The Home Buying Process Can Be Complicated

Home buying can be intimidating even if it's your first home purchase or you've been around the real estate block a time or two. It is often as scary as exciting, and many people are tempted to jump at the first house in their price range that checks off a few of their boxes. It is unwise to be hasty, and it is also risky to begin your search without first doing a little due diligence. Finding the perfect balance between what you need, what you want, and what you can reasonably afford isn't easy, and a little preparation can make all the difference.

And to that point, your due diligence begins right here. Nobody understands the real estate market or the dos and don'ts of home buying like the experienced professionals who inspect homes for a living, and that's us, Your Home Inspector Guys.

Know Your "Must Haves" For Your Home Purchase

Your first step is determining what sort of residence you need. Consider some of these questions and create a basic "Musts" list to get started:

• How big does the house need to be to accommodate you?
• How many bedrooms, bathrooms, storage areas, etc., are needed?
• Are multiple levels and stairs okay, or do you have physical considerations that might make a ranch-style home more appropriate?
• Does it need a garage, and if so, for how many vehicles?
• How much yard space do you require? Consider pets, children, and your recreational needs.

Know Your Budget & Financing Options For Your Home Purchase

Understanding your budget and adhering to the price range you can afford when you house hunt is essential. Look at your finances, debt, savings, credit rating, spending habits, and retirement goals, and use credible websites for budgeting guides. Two examples are Mint  and Nerdwallet, but there are many others to choose from.

It is also a great idea to get pre-approved by a lender if you require a mortgage. Doing that lets you know your financing options and what you can expect to pay monthly. A pre-approved purchaser can also be more attractive to the seller, which could work in your favor if the homeowner is entertaining multiple purchase offers. The bank you already have a relationship with is a great place to start, but it is wise to look at your options before deciding upon your lender and get multiple quotes.

Know Your Wants For Your Home Purchase

Once you know your spending range, financing options, and essential "musts," it's time to work on those wants. Everybody has that dream home in mind, and that vision is different for everyone. These are the features you don't necessarily need but the things you desire. For example, do you want sunny exposure and room for a garden? A sunroom? Privacy fencing? How about a pool? What other landscaping and hardscaping elements are important to you? What does your ideal kitchen look like? Do you want laundry facilities in the basement, or perhaps in a more convenient spot on the upper floor? Do you want a workshop, a man cave, or maybe one of those trendy she-sheds?

Consider these and more, and consult with your family members as well. Another important thing to consider is the maintenance cost for those features and whether they fit your budget reasonably. Once you've made some decisions, list your "Wants" and put them in order, with your most wished-for features at the top.

Identify Your Desired Locations To Live

Next, it's time to identify what areas you'd like to live in.

Consider these questions:

• Do you want to be a city dweller, suburbanite, or in the country?
• Are you flexible or limited to specific cities? And, if so, are there also specific neighborhoods you would prefer to be in?
• How close would you like it to be to work, relatives, friends, and other locations that you frequent?

Once you've narrowed down potential areas of interest, research those locations, and visit them if possible. Look at schools, average taxes, crime rates, what utilities serve the area, recreational, dining, entertainment, and religious/worship options. It is also good to know what the general community is like because you want to choose a location where you'll find neighbors with common interests. Niche  and Nextdoor are great options for this research.  Once you've narrowed it down, make a "Desired Locations" list.

Choose Your Real Estate Agent

Now it's time for some professional help. Don't purchase a home without the aid of a real estate agent. Finding a home that meets your most important criteria is what they do best, and their services are invaluable. Agents have inside knowledge and resources that you don't. A good agent guides, protects, and looks out for you. Most receive their commission from the seller's proceeds.

Research your options, read reviews and recommendations, and choose wisely. You want someone with experience that is friendly and responsive to you. If they make you wait too long for answers to your questions, or if they cannot answer them confidently and knowledgeably, they may not be the right agent for you. Once you've selected an agent, give them a copy of the Must, Want, and Desired Locations lists. Tell them your budget and let them know your chosen lender. These are more than just helpful tools to make the process easier and more efficient for you, they do the same thing for your agent, and it helps them to do their best for you.

