Considering A New Home Purchase?
Here Are The 8 People You Must Have On Your Team
Buying a new home is an exciting time in anyone’s life, whether you’re a first-time buyer or a seasoned investor. Even if this isn’t your first rodeo, the home buying process may be difficult. Going it alone may be difficult, from navigating the mortgage approval process to the risk of bidding against the competition.
The good news is that if you have an experienced and competent “team” to help you through the process, your home buying journey may be a breeze. So, if you’re thinking of purchasing a new house in the near future, make sure you have these eight people on your team to make the process faster, easier, and less stressful.
REAL ESTATE AGENT
Whether you’re a first-time homebuyer or not, buying a new home may be complicated and daunting. However, having an experienced real estate agent on your side will make the process feel less overwhelming. Your real estate agent is there to help you every step of the way, from locating the perfect property in your budget range to determining how much to bid on a house. After all, this is what they specialize in.
Your real estate agent is such an essential part of the home-buying process, you should do your homework and choose an agent you can rely on. Check to see whether they are familiar with your local real estate market and the areas in which you want to buy a property.
MORTGAGE LENDER
Choosing how to finance your house — and with whom — is a big decision. And, with a variety of loan options and mortgage lenders available, you’ll want to choose the firm you work with.
It’s a good idea to start looking for a mortgage lender before making an offer on a house. While an online mortgage calculator is useful for estimating your prospective mortgage payment, a mortgage lender will tell you how much you can afford and the loan amount you qualify for. You may be pre-approved to show sellers that you’re a qualified and interested buyer, and you’ll exactly know how much you can pay.
When it comes to buying a new house, the mortgage lender you choose to work with is key, so speak with many before selecting who you want to include on your team.
FINANCIAL ADVISOR
Purchasing a new house is a significant financial investment as well as a long-term commitment. That’s why it’s a good idea to consult with a financial expert before making such a big move. While your real estate agent and mortgage lender are likely to have assisted you in determining how much property you can purchase, a financial adviser will look at the overall picture of your finances.
They will analyze your financial status and assist you in determining whether now is the best moment for you to purchase a new house. If it is, they can also assist you in budgeting for the costs associated with homeownership.
HOME INSPECTOR
A home inspection is an important stage in the house-buying process, so having an experienced home inspector on your team is important. As a homeowner, you’ll want to cover all of your bases and protect yourself from any problems or expensive repair costs.
So, before you sign on the dotted line, contact a home inspector to properly check the property – there may be hidden problems that only a skilled house inspector can identify, such as structural difficulties. Depending on the age and condition of the house, consider employing inspectors that specialize in radon, mold, lead paint, or asbestos testing.
HOME APPRAISER
A house appraisal is an independent and professional evaluation of a property’s value that lenders need before providing a mortgage. The appraisal is usually performed after the seller has accepted your offer. The worth of a home is affected by factors such as its size, quality, condition, and the presence or absence of key features.
Hiring an expert and reputable appraiser is key if you want to learn the exact value of your house and avoid paying over the fair market value.
TITLE OFFICER
Your title company is an important part of the home-buying process. To confirm the validity of the title, the title officer will extensively review public records. They’ll also check for any outstanding mortgage payments, liens, or other issues before transferring title from the seller to you. Following that, they’ll offer title insurance coverage to protect both you and your lender as the buyer.
Your title officer will be present at closing to ensure that the new title, deed, and other important papers are properly filled out and signed. While your lender or real estate agent may have a preferred title officer and company, the decision is ultimately yours. And, because your title officer is such an important part of your real estate team, you’ll want to be sure you hire the best one.
REAL ESTATE LAWYER
Hiring a real estate attorney for a smooth home purchase and to help reduce risk might be well worth it. Whether or not you need a lawyer is determined by the type of property you’re buying and where you live. Some areas require the presence of a real estate attorney at the closing, while others do not.
A real estate lawyer, on the other hand, maybe very helpful in navigating papers and resolving any issues that may occur.
For example, you’re buying a home that was formerly part of someone else’s estate or is now held by a bank. These cases can be complicated, and they are best handled by an experienced real estate attorney. Even if you’re not in a difficult position or if a real estate lawyer isn’t needed in your state, having an attorney on your side might help you feel more at ease when it comes to purchasing a new property.
HOME INSURANCE COMPANY
You’ll want financial protection because buying a new house is likely one of the largest investments you’ll ever make. Your house and personal goods are usually covered by home insurance if they are destroyed by fire or other natural catastrophes, as well as theft.
Structure coverage, personal items coverage, liability protection, and coverage for additional living expenses are all included in most conventional house insurance plans (ALE). The amount of coverage you’ll need is determined on your home’s location, age, and condition.
