Purchasing a house is not like buying a couch or a new dining room set. If you make the wrong choice, it is not as easy to correct. This is why The Move In Group wants its buyers to be comprehensively informed. We will help you buy your dream home that will truly suit your family’s needs, not just for now, but for many years to come. An inspiring residence that you’ll love opening the door to every day of every week.
Whether you are buying a single family home, a condo, or your dream vacation home, these steps will give you an idea of the process you will be embarking on when making your purchase decision.
1. To Buy or Not to Buy
If you are asking yourself this question, the answer is yes! Home ownership can be a great investment and a path to long-term wealth, providing a variety of financial advantages, such as equity buildup, value appreciation potential, and tax benefits, when the purchase is properly managed. However, you should only buy a house if you are in a financial position to become a homeowner and not overstretch your financial resources.
Deciding to buy a home is one of the biggest and most important purchase decisions you will ever make in your lifetime, and it can as a forced savings account, creating tremendous wealth for your family’s future instead of paying rent and building someone else’s equity and wealth.
2. Assemble Your Team
Congratulations! You have made the decision to purchase a home! Have you selected a REALTOR®? Have you consulted with a mortgage broker or lender and been pre-approved for a home loan? Your REALTOR® and lender are two professionals who are essential to your home buying success.
Once you’ve made the decision to buy, it’s time to select a real estate professional to help guide you through this process. It is important to understand that a real estate professional is not just a “salesperson” but is truly your partner in the home buying process, and a Move In Group REALTOR® will:
- Update you on the current market conditions
- Analyze your wants and needs for your home purchase
- Show you compatible homes that fit your buying criteria
- Assist in preparing offers, including strategizing your offer to the seller
- Confer with the escrow company, lender, home inspector, and other essential professionals throughout the process
- Protect your interests and negotiate to your best advantage
- Manage and solve any issues that may occur
- Ensure the terms, conditions, and deadlines of the contract are met before closing
3. Get Pre-Approved Financing
It is important to get financing pre-approval for your mortgage before you begin searching for a home, and there’s no time like now to get your property finance needs sorted.
Looking for new financing? Before you go out looking for the property you want, you’ll need to have a good idea of how much you can borrow and what your repayments are going to be, and ideally you’ll have a pre-approved loan application in place.
Whether you’re currently renting or already own your own property, the prospect of buying your next home is as exciting as it is daunting. The Tampa Bay mortgage market is one of the most competitive markets in the US today, so how do you find the right solution, without the stress?
The Move In Group preferred finance suppliers found within the Home Finance section can help you get started and can provide you with:
- Low rates and limited fees, making their home loan products among the most competitive available today
- Fast-tracked approval times, putting you one step ahead when it comes time to buy
- Professional loan specialists guiding you through the home buying maze
They’ll be happy to help, and their home loans are among the most competitive available today. Our preferred loan specialists can help find the loan that best suits your circumstances and arrange pre-approval so you can confidently go property hunting. When you’ve found the one you want, they can do the rest.
Pro tip: Many buyers underestimate the importance of a good lender. In addition to being honest about your borrowing limits and at what interest rate you will qualify, your lender needs to be a team player who is also highly responsive. Whether you’re working with a local bank or a mortgage broker, having a knowledgeable professional by your side, one who is willing to help you find the best loan with the best interest rate, is essential to your financial future. Not only should your lender be able to communicate well with you, but he or she should also be able to work well with your real estate agent. An amicable partnership between your lender and REALTOR® will ensure there are no lapses in communication that could cause your real estate deal to go south.
WE CAN HELP YOU FINANCE YOUR INVESTMENT PROPERTY
Obtaining the best investment loan is an important part of your investment success and can save you thousands of dollars over the loan term.
Our network of Move In Group approved finance brokers help you structure your loans correctly so you can continue building your real estate portfolio when it suits you.
4. Find the Right Home
Now that you are pre-approved, it is time to start your home search. Your Move In Group REALTOR® will help you handle all the details and guide you through the search process, making it as easy as possible.
They will also help you set up and utilize the Keller Williams, Move In Group Online Property Search to create customized searches and receive automated notifications of new listings as they come on the market.
Some things to consider when you are beginning your search:
- Community and proximity
- House size
- Number of bedrooms and bathrooms
- Condition—move-in ready vs. fixer-upper
- Lot size and privacy
- Neighborhood—HOA, zoning, construction plans, etc.
What other features do you want or need? Contact Us to try out the most advanced residential real estate search software available in the US. Our Agents can help you select from hundreds of “nice to haves,” such as “near a Trader Joes” or “Hardwood Floors” or “near good schools.”
Pro tip: You’re not going to find everything online. You may think that you can find the home of your dreams online by searching thousands upon thousands of listings, but this way of searching for your new home will only leave you frustrated. Online listing sites like Zillow and Trulia, while useful, may not be updated regularly, and sometimes important information like the true listing price, days on the market, square footage, and community information are incorrect. Working directly with a Move In Group REALTOR® and utilizing our advanced house search technologies ensures you’re getting the best, most up-to-date information possible, as well as access to hundreds of off-market properties which are increasingly common in Florida.
5. Time to Make an Offer
Now that you have found the right home, it’s time to make an offer to purchase. This is an exciting and emotional experience that can get complicated. Your Move In Group REALTOR® will always be by your side to help guide you through the offer process. They will research similar properties in the area and assist you in making an informed decision. Typically, an offer to purchase will include, but is not limited to:
- Earnest money
- Terms & conditions
- Date of possession
- Contingencies (Contingencies specify any event that will need to take place for you to fulfill the contract)
6. Property Inspections
You will need to get an inspection once the terms of your home purchase are completed. The inspection should be completed by a professional home inspector. Your Move In Group REALTOR® can provide you with a list of qualified inspectors to contact. The inspector will see beyond the cosmetics and will expose any hidden issues to ensure that you know exactly what you are getting yourself into before you close. They will examine the structure, roof, exterior, and major systems(heating, plumbing, electrical, ventilation, etc.).
- When selecting your inspector, look for a licensed, bonded, and insured home inspector. Also, do your homework and ask for references.
- We strongly recommend that you attend the home inspection in person, instead of getting the report secondhand, as this enables you to view the exact condition of the property in person, consult with the inspector, ask questions, and get personalized advice.
- A typical inspection will cost between $350 to $1,000 and will take a few hours to perform.
- Pay close attention to the possibility of any structural damage from water, shifting ground, or poor construction.
- If a big problem shows up in the inspection report, be prepared to bring in a specialist to assess.
- Don’t forget that you will need to purchase a homeowner’s insurance policy, as it is required by the lender, to protect your home against future loss or damage.
After the inspection process is complete, and you are ready to move forward, there are a few pre-closing responsibilities that you will need to keep in mind:
- Stay in control of your credit and finances. Don’t make any large purchases before closing.
- Stay in constant communication with your Real Estate Professional and Lender. Be sure to promptly complete and turn in all required documentation.
- Do a final walk-through inspection of the property with your Real Estate Professional.
- Confirm that you have received a copy of the closing statement prior to closing.
- Wire funds according to the title companies instructions for all the closing costs and the balance of the down payment to the closing. Make 100% certain you verify all wiring instructions to avoid wire fraud.
Congratulations—you own a home!
Thank you for letting The Move In Group help you with your new home purchase. We now consider you part of our family and a valued Customer for Life.