The House Buying Hunt Begins

The most exciting part now begins the hunt itself. Your agent will line up homes for viewing, and you can help. Don't hesitate to look at online listings and drive around your targeted areas. Convey your interests to your agent. As you look at homes, be patient, and keep those lists you've made handy to remind yourself of your most important criteria.

Ask lots of questions as you view a home such as:

• When is the seller moving, and why?
• What fixtures and appliances come with the purchase, and what does the seller take with them?
• Is everything in working order?
• How are the water pressure and water quality? Turn on taps and flush toilets if possible.
• How old is the roof?
• How old are the heating and cooling systems, and how much do utilities typically run?
• Which utility companies serve the home?
• Where are the property lines, and are there easements? (An easement is a legal right granted to a neighbor to access your property.)
• Are there any disclosures?
• Ask about pests, lead, asbestos, mold, and water damage issues.
• Have there been recent construction changes or renovations made?

Cosmetic issues are much less important than structural ones. Remember that once it's yours, you can make changes, but structural problems are more costly to overcome.)

Making An Offer To Buy A House

When you find "THE" house, try not to let your emotions get the best of you and tip your hand. If the buyer knows you desperately want it, it puts more leverage on their side. The state of the market and how long the house has been up for sale have a bearing on how you present your offer. It could be a seller's or buyer's market, which impacts how you proceed. In a seller's market, you often compete with other potential buyers making offers as well.

Discuss the specifics of your offer with your real estate agent in private. Your agent will guide you and help you determine your best strategy and what, if any, contingencies you should require. Your agent is the go-between for the entire offer process and handles the direct communications with the seller. Do not contact the seller or their agent on your own.

Lastly, no matter what, make a fair and reasonable offer. Don't lowball it, but also leave some wiggle room for negotiation. Most sellers expect to negotiate. Be mindful of your budget and ensure you understand the closing costs involved, which you can sometimes negotiate. Do not be disappointed if your first offer is not accepted or if you don't get the first home you offer for. Patience and perseverance are rewarded.

Deposit, Escrow, And Inspection

Once you've reached a purchase agreement on a home, be ready to deposit 1-5% of the purchase price. After that, escrow begins. Escrow is a brief span of about 30 days when the seller takes the home off the market, and the final details are worked out before the closing. At this point, your purchase is contractually expected unless a serious problem is discovered with the home that could prompt you to decide not to move forward. Your next step is one of the most important aspects of the home buying process: obtaining a professional home inspection.

An inspection may be presented as an option, but you should never waive it. A home's appearance can sometimes be deceiving. It might seem perfect but still have critical, hidden issues that need to be addressed, which are often unknown to the seller. Issues are not necessarily dealbreakers, mind you. Still, when you uncover a problem during the inspection process, you may be able to resolve it with the seller, including negotiating financial responsibility for it. It becomes your burden and responsibility if it comes to light after the closing.

Please feel free to contact Your Home Inspector Guys for your home inspection needs. We serve numerous locations throughout Broward and Miami-Dade Counties, and our expertise in this real estate sector is unmatched. We're the top-rated home inspection service in Florida and look out for your best interests. We'll thoroughly inspect the home for condition, safety, defects, and overall quality to ensure that you are alerted to potential concerns before closing.

The Home Buying Closing Process

If the details are resolved to your satisfaction, the next step is preparing for the closing. A couple more things happen at this time. Your lender may require you to have an appraisal and title search. Once everything is cleared with your lender, it's all systems go. At the closing, you'll be signing a lot of paperwork in a short period of time, and, in the end, you're a homeowner.

Owning Your New Home

It may seem like the end, but your future is just beginning. Homeownership comes with many new responsibilities, and be prepared to cover expenses that can come along unexpectedly. Have a plan for emergencies. From basic lawn care to structural repairs to pest control and general upkeep, there are plenty of considerations that you'll need to find room for in your budget. Your home is a considerable investment, so be prepared to protect that investment by attending to its needs.

It's also great to solicit the friendship and advice of your neighbors and to reach out to your local service providers to help make the most of your home. When you do that, you further your investment in your home's value, your community, and your happiness. We encourage you to keep Your Home Inspector Guys in mind for your inspection needs. We wish you the best of luck with your house-hunting adventure, and we would be honored to serve you whenever you need us.