Ready to buy a home in the Columbus area but not sure where to begin? Read our how-to guide to help you find the home perfect for you!
Step 1: Set a monthly budget
Look at your finances to decide what price range you will be in when searching in for a home. By analyzing your finances first, you will be able to determine how much of a down payment you can make as well. Utilize our mortgage calculator to help you determine what you can afford each month.
Plan ahead for upcoming costs that are associated with moving. This can be anything from fees to homeowners insurance, taxes, and any additional charges you may have to pay to move your belongings. It is also helpful to have a good understanding of your credit score and the current state of your finances.
Step 2: Search for the best loan for you
To be set up for success, we highly recommend reaching out to your realtor or trusted friends, and asking who they utilized for a lender. You will want to use a trustworthy lender who will help find the best loan financially for you!
Looking for a great lender in the Columbus Area? Ask our team today for help on finding a good lender.
Step 3: Research the selling prices in your area
Are you interested in a specific neighborhood in Columbus? Investigate what the homes actually sell for, and not just their list price to see if you can actually afford the location in which you are looking.
An easy way to determine if you can afford a certain neighborhood is by looking at their sold report. Request the neighborhood sold report here!
Step 4: Decide on an agent
While you are never required to hire a real estate agent, it is extremely recommended to do so. Unless you are a highly experienced buyer or a lawyer who understands contracts, we recommend finding an agent who is someone you trust. It is also helpful to find someone who is an expert in the market in the area of which you are looking for a home in.
Step 5: Look for your dream home
Now for everyone’s favorite part. Begin the search of finding your home! Take time to visit open houses, and take detailed notes about things that you want in a home.
Be sure to take pictures of the homes you like as well to keep ideas fresh in your mind. Begin the dream search for your dream home today!
Step 6: Put an offer in on the home
Once you have found a home that checks off of everything you need on your list, consult with your agent to determine what offer to make to the seller. To have a competitive offer, be sure to choose a number that is within your budget but competitive enough that the seller will seriously consider the offer.
Step 7: Make sure the home passes inspection
While the seller may have accepted your offer, nothing is final yet. By getting an inspection, you are ensuring that you are getting your money’s worth! Reach out to your trusted real estate professional for their guidance in who to contact for an inspection.
Step 8: Carefully review the contact
This step is why it is highly recommended that you use a real estate agent or be an experienced buyer or an attorney. You will need to ensure that there are contingencies in place on your contract should something happen. For example, if the mortgage does not go through, you do not want to still be responsible for paying for the home.
Step 9: Double-check your mortgage approval
Ensure that you are all set to go with your lender for the loan. Work closely with the lender to make sure that the application is correct, go over any foreseeable closing costs, and get your home appraised. Having the home appraised should ensure that you are not spending more money on the home than what it is worth. This is also a good time to anticipate all of the costs that are associated with the closing of the home. This can include attorney fees, title insurance, appraisal fees, home inspections fees, courier fees, government recording fees, and taxes. Doing this ahead of closing will eliminate any surprises on closing day.
Step 10: Closing day
Now you get to sign on the dotted line and officially purchase your new home! On closing day, you will meet with your agent, lender, and the seller usually to finalize the paperwork, sign your contracts, and pay your down payment, and closing costs. Then it’s time to take the keys to your new home, and go enjoy your new home!
Ready to Buy Your Dream Home?
Are you now ready to begin the process of finding your dream home? Reach out to the Yoder Barnhart team today for any additional questions you have about the home buying process. Our team of local, experienced real estate professionals is here to help you find the home of your dreams!