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Friday, April 20, 2018

Home Buying Basics For The First Time Homebuyer

Where do I begin the home buying process?

For the first time home buyer, buying a house can seem like an overwhelming process. A successful purchase requires several critical factors coming together at the same time. You will need to find your perfect house, ensure it passes inspection, negotiate to a price you can afford, and ensure your purchase agreement protects your legal rights. Our Staten Island, New York real estate purchase attorneys offer some tips to get you started with buying your new home.

Get Your Finances in Order

Before you set off on the home buying process, you will need to ensure you are financially prepared to buy a home at this time. Make an accurate assessment of your finances to determine what price range you can realistically afford. Make sure you have sufficient funds saved for the down payment. Ideally, you will want to get a loan pre-approval before you start to shop. Many agents require a pre-approval before they will work with you.

Find Your Ideal Home

In today’s internet driven age, it has become easier to find your dream home. You can find many property listings online by searching in your ideal area and narrowing your criteria according to price, size, and other critical factors. You can secure the help of a buyer’s real estate attorney who will provide you with home options. Your task will then be to visit the homes that interest you and find your best fit.

Negotiate the Deal

With the perfect home in your sights, you will want to negotiate a fair price. You should look to comparable sales in the area to determine what price is right. Comparable sales include sales of like properties that have closed within the past three months. Your ability to negotiate the price of the home will depend in part on your market conditions. A hot market may require you to pay full price or even over to secure the home.

Conduct a Home Inspection

The home inspection is a critical part of the home buying process. You will need to retain a licensed home inspector to carefully review your home to determine whether there are any hidden issues. If major repairs are needed, you may be able to further negotiate the price of the home or walk from the purchase.

Prepare for Closing

The closing is the final chapter of your home purchase process. A real estate attorney will ensure that your legal rights are protected before and after the closing. Your attorney will have you ready to smoothly and efficiently close on your home so that you can start unpacking. Contact us today.


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