Deciding to buy a home is a seriousness decision, accompanied by far reaching emotional and financial implications. However, it doesn't need to be overwhelming. In order to help you along this wonderful journey you have begun, I've compiled a short list to bolster confidence and guarantee that you are well-informed when it comes to purchasing a home.
Normally, give yourself 6 months to 1 year before you buy anything. Consider, getting your finances in order first. Obtain your credit report; lenders will look at your income, debts, down payment and credit score so make sure you correct any errors and pay down your loan and credit card balances.
Think things through! Are you prepared? Can you afford a down payment? Monthly payments, with taxes, water, & other utilities, etc.? Is your income stable? What might work for you now, might not in 3 years. Are you beginning to expand your family? Will you relocate for work?
Pre-qualifying for a mortgage is ideal. It creates a realistic price range that gives you the piece of mind and ability to put down an immediate offer when you find a home you like. Pre-approvals will be written, including guaranteed interest rates valid for 90-120 days. From there you can determine your down payment. The larger the initial deposit, the lower your monthly mortgage payment. Interview mortgage brokers as well as banks to find the most competitive rate and amount.
Port Charlotte has a plethora of areas to choose from; neighborhoods sometimes make or break whether you are satisfied with your home. It is essential you find the locale that offers the lifestyle you want now and in the future. Transportation options, green spaces, recreational activities, proximity to shopping, dining and health services are all areas you should research. Try to visit the areas during the day, evening, and on a weekend to fully appreciate the environment.
A vital step in the home buying process is making a must have list and a could live without list. Features such as bedroom amounts, the space of the kitchen, how old the home is, how close it is to work, etc. Narrowing it down to your must haves will considerably trim down the time you spend searching for your own piece of paradise. Don't forget to plan for the future!
Prior to purchasing a resale home, Consider a home inspection before purchasing a resale property. A qualified home inspector checks AC units, pools, plumbing and electrical systems, the roof and foundation, and essentially all visible structures of the home to shed light on any repairs. They can also include estimate costs.
When you finally found your home, it is time to present the seller with an offer. This includes the price, conditions, deposit, and closing date. The seller will then accept, reject, or send back a counter offer. If the listed property is highly desirable, you may find yourself in a multiple offer situation. With over 16 years’ experience buying homes in Florida, this is an area in which I excel at and can help you draft a competitive offer to win a house price negotiation.
Hiring a real estate lawyer is required for the legal elements of your home purchase. From zoning issues to fraud and standard legal aspects such as liens, taxes and registered title searches, you need a qualified real estate lawyer who is familiar with all facets of the process to ensure it proceeds seamlessly. If you would like a recommendation for an experienced lawyer, I can provide you with contact information for some of Port Charlotte's finest.
Once all the legal and financial conditions have been fulfilled, you will take ownership and possession of the property, generally, 30-60 days after your offer is accepted. Ensure you have purchased property insurance, which is required starting the day of closing, as the bank will not advance the funding until this obligation is met.
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