Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.
Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.
Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.
Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. I may be able to steer you away from certain homes or neighborhoods, suggest hidden gems, or give you pointers that will help you find your dream home for the right price.
This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.
Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.
In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.
Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.
Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.
No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
Kim was very helpful in many ways, from preparing the house to sell to showings, to going through the sale process itself. She was always very responsive to our questions and concerns. Kim was friendly and caring, and a true pr...
Kim has extensive knowledge of the real estate market in all of Fairfield County. She is also amazing at understanding a client's needs and works hard at thinking outside the box to try and solve issues creatively. She is extre...
The most amazing hardworking agent I’ve ever dealt with. Even after a couple of setbacks, Kim persevered. An amazing person.
As first-time buyers, we were not aware of many things but Kimberly educated us on everything that we need to know before proceeding. I wish there were more than 5 stars.
I still can’t believe how lucky I was to have Kim as my Broker. She was knowledgeable and kind, had my back through the entire process, and had a top-notch work ethic and good communication. She was incredible on every level.
Kimberly is a kind, patient and knowledgeable agent. She was instrumental in both the sale of our home as well as finding our new home. She is an invaluable member of the Berkshire Hathaway HomeServices team. I will definitely ...
Kim would not stop until we found our dream home. Not only is Kim knowledgeable about the area, but she is also someone who goes the extra mile. Kim worked incredibly hard on our behalf, is so patient, and is such a pleasure to...
Kim grew up in a Vermont country inn, where she learned how to become incredibly resourceful. Kim not only solves problems, but she also identifies them and offers a solution. Our experience with Kim was exceptionally positive....
Kim was absolutely fantastic to work with and is a kind, wonderful, and honest person. She went above and beyond to assist us in our search and has unparalleled knowledge of the town and surrounding areas and really took the ti...
Kim is exactly who you want at your side if you're looking to purchase a home. We were first-time homebuyers and extremely picky at that. Throughout the entire process, Kim was receptive, responsive, and honest. She does her du...
Kim has a wealth of practical knowledge in her line of profession. She helped me find rentals in a nick of time. From my experience, Kim knows the Wilton, Danbury and Norwalk areas very well. In addition of her professionalism...
Words cannot express how grateful and how lucky I feel that we had Kim as our realtor. Kim is patient, having vast knowledge and great sense of the housing market. Kim quickly understood our needs. Kim worked really hard and fo...
Kimberly wants to make the home buying/selling process as seamless as possible. Change is a good thing and buying a home is an exciting time. You will know that she has your back every step of the way to try and make the process as stress-free as it can be.
