Buying a Home in Ohio 101: Your Complete Guide
Are you in the market for a new home? Whether you’re a first-time buyer or you’re simply looking to understand the buying process better, it’s important to be informed and knowledgeable about what all goes into purchasing a home. That’s why we created this detailed guide to help you with each step of the buying process. Read on for our best tips, advice and information, and feel free to contact us if you have any questions.
First step: Finances
Buying a home is a costly step, but one that will prove rewarding financially over the years. When you’re beginning the buying process, it’s important to be completely aware of your financial situation. How much debt do you have? What is your credit score? What kind of loan do you qualify for? How much do you have saved that can go toward a down payment? These are all critical questions that you should be able to answer before you begin looking for your next home. If you’re looking for advice or need an expert opinion, it may be worth it to consult a financial advisor.
Now that you know your own financial situation, it’s time to determine the state of the real estate market and how much you’re looking to spend on your new home. Prices of homes vary based on location, the type of home (condo, town house, single family), whether it’s an older or newer home, and whether or not you’ll need to renovate the home before moving in, among other factors. Knowing how much homes in your chosen neighborhood typically sell for will help in determining an offer. Your agent be well-versed in the area’s real estate market and how much you can negotiate for.
Making an Offer
Before you make an offer on a potential new home, make sure you take the time to have itinspected by a professional, certified home inspector so you are certain there are no hidden issues or problems with the property. If you run into issues that require the seller to take action before you move in, setting up contingencies to your contract may be the route to take. These give you wiggle room to back out of your contract if those requirements aren’t fulfilled.
After the home is inspected and you’ve negotiated on what the sellers are willing to repair or alter before vacating, it’s time to make an offer. Here’s where your real estate agent and your research on the market come in handy. Know how much the home is worth, what you have to offer and keep in mind any work that needs done to create an accurate estimate. Then, prepare for negotiations.
Closing the Deal
Your real estate agent will suggest an escrow or title company to handle closing the deal on your new home, and they’ll handle the paperwork, money and transactions. The escrow period is typically four to six weeks after you and the seller sign the contracts. On closing day, make sure you have all of your paperwork related to your purchase, your loan and the contracts, and allow plenty of time to look through each document you sign.
Congratulations, you’re on the way to your new home! Please feel free to contact us if you have any other questions on the buying process, or our services. We hope you find the perfect home!