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 our team 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 we 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 agents like us to take much of the stress off your shoulders? Not only will we help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but we also have a knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where our expertise and wealth of knowledge come into play. Let us show you around some homes that meet your dream home criteria so you can find the one that's right for you.
Our goal is to provide you with the most personalized service that is designed to help you buy your dream home
This should be the most enjoyable step of the entire process (other than moving in!). We 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. We 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. We 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.
We had a tough set of events surrounding the sale of our Cape Cod home and Katie stuck with it. She was smart, resourceful and helped us get rid of things we didn't want and even sell many items. She top notch.
Katie was great to work with. She was incredibly accommodating and helpful around our very busy schedules. She was very knowledgeable about the nuances of the areas we were interested in. We couldn't be happier with our new summer home. I highly recommend her.
Working with Katie and Jeff was stress-free. We felt very comfortable asking questions at any time of the day and one of them would reply immediately with the answers we needed or let us know they would look into it. When they looked into something they kept us informed of the progress of the final outcome of the question. Wonderful to work with.
When preparing to sell my home, I interviewed other Realtors®, who were very good, but Katie stood out for her excellent internet marketing skills. She proved a joy to work with. She was super-responsive, very supportive, and made me feel like her only client (though I know I wasn't). Katie has a genius for staging a home and her photographer made it look like a mi...
Kate Clancy made the entire buying process the best I have ever experienced. I have bought many homes over the years and she is the most professional and helpful person I have ever worked with. Even after we closed and moved in, she has been there when we call with questions on what to do and who to call. Her vast network of contacts may be the most valuable attrib...
The whole experience was much easier than I ever expected. I highly recommend Katie and her team at The Cape House. She is professional and knowledgeable and she made herself available for all my concerns and questions. I appreciated all her knowledge of services in order to get the house emptied out without just throwing everything away. Katie helped me to find wa...
Katie's knowledge of Dennis, enthusiasm, positive attitude, and command of the best tools available (social media, market analysis, professional photography, and virtual staging) really sold us. Plus, she has a great personality and a sense of humor. We had excellent interactions with other staff; Jeff was friendly, professional, knowledgeable, and always got back ...
Coming into the housing market as first-time home buyers, we were lost. Katie immediately made us feel at ease with a meeting to go over where to begin and what the steps would be to find our dream home. Throughout the entire experience, Katie advocated for our wants and helped us ask all the right questions. Katie took our cues perfectly knowing when we loved a ho...