Langley, Nagel, Crawford & Modica

How do you buy a home?

The thought of purchasing your home can be exciting and a little frightening. You may have mixed emotions about it. Whether it is your first home purchase or your fourth, there are still things you should know about buying a home. There is a lot of responsibility that comes along with home ownership. It is also a major financial commitment.

What to search for

One of the first things you should do is research the area you would like to move to. Start your search early. Thanks to the internet that will be an easy thing to do. Look at these things as you start your search:

  • There are multiple websites designed with you in mind.
  • There are pictures of the homes on these websites.
  • You can see for yourself if the kitchen is updated the way you prefer. You can also see if the home is open-concept, if that is important to you.
  • You could choose your number of bedrooms, bathrooms, square footage, whether you will need a home with or without a pool and much more.
  • Also, if you have children you can research the best school district for them and you can find homes available in that area.

Consider the finances

Next, consider the financial commitment and how much house you can afford to purchase. You should also think about saving for a down payment and closing costs. The down payment is usually 20 percent of the purchase price that you pay up front. After your down payment, your ideal price range should be no more than three to five times of your yearly income.

Then, you should get pre-approved for a mortgage. A mortgage is basically a loan and a lender will decide how much they can loan you. This is done by checking your credit score, income, debts and history of employment. This will determine how much you can borrow, your interest rate and any loan programs that you may qualify for.

You should also keep in mind other expenses like property taxes, home insurance, maintaining the home, paying gas, electric, water bills, as well as any association fees if you choose a neighborhood with it.

Find a realtor and make an offer

After you are pre-approved and know how much house you can afford, then it is a good idea to find a realtor that you trust. This is the person who will help you possibly find the home of your dreams.

Next, the fun part begins. Your realtor will take you on tours of the homes you researched previously, and maybe some you haven't considered. Then, you make an offer on your favorite. The mortgage lenders will have the home you choose appraised to determine your home’s value and report their findings to you and the sellers.  

A home inspection is also done of the property. This will check for any possible issues that may exist with the home that may need to be repaired by the sellers. A copy of the home inspection report is given to you and the sellers. If everything looks good, the final part of the long process is when you finally close on your home.

If purchasing a home is on your mind, it is good to know the entire process from start to finish. It can be a lengthy process at times but worth the sacrifice if you find the home of your dreams.

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Langley, Nagel, Crawford & Modica
Chartered Attorneys At Law

1201 W. Hwy. 50
Suite A
Clermont, FL 34711

Phone: 352-432-1435
Fax: 352-394-7298
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