Everything you need to know to buy your first home

It's a big change, both literally and figuratively. To buy a house, you need a lot
money and a lot of time. The journey is not always easy.

It is not always intuitive. But when you get the keys from
Your new home, dear reader, is one of life's most rewarding moments.

First thing's first

Of course we all want to go directly to tour open houses. But before starting the tour, you must make a list with two columns: the "Indispensable" and the "Desirable". It is an inventory of your priorities for search. And there is a lot to decide: the price, the type of housing, the neighborhood and the school district, among many other things.

start to look

Once you know what you're looking for, the next step is to start looking at listings and information online about homes for sale. (You will love this part of the trip!). Finding a Great Agent The relationship with your real estate agent is the foundation of the buying process. (your agent = your backup). It will be the specialist that you will meet first and in whom you will trust the most. That's why it's important to interview agents and find someone who fits your specific needs.

Choose the credit institution

Once you've found your agent (your new best friend), ask them to recommend at least three mortgage companies that can support your financial needs. This is another big step, as you will be working closely with that entity throughout the purchase process.

Look for the loan (it is not so terrible)

You have already chosen the credit (or mortgage) entity; now you'll work with your loan officer to decide which mortgage is right for you. You will need to assess what percentage of your income you want to spend on your new home and provide the credit institution with documentation showing your income, employment status, and other important financial aspects. If all goes well (fingers crossed), a loan for a certain amount will be pre-approved in your favor (Good!).

go out for a walk

Now that you have an agent who knows what you want and what you'll spend, and an entity that will finance your purchase, it's time to dig deeper. Your agent will offer information on properties that fall within the parameters you set (price range, zip codes, features) and will also help you define the quality of the listings you find online. And now comes the most fun part: going on a house tour, a unique opportunity to evaluate the properties. Your agent will help you organize tours, be they virtual or in person.

Make an offer

You found the house you want to buy! Now is the time to work with your agent to prepare an offer that not only specifies the price you are willing to pay, but also the proposed closing date and contingencies, as well as other conditions that must be agreed to by both parties, for example, you can ask for a home inspection and request repairs.

Negotiate, negotiate, negotiate

Making an offer can feel like an emotional whirlwind, it's almost like asking someone out. They like me? Am I good enough? Will they say yes? It's stressful! Some sellers will accept the best offer they receive without negotiating, but many will counteroffer. If that happens, it's up to you to decide whether or not you want your agent to negotiate with the seller. Your agent will prove to be a great help at this stage, as they will be able to apply their specialized negotiating skills to haggle on your behalf and get you the best possible deal.

request an inspection

Most sales contracts include a home inspection clause, which means you'll hire a licensed or certified home inspector to inspect the property and determine if any repairs are needed, and then ask the seller to do them. This mitigates the risk of buying a home that has major problems lurking below the surface, like mold or cracks in the foundation. (No one wants that, right?).

Getting the appraisal When you make the offer, the lender will need to appraise the house to make sure it's worth enough to cover the mortgage. If the appraisal is similar to the agreed purchase price, you'll be one step closer to closing the deal; but a low appraisal can add one more step. Nothing you can't deal with!

Close the deal

The last step of the purchase process is the closing of the operation. It is when you sign the definitive contract to acquire the property of the house and the insurance papers: everything is official!

All ready and agreed? It's toast time! You already have the keys to your new house.

Estee Soto

Estee Soto is a real estate agent with eXp Realty, a certified mentor and eXp Latino ambassador, and the CEO and founder of TagCrush LLC, an all-in-one digital marketing platform for real estate agents. She leads the TAGHOMES team, specializing in luxury properties, new developments, and international buyers across Florida.

More information about Estee Soto HERE