Know What to Expect When Buying a Home for A Smooth Homebuying Process

Knowing what to expect when buying a home can significantly improve the process and lower the amount of surprises and frustrations.

Buying a home is not just a financial transaction. It’s not like an episode of House Hunters. It’s a big step, with many tiny steps in between. It’s a big step towards creating a space that reflects your personality, provides security, and serves as the place to hold new memories and traditions.

It can also be overwhelming and difficult to know what to expect, so let’s talk through the steps and get your home buying process started!

Budget & Goals

We know this isn’t the most fun part, but it’s essential to establish this at the start. For one, so you can find exactly what you want. For two, so you can stay within your financial means. Take some time to define your goals: What kind of home? What features are essential? What neighborhoods are you interested in? After you know what you’re looking for, calculate a budget. Be sure to include ongoing costs like property taxes, homeowners’ association fees, and maintenance!

Pre-Approval

This is one of the most important early steps! It tells you how much you can borrow so you can use that in your home search and stay within your price range. This helps your home search be efficient and successful. Pre-approval demonstrates to sellers that you’re a serious buyer as well.

More information on the benefits of pre-approval here.

House Hunting

This is likely the part everyone looks forward to the most, the home search. But it can be really time consuming and overwhelming, so it’s beneficial to work with a real estate agent to streamline the process. Real estate agents have valuable knowledge and insights about the market and can easily arrange showings for you that are inclusive to your goals and budget.

The Offer

You find the one. It fits your budget and checks all the boxes of your must-have features. Now it’s time to make an offer. Since you’re pre-approved, you have an advantage here and you can use negotiation skills to establish the price you feel comfortable with. A real estate agent is great to have on hand for this step too! They are very skilled at this step of the process, and can offer insight and guidance. Your offer typically includes the price you’re willing to pay, contingencies, and a proposed timeline.

Home Inspection

Once your offer is accepted, the next step is typically a home inspection. This helps uncover any issues or needed repairs. Depending on the results of the inspection, you might negotiate terms with the seller.

Appraisal & Financing

Now it’s back to your lender because they will likely require an appraisal to ensure the home’s value aligns with your loan amount. In this step, you’ll also be finalizing your mortgage details and providing necessary documentation to your lender.

Closing Time

You’re getting so close to the finish line! The closing process involves signing more documents that you think is possible, including the mortgage agreement, title deed, and various disclosures. There are costs involved with this step, which includes fees for processing the loan, title insurance, and other services.

Moving Day

Papers signed, keys in hand – it’s time to move into your new home! Your real estate agent likely has vendors to recommend for moving companies and resources should you need it. If not, just call up that friend you have that owns a truck! 😉

Homeownership: The Never-Ending Step

Part of knowing what to expect when buying a home is being prepared for maintenance tasks, repairs, and the responsibilities that come with maintaining a property. This ongoing step is also the fun things like personalizing your space and making memories!

Now You Know What to Expect When Buying a Home

Careful planning, research, and patience are key in the home buying process! Real estate professionals, from agents to inspectors, are available to guide you along the way and to ensure success. With a clear understanding of the steps involved, you can now confidently navigate buying a home and create a space for yourself and your family!