The Basics of Buying a Home: Part 1
Buying a home is one of the biggest investments and financial decisions you can make, but it is also a very exciting time in your life! With that said, it's important to keep in mind that home buying is a complicated process.
Having an agent who knows the market and how to advocate for what you want and need in your new home is a game changer, but whether or not I have the chance to work with you I want you to have all of the information you need. The home-buying process can be broken down into a few steps that will happen during the timeline of your home search and purchase:
Make a Budget and stick to it
This is so important, especially when you’re buying in a market as competitive as Kansas City! Make a rough estimate of how much you are willing to spend based on your income and current debt. If you can afford to have some wiggle room in your ideal budget, then set limits on how far over your ideal budget you’d be willing to go for certain items on your wish list.
Going through the pre-approval process with a lender before you start searching will also ensure that you have an accurate idea of what you can afford and give you a clear idea of all of the expenses involved. I always, always, always recommend that my buyer clients start by meeting with a lender before jumping into the market so there are no surprises and no time lost when you’re ready to make an offer on the right home!
Don’t be afraid to ask questions
When you find a home you really like, there are some more probing questions you might want to ask. A professional home inspection will be necessary to completely answer most of them, but getting a clear picture of the age of the home, how well the major mechanicals have been maintained, and whether any updates were made by the homeowner or by a licensed professional will help you decide if the condition of the property and any related issues or necessary repairs is something you want to take on.
Make an offer!
When you think you’ve found “the one,” it’s time to make an offer! Your agent will draw up contract paperwork with your offer price, closing date, earnest deposit and other important details to submit to the list agent and officially throw your hat in the ring. If the seller accepts your offer, these documents will become a legally binding agreement and you will officially be under contract on your new home! Sometimes a seller will want to negotiate before making the offer official, but as long as the negotiations result in terms that are agreeable to both parties you can move forward.
Head to the Closing Table
Getting your new home under contract is a huge win, but we’re only halfway there! Once you’re under contract, it’s time for inspections, re-negotiating and preparing for the move - that’s Part 2. If you want to know more about what to expect during that portion of your journey, I would love to chat with you. One of my passions is working with buyers, especially first-time homeowners, so I am happy to answer any questions you have! That's what I'm here for – to assist you at each step, to answer your questions, and to help you find the home of your dreams!
