Q&A for Millennial Home Buyers
Ready to buy your first home? Buying a home is a big decision and a significant investment. The more prepared you are, the less overwhelming the buying process will be. Our goal is to answer your questions and provide you with detailed information to assist you in making an intelligent and informed decision when buying your first home in today’s ever changing real estate market.
Tip:Start early, save, pay your bills on time and if you think you need credit repair don’t wait to fix it. Make certain you understand the fees you’re paying and all the other details that come with buying a home. Finding the right real estate agent to answer these questions upfront will help you decide if now is the right time to buy. Here are a few Q&A to get you started and if we missed any, please ask. Call 203-733-1613 or email BrokerageNE@gmail.com us anytime.
Can I afford a home? Know what you can afford before you start looking at homes online. This will ensure you don’t waste your time, or set your heart on a home you may not be able to afford. Consult with a lender and get pre-approved first. If you need recommendations, we will be happy to provide a list of qualified lenders to choose from.
I’m approved! What’s next? Once you’ve determined how much home you can afford, prepare a checklist. Define what you want in a home. Do you want a single family or condo? How many bedrooms? Baths? Amenities? Towns you are interested in? Do you need to be close to public transportation, shops, trains stations? By defining these requirements, you won’t waste time looking at properties that don’t meet your needs.
Timeframe? It is best to give yourself at least 2-3 months. Recommend starting your search with a local real estate agent, they can help find your home faster and have access to coming soon properties. If you are looking in the Fairfield County area, give us a call. We don’t charge consultation, or buyer fees to work with one of our real estate professionals.
Found a home! Now what? Don’t hesitate to take this opportunity to ask questions. It’s okay to ask the current owner for estimated carrying costs per month (i.e.: utilities, oil or gas). Give your lender tax information and if there are any HOA fees associated with the property. This will help determine if the property is within budget. In addition, you should inquire on any improvements and if permits were pulled, known assessments. If yes, consult with your real estate professional on how to proceed. Please do your due diligence and visit the local building and health department for additional information about the property that the owners may not have provided. If you are unfamiliar, you can ask your real estate agent to do this for you.
Ready to make an offer! What do I need to do? Ask your real estate agent for a home buyer market analysis. This will help you determine if asking price is fair and/or if there is room to submit a lower offer. Your real estate agent can help guide you with offer price, closing dates, mortgage contingencies and inspections. You will need to hire a local licensed real estate attorney to represent you with your home purchase. If you recommendations, we will be happy to provide a list of qualified attorneys to choose from.
Offer accepted! What’s next? You will be responsible to schedule and pay for building inspections within a specific timeframe, but typically within 7 days from date offer was accepted. Inspection costs vary pending property type and can include building, septic, well, pest, water, radon and etc. Estimated out of pocket expense = $1500 (could be more/less).
Home passed inspections! Now what?Contact you lender and order the appraisal. You will be responsible to schedule and pay for the appraisal upfront. Additional documentation will be requested so make certain you communicate with your lender at least a couple times a week to ensure you close on time.
Received your clear to close! What’s next? Your attorney will take required steps to schedule closing. During this time, you will need to secure homeowner’s insurance and be prepared to pay 12 months in advance. Also, you will need to contact the local utility companies to transfer services into your name. You will want to transfer the accounts a few days prior to your closing date to prevent service interruption. Your real estate agent will schedule a final walk-thru with/without your building inspector to make sure any repairs requested have been completed, home is still operational and wasn’t damaged prior to you taking ownership. On closing day, you will meet with your attorney to sign the final documents and pick up your new house keys.
Ready to buy your first home? Call us! There is absolutely no charge to work with one of our real estate agents. Servicing towns in and around Fairfield County for 15+ years.
Call 203-733-1613 to speak with one of our real estate agents today.