- How do I begin the process of buying a home?
- Should I rent or should I own?
- Am I ready to buy a home?
- How much can I afford in monthly mortgage payment?
- How much space do I need?
- What areas of town do I like?
- How does purchasing a home compare to renting?
- The one advantage of renting is being generally free of most maintenance responsibilities.
- Though there are many advantages to home ownership!
- Chances to build equity
- Tax benefits
- Protection against rent increases
- Freedom to decorate your home the way you want
- How do I know if I’m ready to buy a home?
- Do you have a steady job (or source of income)?
- Have you been employed on a regular basis for the last 2-3 years, or do you have a good reason why you weren’t?
- Is your current income reliable?
- Do you have a good record of paying your bills?
- Do you have some credit history?
- Do you have money saved for a down payment, or gift funds available to you?
- Do you have the ability to pay a mortgage every month, plus additional costs? (taxes, insurance, etc.)
- How do I know what I need?
- Make a list of your priorities – Establish a must have list and a wish list
- Make a list of your priorities – Establish a must have list and a wish list
- What should I look for when deciding on a community?
- What Community will fit into my daily lifestyle?
- What are the schools like?
- Do I want access to shopping? Public transportation? Libraries? Museums?
- Do I want a peace and quiet of a rural community?
- Should I drive around the community? Talk to neighbors?
- How can I find out about community resources?
- How do I select the right real estate agent?
- Ask a Luminate expert for recommendation
- Ask Family and Friends for recommendation
- Compile a list of agents
- Meet with several agents until you find one that meets your needs
- How can I find out how much homes are selling for in certain communities and neighborhoods?
- Check with your real estate agent
- Is an older home a better value than a new home?
- There are many considerations.
- Individual Characteristics
- Maintenance
- Architecture & Structure
- Energy Efficiency
- There are many considerations.
- What should I look for when walking through a home?
- Is there enough room for both the present and the future?
- Are there enough bedrooms and bathrooms?
- Is the house structurally sound?
- Do the mechanical systems and appliances work?
- Is the yard big enough?
- Do you like the floor plan?
- Will your furniture fit in the space?
- Is there enough storage space?
- Does anything need to be repaired or replaced?
- Will the seller repair or replace the items?
- Imagine the house in good weather and bad, and in each season.
- Will you be happy with it year-round?
- How long will I be living in this home?
- Starting a family?
- Just got out of school?
- Empty nester?
- How can I keep track of all the homes I see?
- Take pictures of each home that you like!
- Put the pictures on your checklist in a “Home Search” Binder!
- How many homes should I consider before choosing one?
- Visit as many as you would like!
- Communicate frequently!
- Stay Organized!
- I found a home! What type of inspections are needed?
- Get a home inspection first and then assess the inspection before you incur any other expenses
- Get a home inspection first and then assess the inspection before you incur any other expenses
- What are “Home Warranties” and should I consider them?
- Checks on the safety of the home
- Focus on Structure, Construction and Mechanical
- Makes you aware of repairs needed
- Qualified and experienced inspector
- Before you sign the final offer, make sure to have an inspection clause
- Do I need to be there for the home inspection?
- It’s not required but it’s a good idea.
- How many homes should I consider before choosing one?
- Offer protection for possible costly problems
- Great Programs!
- Consider having a seller or realtor pay for it
- How can I find information on the property tax liability?
- Should be included in the listing
- Ask the Seller
- Check with the local tax assessor’s office
- Do I really need Homeowner’s insurance, and if so, how do I get the lowest rate?
- Yes, homeowners insurance is a requirement
- Shop around for comparable rates
- Ask for referrals from Realtor and friends
- Flood insurance may be required, check with real-estate or insurance agent for flood plain information
- Use same insurance company as Car and Life Insurance for a discount.
- I am ready to make an offer! How do I determine the initial offer?
Your offer should include:- Complete legal description of the property
- Amount of earnest money
- Down payment and financing details
- Proposed move-in date
- Price you are offering
- Proposed closing date
- Length of time the offer is valid
- Details of the deal
- Do I need a lawyer to buy a home?
- Laws Vary by State
- Check with your Real Estate Agent for requirements and referrals
Do you have questions? Reach out today! We’re here to help!
Tim Erickson
P: (652) 451-2273
E: tim.erickson@goluminate.com
W: www.TimEricksonMortgage.com
Mark Henderson
P: (651) 398-3477
E: mark.henderson@goluminate.com
W: www.MarkHendersonMortgage.com