{"id":57872,"date":"2012-02-01T18:38:03","date_gmt":"2012-02-01T18:38:03","guid":{"rendered":"https:\/\/www.ewmrealestate.com\/blog\/?p=57872"},"modified":"2019-04-22T20:34:53","modified_gmt":"2019-04-22T20:34:53","slug":"the-home-buyers-guide-ten-steps-towards-home-ownership","status":"publish","type":"post","link":"https:\/\/ewmrealestate.com\/blog\/the-home-buyers-guide-ten-steps-towards-home-ownership\/","title":{"rendered":"The Home Buyer's Guide: Ten Steps Towards Home Ownership"},"content":{"rendered":"

The new year is here, and your top resolution is to buy a real estate property. Home ownership can be a wonderful experience and I love matching up a home with a buyer. It’s quite rewarding when we walk through a property and I get to see your face light up with the possibilities. But before we get to that gleeful moment, there are some important steps to conduct first. Here are some helpful tips for to you get started with the home buying process.<\/p>\n

1)\u00a0\u00a0\u00a0\u00a0\u00a0 What can you afford?<\/em><\/strong> Unless you’re paying cash, this is a question you’ll need an expert to assist answering. A good mortgage lender is one of the tools I utilize most when helping home buyers. They will review your financial situation and give you the best options available to you. There are several factors involved in financing, not just income, so having someone go through your financial options is the key to starting right. Your lender will provide you with a pre-approval letter which will come in handy later. Consider the down payment you\u2019ll need with financing today:\"\"<\/a><\/p>\n

a)\u00a0\u00a0\u00a0\u00a0\u00a0 When purchasing a condo, a lender may require 20% to 30% down, with a few options now available with 3.5% to 10% down.<\/p>\n

b)\u00a0\u00a0\u00a0\u00a0\u00a0 When purchasing a single family home or duplex, your financing options range from 3.5% to 20% down.<\/p>\n

2)\u00a0\u00a0\u00a0\u00a0\u00a0 Would you like a house or condo?<\/em><\/strong> Now that you know what you can afford, it\u2019s time to decide whether you\u2019re an urban dweller, or a homebody. There’s no right or wrong choice, it’s just what you like best.<\/p>\n

\"\"<\/a>a)\u00a0\u00a0\u00a0\u00a0\u00a0 House \u2013 you can have your white picket fence, the backyard deck for BBQ\u2019s, and, of course, a house full of whatever pets you desire. Plant yourself a butterfly garden or hang a swing under the avocado tree. You get to set your own house rules. You\u2019re also responsible for your own utility bills and unless you want to do it yourself, you\u2019re going to have a landscaper.<\/p>\n

b)\u00a0\u00a0\u00a0\u00a0\u00a0 Condo \u2013You are centrally located and walking distance to shops & restaurants, enjoying amenities provided, and having someone else maintain them. You only need to concern yourself with the interior space of your condo, and abide by the condo rules & regulations. For the social butterfly that prefers to have minimal time spent around their residence, a condo may be ideal. Just remember, if you decide you want a pet, limit your choices to one dog or cat, 20 lbs max. Many condos do not allow pets, and those that do have strict rules on number of pets and weight.<\/p>\n

3)\u00a0\u00a0\u00a0\u00a0\u00a0 Call Miami Reconnect and give us your wish list<\/em><\/strong>. Now the fun begins! \u00a0We\u2019ll take notes, make some suggestions, and get started with your search. \u00a0We take a funneling approach, from neighborhoods to layout.\u00a0 Make sure you spend some time getting to know neighborhoods of interest. See what your morning or evening commute would feel like and check out the local coffee shop. We can give you a lot of information, but it really comes down to how you like the neighborhood. You\u2019re going to see a lot of properties in the process; taking notes of what you like and don\u2019t like about a particular home will really help in the home finding process.<\/p>\n

4) <\/em><\/strong>Let\u2019s make an offer. <\/em><\/strong> We\u2019ve walked through your top choice – Excellent! We place an offer in writing that features price and terms. We will include the mortgage pre-approval you received earlier, which plays an important role in the negotiation, and signifies to the seller you\u2019re a serious contender that\u2019s committed to the purchase. Once there\u2019s a mutual agreement in writing, we\u2019re in escrow!<\/p>\n

