Your Roadmap to Purchasing a Home
If you’re thinking about buying a home on Long Island but aren’t sure how to get started, this Buyer’s Guide can help you learn what to expect and how to be best prepared for your upcoming home search. You’ll learn how to choose the right realtor and search for your dream home, secure a mortgage and even get tips on how to make moving into your new home as simple as possible.
Buying a home is one of the most important life-changing decisions you’ll ever make. Staying informed throughout the home buying process is important, as is working with a licensed realtor you know and trust. Richard Walsh is available to answer your Long Island real estate questions and make sure your home buying experience is a smooth and pleasant one.
Review the summary below to learn a little more about buying a home on Long Island, then contact Richard Walsh with questions on finding the perfect home.
Get on Track
The first step towards buying a home is setting goals and crunching numbers. Decide what your needs and wants in your new home are and do the math to determine if you can truly afford to buy a home and if so, what your ideal price range is. Don’t forget to calculate in utilities and other home expenses, as well as Long Island taxes.
You may want to check your credit score, or meet with a mortgage lender to determine what kind of loan you are eligible for. It’s a good idea to get pre-approved for a mortgage, which makes your offer all the more attractive to a seller when you do find your dream home on Long Island.
Choose a Top Notch Realtor
You’ve decided you’re ready to start looking for your new home – congratulations! Now it’s time to choose a realtor to work with. Buying a home is a life changing step, and one you should not take alone. When you work with Richard Walsh, you will be guided by a knowledgeable professional who is familiar with the location and home buying process. Ask friends and relatives for recommendations, and work with someone you are comfortable with.
Your realtor will not only help you find and view houses, he or she will guide you through the paperwork, offer advice and do as much as possible to make your real estate transaction a smooth one. Be sure to ask your real estate agent who he or she represents in the transaction, and consider discussing a buyer’s agent agreement.
Get Pre-Approved for a Mortgage
As mentioned earlier, meeting with a mortgage lender can be a good early step towards purchasing a new home. This meeting will offer you insight into the current mortgage rates and give you an idea of the size and type of mortgage loan you are eligible for.
This knowledge allows you to make a realistic offer based on the loan you can realistically secure, eliminating the temptation to make an offer on a house that is out of your price range. Additionally, once you and your realtor are ready to submit an offer on your Long Island dream house, submitting it with a pre-approval letter gives you negotiating leverage and increases the likelihood of your offer being taken seriously.
Start Looking
Now comes the fun part! There are millions of homes for sale across the nation, but luckily for you, the internet allows you to begin browsing in your local or desired area in addition to visiting houses for sale with your realtor. Determine how many bedrooms and bathrooms you ideally need, and if you have any other preferences. Research your desired town’s school district and services so you are beginning the search well informed.
Stay flexible in your search – the perfect home you see in your mind’s eye may not be available right now, but that doesn’t mean you can’t renovate an available property to be just what you dreamed of.
Find Your Dream Home
Once you’ve found a home you’re interested in, stop and consider a few things before proceeding. First, make sure you’ve seen enough that you have a good idea of what is available currently, and so that you don’t feel like you are settling. Carefully consider the Long Island home you are looking at, focusing on the things you can’t change – location, school district and lot size, for instance. An older kitchen or ugly wallpaper aren’t make or break considerations, but the things you can’t change are.
Don’t forget to do the math. Even if you think you’ve found the perfect home, if it is $50,000 above your budget (and since you are pre-approved for your mortgage, you know what you can or can’t borrow), perhaps it isn’t the perfect home after all.
Land the Perfect Mortgage
At this point, its time to secure the perfect mortgage. Ask friends, family and your realtor for recommendations and meet with different lenders. Ask about mortgage rates and determine if a fixed rate or adjustable rate mortgage is best for you. Also ask about rate lock-ins, and costs you may not be aware of including closing costs and PMI (Private Mortgage Insurance).
Make a Strong Offer
Making an offer can be nerve wracking, but luckily, you’ve chosen a strong realtor with knowledge of the process and good negotiating skills. Your real estate agent will help you fill out and prepare the paperwork and make a solid offer on the Long Island home of your dreams. Your realtor can help you negotiate based on the findings of a home inspection, or ask for improved terms from the seller if your offer is particularly competitive.
Protect Your Investment
In order to close on your new home, you’ll need to secure homeowner’s insurance. The type and amount of insurance you’ll need depends on your home, what’s inside your home and your specific requirements. The market value of your house is not the same as its replacement cost, so be sure to request a full replacement cost in your policy quote.
Just like when you secured your mortgage, don’t feel you need to sign with the first company you receive a quote from. Be sure you are satisfied with the terms of your insurance.
Make it Official: The Real Estate Closing
Once you have secured your mortgage loan, the home inspection is completed and all other terms are in order, it’s time to close on your new Long Island home. A closing most often occurs within 30 to 45 days after the sales agreement is signed by all parties. This can vary depending on a number of factors.
At the closing, you will meet with the necessary parties and sign what feels like an unending stack of papers. Money will change hands as well as the title of the property. Congratulations, you’re now a homeowner!
Get Ready to Move In to Your New Home
You have the keys to your new Long Island home…now what? First make sure your settlement documents are stored in a safe place – you’ll need them to file taxes, or when the time comes for you to sell. Ask your realtor for the contacts at all the utility companies so you can call and have the accounts transferred to your name.
Consider re-doing any flooring or painting you’ll want to do before your furniture and all your belongings are in the way. An empty house is much easier to navigate around (and clean)!
Now that you know the basics, are you ready to begin the process of buying a Long Island home!