and ready to
begin your search. But how or where do you begin? There are a lot of homes out
there and diving in without a guide can become overwhelming and confusing. A
great agent will help you more accurately pinpoint homes that fit your
criteria. The right home will meet all your important needs, and as many of
your additional wants as possible.
·
What do I want my home to be close
to?
·
How much space do I need and why?
·
Which is more critical: location or
size?
·
Would I be interested in a
fixer-upper?
·
How important is home value
appreciation?
·
Is neighborhood stability a
priority?
·
Would I be interested in a condo?
·
What features and amenities do I
want? Which do I really need?
You'll learn as you look at homes,
your priorities will probably adjust along the way.
Step
6: Perform Due Diligence
Just because you love a particular
property doesn't mean that it's perfect. In fact, this is where reason has to
trump emotion. You'll need to have a property inspection (which I highly recommend you attend) that will expose
hidden issues. This way you'll know what you are getting into before you sign
closing papers.
Step
7: Close
Once you've made your offer and have
completed the inspection process, you're in the "home" stretch! But,
in order to ensure that you don't put your closing date, or your mortgage at
risk, you have a few pre-closing responsibilities that you'll need to be
mindful of.
·
Staying in control of your credit
and finances. If you are tempted to make any large purchases during this time,
it's best to talk to your lender first.
·
Keeping in touch with your agent and
lender, returning all phone calls and completing paperwork promptly.
·
Communicating with your agent at
least once or twice a week, and verifying with your lender that all mortgage
funding steps are completed.
·
Conducting a final walk-through of
the home with your agent.
·
Confirming with your agent, home
insurance professional, and lender that you have the settlement statement,
certified funds, and evidence of insurance lined up prior to closing.
Step
: Protect your Investment
Congratulations, and welcome home! The home-buying process
is complete, but just like any big process, there's a maintenance plan! It's
now your responsibility, and in your best financial interest, to protect your
investment for years to come. Performing routine maintenance on your home's
systems is always more affordable than having to fix big problems later. Be
sure to watch for signs of leaks, damage, and wear.
And remember, just because the sale is complete, your relationship with your
agent doesn't need to end! After closing, your agent can still help you -
providing information for your tax returns, finding contractors and repair
services, and even tracking your home's current market value.
Each Keller Williams Office is Independently Owned and Operated,
Licensed in the State of Louisiana.