5) <\/em><\/strong>Get a home inspection. <\/em><\/strong>Whether you\u2019re buying a house or condo, a good home inspector will go through all of your appliances, electrical, plumbing, roof & crawl space. If you can, be present during your home inspection. You\u2019ll have some time to go through your home, take measurements, and go through any items noted for repair with the inspector.<\/p>\n

6) <\/em><\/strong>Work closely with your mortgage lender. <\/em><\/strong>Although you\u2019re already pre-approved, your lender may need further items in order to provide a final loan commitment. \u00a0This will include items from employment verification letter to the last pay stubs. It\u2019s important to provide any information requested on a timely basis. Our goal is to obtain a loan commitment without conditions within 30 days.<\/p>\n

7) <\/em><\/strong>Choose your Closing agent.<\/em><\/strong> The closing agent is responsible for conducting all title & lien searches, and insures that the property is transferred correctly from seller to buyer. If you\u2019re buying a condo, they confirm what\u2019s owed to the condo association, and that any balances due are paid up at closing. We have excellent real estate attorneys that we can recommend that will assist in this process.<\/p>\n

8) <\/em><\/strong>Conduct a Walk-Thru. <\/em><\/strong>Once we confirm we\u2019re ready to close, we schedule a final walk thru. This just insures that the property is vacant and is in the same condition it was during the inspection. In Miami, most sales include all appliances and fixtures, including window treatments, but the sales agreement will detail what stays & what goes.<\/p>\n

9) <\/em><\/strong>The Closing.<\/em><\/strong> Now you\u2019re ready for the big day! We\u2019ve reviewed the settlement statement (HUD1) which provides a detail of all charges, and what is being paid. Any outstanding debts or payments are noted in the HUD1, which can include any unpaid maintenance fees, municipal liens and the cost of recording documents with the county. Since taxes & maintenance may be paid at the beginning or end of the year, each party receives a credit or debit for amounts due. Once you confirm the balance of the funds due for closing, you can send a wire transfer to the closing agent or bring a cashier\u2019s check with you to the closing table. If you\u2019re financing, the closing agent will have a mortgage package that details the terms of your loan for review and signature.\"\"<\/a><\/p>\n

10) <\/em><\/strong>Celebration Time! <\/em><\/strong> You\u2019ve just finished the process with the closing agent and you\u2019ve been handed the keys. Congratulations \u2013You are now a proud homeowner! Let\u2019s celebrate!<\/p>\n

Miami Reconnect can help you find the perfect home! We focus our real estate business\u00a0 in the wonderful neighborhoods surrounding Biscayne Bay in what we lovingly refer to as Metropolitan Miami, like Surfside, Bal Harbour, Bay Harbor Islands, North Bay Village, Miami Shores, Biscayne Park, El Portal, Morningside, Belle Meade, Bayside, Buena Vista, Midtown, Brickell, Downtown Miami, The Roads, Shenandoah, Silver Bluff, Coral Gables, and Coconut Grove, with a specialty in Miami Beach from South Beach to North Beach. We’d love to share the distinctive characters that make each neighborhood special. Give us a call, and let’s get started!<\/p>\n","protected":false},"excerpt":{"rendered":"

The new year is here, and your top resolution is to buy a real estate property. Home ownership can be a wonderful experience and I love matching up a home with a buyer. It’s quite rewarding when we walk through a property and I get to see your face light up with the possibilities. But<\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":130092,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"saved","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[12269],"tags":[2083,2871,8705,9663],"yoast_head":"\nThe Home Buyer's Guide: Ten Steps Towards Home Ownership - BHHS EWM Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ewmrealestate.com\/blog\/the-home-buyers-guide-ten-steps-towards-home-ownership\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Home Buyer's Guide: Ten Steps Towards Home Ownership - BHHS EWM Realty\" \/>\n<meta property=\"og:description\" content=\"The new year is here, and your top resolution is to buy a real estate property. 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