7 IMPORTANT STEPS TO HOME BUYING

1. Decide to buy and determine your real estate budget

The decision to purchase your first home is one of the biggest and best choices you could ever make. After all, a home is the largest – and most emotional – investment most people will face in their lifetime. So, how do you know if it’s the right time for you to buy?  There is never a wrong time to buy the right home. The key is finding the right buy and taking the time to carefully evaluate your finances.  A home purchase is an important step that can provide many advantages. Purchasing your own home is a great investment that can deliver several financial benefits – equity build up, value appreciation, automatic savings plan – not to mention a new sense of pride!  Start looking at your options today. You don’t have to know everything. Your Downtown Realty agent is ready to help you through every step of the process.

 

2. Assess your needs and wants for a new house

There are a number of options to consider when buying a house.  Prior to deciding on specifics, look around to see what’s available.  Check neighborhoods, school districts, and various amenities the city of your choice offers.  Think about the type of home that would best suit your needs, lifestyle and your budget. Do you have a growing family where a big backyard and bonus room is necessary? Are you a first time home buyer? Do you prefer a townhouse with little maintenance? Perhaps, a condo in the city within walking distance to local hangouts?  Look for a duplex as an investment opportunity?  Take some time to discuss the many options with your loved ones and get their perspective as well.  Most importantly, think first about what you need and require, then look into your wants. 

 

3. Find an Experienced Real Estate Agent

When you’re looking for a real estate professional to help you, know that above all else, good agents put their clients first. This is your dream, and your agent is your advocate to help you make your dream come true.

A great real estate agent will:

  • Educate you about the current conditions of the market.
  • Analyze what you want and what you need in your next home.
  • Co-ordinate the work of other needed professionals throughout the process.
  • Guide you to homes that fit your criteria and budget.
  • Negotiate on your behalf to get you the best deal possible.
  • Check and double-check paperwork and deadlines.
  • Inform and discuss with you, and suggest solutions to solve any problems that may arise.

 

4. Create a Strategy with Your Agent

Are you already a homeowner and need to sell your existing house to move to the dream home you’ve been wanting?  Our Downtown Realty team can help with that too. We use proven marketing strategies to sell your home fast and at the price you need to get you into that home of your dreams as quickly as possible. Of course you may still have that “which comes first” concern like so many other homeowners: Should I buy or sell first? Either way, you have options:

  • If you find a home that you want to purchase before being able to sell your existing property, you can make a “conditional” offer on the sale of your existing home to avoid owning two properties at once.
  • If you sell your existing home before finding your new home, you can extend the “closing period” to allow for more time in finding your next home.


Consider also consulting with an attorney and finding a home inspector in addition to your Downtown Realty Agent.  If you need help choosing, we can recommend some of our preferred partners. 

 

5. Make a competitive real estate offer

Once you’ve found a home you love, the next step is negotiating price a fair price. It’s important to remember that a home is a long term investment. Your Downtown Realty agent can give you information on other comparable properties in the neighborhood to help you make an informed decision regarding price. Look to your agent to explain and guide you throughout the entire offer process.  
A few items to consider when deciding on a suitable offer are:

  • List price – Start with the price point that the home is listed at. This will give you a base to work from when assessing the home’s value.
  • Market Analysis – Your local Downtown Realty agent will give you an idea of comparable home values in the neighborhood to so you can decide if the price point is accurate.
  • Improvements – Your local real estate agent can also provide you with a list of improvements made to the home to further help you determine its market value.

 

6. Close on your real estate purchase

FINALLY! You’re in the last part of the race and approaching the finish line! Now, in order to ensure that you don’t put the property purchase at risk, you have a couple responsibilities that you’ll want to keep top of mind:

  • Stay in control of your credit and finances – Avoid any large purchases during this time.  It’s important to keep your financials steady throughout the buying process. Talk to your financial consultant for guidance.
  • Remain in touch with your Downtown Realty agent and mortgage lender – It’s important to stay in constant communication with your agent and mortgage lender during this process. Return all phone calls and complete paperwork promptly to expedite the process. And, don’t be afraid to ask questions. Your Louisiana Downtown Realty Real Estate team is here and going to help you!

 

7. Moving time – protect your real estate investment

Congratulations, and welcome home! Avoid last minute packing and stress by working with a reputable, insured, moving company to get all your belongings to your new home. Planning ahead can save you money and minimize any last minute challenges. The home-buying process is complete, which means it’s time for your maintenance plan! It’s now your responsibility, and in your best financial interest, to protect your investment for years to come. Performing routine maintenance on your home’s systems is always more affordable than having to fix big problems later. Be sure to watch for signs of leaks, damage and wear.

And remember, just because the sale is complete, your relationship with your Downtown Realty agent doesn’t need to end!  Just ask all our other longtime, loyal clients! After you buy, your agent can still help you – providing information on the real estate market, finding contractors and repair services, and even tracking your home’s current value.
Happy home-owning!
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