Buying a home is a fun and exciting process! There are many steps in the home buying process in the Williamsburg, VA area. Below, I have created a simple step-by-step guide to make buying your new home as stress free as possible.
Choosing and Meeting with your Realtor
1) Choose a Realtor to work with as you search for your new home. Why work with a Realtor?
- Work with a Realtor who has area knowledge and can introduce you to neighborhoods you may not be familiar with. Their area knowledge will help you determine the best price to offer for the home.
- Work with a Realtor because they have expertise. Many people only buy a few homes in their life. Realtors do it all the time! They can guide you through the disclosures, contract etc. needed so that you don't have to stress.
- Work with a Realtor because they are objective. Home buying is an emotional process...it's good to have a concerned ( but objective) third party involved when as you decide on a home.
2) Determine Your Needs and Desires with your Realtor
3) Determine Your Purchasing Power and get Pre-approved.
- Your Realtor should be able to lead you to a few lenders who can help you determine how much of a loan you qualify for and how much you should spend to stay in your comfort level for monthly payments.
Buying Your Home
1) Preview Homes with your Realtor.
- Your Realtor will take you out to see homes that may interest you. Also, your Realtor is able to keep you updated via email and automatic searches as new homes come on the market.
2) Make a Purchase Offer
- Your Realtor will help you determine how much to offer for purchase of your new home based on how much money similar homes have been selling for.
- There are many contingencies you may want to include in your offer such as financing, home inspection, home sale contingency etc. Your Realtor should guide you through this process.
- Negotiate on your purchase offer until you reach an agreement that both you and the sellers agree on.
3) Home Inspection
- After your contract is accepted it is important to get a home inspection to ensure that there are no major problems with the house. If allowed for in your contract, after the home inspection, you can ask the seller to fix any problems found so that you move into a "trouble free" home.
4) Select your Settlement Attorney
- Your attorney can hire someone to do a Title Search for you. Your attorney will protect you in the closing.
5) Obtain your Hazard Insurance
- It is important to have hazard insurance on your home. Ask your Realtor for recommendations on who can provide home owner's insurance to you.
6) Contact Utility companies and get all utilities switched to your name.
Closing on Your New House and making it YOURS!!!
1) Prior to closing, be sure to do a pre-settlement inspection with your Realtor. This is an opportunity to make sure home inspection repairs have been completed and the house is still in good shape.
2) Settlement!
- This is when you sign the paperwork for your house! After all paperwork is signed, the deed is recorded at the courthouse, then the house is YOURS!!
3) Move in Day!
- Move in!!!! It is now officially your house!!
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