10 Essential Questions to Ask When Buying a Newly Constructed Home
Interested in new construction? We did some research to find out what essential questions you should ask at an open house or home showing.
5 Things Every First-time Homebuyer Should Know About FHA Loans
So, you want to buy a house, but every time you read the fine print or research mortgage options you see FHA loans mentioned. It sounds like a great deal, but what is it? And what’s the catch?
Part 3: New Year, New Home
Our final post in this series takes you from September to December, and into the home buying process. How do you find good neighborhoods? How do you find a reliable, honest agent? When should you “walk away” from a house you love? This post helps first-time home buyers in the Greensboro/Winston-Salem area make a smooth transition from renter to home owner.
Part 2: New Year, New Home
Last week’s post introduced our one-year plan to transform a first-time home buyer in the Greensboro / Winston-Salem area from a renter into a homeowner. This week, we take you to the six-month mark. When do you start looking for houses? When do you hire a real estate agent? With six months to go in the home buying process, what should you be doing? Read on to find out more.
New Year, New Home – Part 1
A year-long plan to get into your dream house
It’s officially 2012. Perhaps you’ve made some resolutions or goals to improve your life in the new year – more exercise, better eating, classes toward a degree or certificate, etc. If you are still renting, and planning to stay in the Greensboro / Winston-Salem area, consider making it a goal to get out of your rental and into a new home.
To help you on your way, we’ve put together a year-long plan in a series of three blog posts to get you into a new home by this time next year. Having a plan for the home buying process and taking your time to work through it relieves much of the pressure of home buying and keeps you in the driver’s seat.
Part 3: New Year, New Home
Our final post in this series takes you from September to December, and into the home buying process. How do you find good neighborhoods? How do you find a reliable, honest agent? When should you “walk away” from a house you love? This post helps first-time home buyers in the Greensboro/Winston-Salem area make a smooth transition from renter to home owner.
Four months out / September
- Get pre-approved for a mortgage. A potential home buyer should come to the house hunting process already pre-approved. Without pre-approval, you may end up outside your price range and without the ability to follow through with a loan to cover an offer. Know what you can afford before you scout for homes.
- Research neighborhoods, schools, and comparables.Start your home hunt with wide concentric circles and narrow to the house search itself. Consider general requirements – city, suburb. Narrow to the more specific requirements – safe neighborhoods, good schools, healthy buying and selling records.
Walk and drive the neighborhoods that interest you. Drive through at different times of the day – after school lets out in the afternoons, mid-morning, evening. What should you look for? Anything out of the ordinary, the number of homes already for sale, the number of rental properties, and the number of foreclosures. Look for people out and about in good weather – walkers, runners, and children playing outside all indicate safety and comfort.
- Find an agent. Finding an agent can be a long process if you don’t know where to look. Websites like Zillow, Trulia, and Realtor.com post reviews of real estate agents, but the best source is word of mouth. Ask friends or acquaintances for recommendations, but always research agents first.
- Start looking! Now for the fun part. Start going through houses with your requirements in hand. If you find something that fits your budget and your list, go for it!
One month out / December
- Make an offer. Real estate agents all agree: be sure you are committed to your offer before you sign. A purchase agreement is a binding contract.
- Arrange the final details. Now that you’ve found a house, you’ll have to get final approval for your loan and arrange the appraisal, home inspection and walk-through. Your agent or home builder can provide guidance on each of these steps. Also, before you close, make sure you obtain homeowner’s insurance – a requirement for mortgage lenders.
- Walk away?Don’t be pressured into buying something. Buying costs or maintenance costs higher than your budget allows? Your home inspection (a must, by the way) turn up expensive repairs? Seller unwilling to work with you? House priced too far above its value (appraisal – another must)? Keep looking and be patient. It’s a buyer’s market and there are many options.
Again, purchase agreements are legally binding contracts. Make sure your agent accounts for certain contingencies in that contract – including inspections and financing – so that you CAN walk away from a house with major problems.
- Close and enjoy! Congratulations! You’ve successfully closed on your new home and are now a home owner.
Remember: With the right plan and wise financial management, buying a home for the first time can put you on the right financial track for many years to come, providing stability and equity not available in a rental.
Get Started Now!
Tradition Homes offers a seamless buying process, walking with you from home selection to closing. We pre-approve the agents, lenders and attorneys we work with, ensuring your financial safety and peace of mind. For more information about our semi-custom homes, town homes and villas, fill out the form below. A Tradition Homes representative will contact you to discuss your home buying goals and needs.
