There are a lot of factors that go into buying a home, and whether you are a first-time buyer or it’s been a while since you’ve purchased a home, you may or may not know all the finer details of the process. We’ve compiled a list of items you might not have thought about to help guide you through the purchase. As always, if you have questions about anything, don’t hesitate to reach out to your real estate broker and ask! At Main Place Real Estate we make it our priority to be available to buyers and answer and questions and concerns they might have.
- It might cost more upfront than expected. You have probably already considered the down payment and factored that into your expenses, but there are a few other sneaky items that can catch you by surprise if you aren’t prepared. Earnest money, title work, bank fees, inspections, closing costs, moving company costs, new furniture/paint/carpet/appliances or anything else you might need to have done prior to moving in are just a few of the expenses you might not have known about. If you aren’t sure what some of these are or how much it could add up to, contact your real estate agent and ask questions! It’s our job to know these things and guide clients through the process.
- Things don’t always go perfectly smoothly. You might think you’ve found the perfect house only to have the inspections show some serious damage that will cost a small fortune. These things happen, so be patient and trust the process. Repairs may need to be negotiated with the seller or you might decide to walk away from the sale altogether. Again these are things the real estate broker can guide you through so don’t let the thought of things going wrong scare you away altogether.
- You will need a letter from a bank stating that you have the finances to buy a home before you submit an offer to a seller. Get approved by a mortgage lender early in the process so that when you find the perfect home you want to make an offer on, you have everything you need. It will not take a long time to do, and should be good for a couple months, so even if it takes a little while to find the perfect home at least you will be prepared for when you do! The last thing you want is to miss out on the home of your dreams because you don’t have all the documents you need upfront.
- It will likely take a month or two to close on the home once you’ve made an offer. You could be in negotiations over the price of the home for a few days, and there are things that will have to be done such as home inspections and title work which also takes time. In addition, if you are obtaining a mortgage, it usually takes at least a few weeks to go through processing and get everything finalized. You should expect a delay from the time you submit the paperwork for the offer until the day you are handed the keys, so relax and enjoy the process.
Purchasing a home is a process that can be daunting, especially for a first-time buyer. So don’t be afraid to reach out to a real estate broker and ask questions! We love to help in any way we can, and no question is too silly to ask.
For more information contact our team of professionals at (217) 422-3335.
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