This conversation gets revisited so often, not just because of the multitudes of times this question gets asked, but because buying a home, especially for a 1st time buyer is a pretty big deal, and so the process needs to be simplified as much as possible, and also because the checklist needs to stick, hence the need to revisit and re-iterate the key diligence to be carried out when you’ve decided it’s time to buy a home.
For starters have you really made the decision to buy? Is this still whimsical thinking for you, or is the buying moment truly upon you? The decision to purchase your first home is one of the biggest and best choices you could ever make. Why so? Mostly because a home is the largest – and most emotional – investment most people will face in their lifetime. And so, the key to successfully executing your home purchase is finding the right buy and taking the time to carefully evaluate your finances. A home purchase is an important investment that can provide many advantages and financial benefits – equity build up, value appreciation, automatic savings plan – not to mention a new sense of pride!
Say, you’re good to go with your home buy. The next thing is to hire your agent or real estate investment firm. When you’re looking for a real estate professional to help you, know that above all else, good real estate investment firms are customer centric, they put their clients first. Your home purchase is your dream, and your real estate investment firm/agent is your advocate to help you make your dream come true.
A great real estate agent/investment firm will:
- Educate you about the current conditions of the market.
- Analyse what you want and what you need in your next home.
- Co-ordinate the work of other needed professionals throughout the process.
- Guide you to homes that fit your criteria and budget.
- Check and double-check paperwork and deadlines.
- Inform and discuss with you, and suggest solutions to solve any problems that may arise.
Next, how are your financial numbers adding up? Have you got the necessary funds to make a one-off payment for the home you’re looking to buy? If you’re going to make an initial deposit for a down payment, what time frame is the rest of the payment spread to? 12 months? 18 months? Are these time frames realistically feasible for you, and do your earnings and current financials ensure that you can meet up with these timeline so as to forestall a default, which will then incur extra payments from your end? Having worked this out, your investment firm or agent will work with you and your agent to make sure the financial aspect of your home purchase is stress free. They will:
- Help review your current financials.
- Discuss the options available to you during the home purchasing process.
- Guide you to an appropriate price point.
- Keep you informed and updated of the entire financial process throughout your purchase.
Now you’re search ready. Your trusted real estate investment firm will set you up with the home that’s just right for you. There are a lot of homes out there, and diving in without a guide can become overwhelming and confusing. With their guide, you can most accurately find homes that fit your criteria, that meet all your important needs and as many of your additional wants as possible.
Some questions you might ask yourself include:
- What amenities are crucial for you and your family?
- How much space do you need and why?
- Which is more critical: location or size?
- How important is home value appreciation?
- Is neighborhood stability a priority?
- Is accessibility to main routes a priority?
- What features are not negotiable in your new property?
It’s important to note that as you look at homes, your priorities will probably adjust along the way.
Then, execute due diligence. Your agent will provide you with improvements and challenges within your home. This way you’ll know what you are getting into before you complete the purchase. All of the paperwork verification and authentication will be carried out by your real estate investment firm.
After your due diligence has been carried out and the results yielded are thoroughly positive, you’re in the “home” stretch and almost done! However, at this point in time it’s important to stay grounded financially. This is not the time to embark on an overboard spending and investment spree, bearing in mind that you are about to embark on a huge capital investment, else you muddle everything up. If you do have a financial consultant, it’s wise to speak to them for financial guidance.
It’s also very important to stay in constant communication with your real estate investment firm during this process. Be sure to make calls through to them, return all phone calls and complete paperwork promptly. Read all documents, especially the terms and conditions provided to you thoroughly. Also, don’t be afraid to ask questions. Your team is there to help you!
After securing your investment, safeguard your home investment, naturally! Congratulations, you’ve purchased your home. Now most importantly, keep it safe. and welcome home! The home buying process is complete, but how about preservation for the long term? The onus now lies on you, to ensued that you never lose your home/real estate investment. 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. It’s important also to secure a carefully chosen homeowners insurance. Overall, ensure that the relationship with your real estate investment firm doesn’t end. As much as possible, let it be a lifelong relationship, for there’s always more to come down the real estate investment road!
Let Graced Properties be all of these and more for you. We live for this, and we’re only one call away.
Cheers to your land/home ownership, Yay!!!