7 Steps to Buying a Home in Central New York
There are so many aspects involved in the purchase of a home that buyers can often be left very confused by the whole experience. That's why it is so important to have a real estate professional who can walk you through each step and address your questions along the way. CENTURY 21 Leah's Signature real estate agents always ensure that buyers are comfortable with the experience and fully aware of the options available to them. We've provided the basic steps of home buying below, but we encourage you to contact a CENTURY 21 Leah's Signature real estate professional for a thorough explanation of the home buying process.
Step 1: Determine Your Needs
The first step is obviously prioritizing your purchasing considerations. These include the features you desire in a home, the locale and the available education institutions. CENTURY 21 Leah's Signature are local Oswego County, Onondaga County, and Cayuga County real estate specialists. We can assist you by providing a market analysis and invaluable assistance to clients in narrowing down their choices by providing the latest market trends and local information like neighborhood information.
Step 2: Determine The Mortgage
Now that you have established your ideal home parameters, you need to determine how much you can afford. Once you have established a realistic loan amount you need to be pre-approved for your maximum loan amount. A pre-approval status can be instrumental in the negotiation process by giving you a competitive advantage over other offers. Please visit Century 21 Mortgage® for more information.
Step 3: Begin Searching For Your Perfect Home
Now that you have approved financing, begin searching for your dream home online. You may visit our Listings page to view many homes available in Oswego County, Onondaga County, and Cayuga County.
Step 4: Contact CENTURY 21 Leah's Signature
Once you have gotten an idea of the area and homes you prefer, it is time to contact a local specialist to arrange visits and a walk-through.
Step 5: Negotiate
This is perhaps the most difficult and unpleasant part of the process. To expedite and smooth the process it is important to understand both your purchasing considerations, and the selling considerations of the seller. Each seller places different emphasis on timing and pricing. Understanding the seller will be essential to a successful negotiation.
Step 6: Inspection & Insurance
Once your offer has been accepted, the offer becomes a binding legal document. You will now need to coordinate some home inspections, attain homeowners insurance and finalize the mortgage.CENTURY 21 Leah's Signature can help explain the details and your real estate attorney can provide counsel on title issues and title insurance.
The purchase contract can be written to include a contingency for any repairs needed on the property or related items that the seller must take care of before closing. If these items are not dealt with, and you have such a clause in your contract, you can delay or possibly cancel the closing. If it's not stated in the contract, you could face losing your deposit. There may also be costly legal implications stemming from backing out of a contract.
An "inspection contingency" is always a good idea because it protects you as a buyer by allowing you to cancel closing on the deal if an inspector finds serious problems with the property. You will usually have the right to choose the inspector (and be responsible for paying for the inspections). You should consider inspections for structural soundness, insects, environmental hazards such as asbestos or radon gas, etc.
Contingency clauses usually satisfy the concerns of both the buyer and the seller. Buyers also can protect themselves by inserting additional necessary contingencies. You can indicate which items like curtains and appliances are to remain with the house and then stipulate that you have the right to personally inspect the home 24 hours before closing to make sure all is in order.
Step 7: Closing
Ensure that all the paper work including mortgage, titles and insurance are complete. Once the property is officially yours, you may want to consider a few things before you move in. These items include arranging for an alarm system, turning on the electricity and phone, connecting to cable, cleaning or replacing the carpet, etc. This is also a good time to make some needed renovations such as interior painting. CENTURY 21® program CENTURY 21 Connections SM offers new home buyers great offers with industry-leading companies on home services, transportation and temporary housing, and various financial and real estate services. Contact CENTURY 21 Leah's Signature to view the special offers available in you area.