12 Steps to Buying a Home
Save your down payment
Many conventional loans require buyers to make make a down payment of 20% toward the purchase price of the property. That may be unrealistic for many people – especially a first-time homebuyer! Fortunately, there are many great options for buyers who don’t have those funds available. FHA loans, VA loans, USDA loans and conventional loans that reward great credit scores are all worth exploring. Regardless of what loan you end up with, start saving today for your down payment and closing costs.
Know your credit score
Find a real estate agent
Go Home Shopping!
Make an offer
Get a home inspection
Get a home appraisal
Obtain Title Insurance
Most buyers elect to purchase title insurance on the property. Title insurance protects the insured from a financial loss related to the ownership of a property. An as-yet-undiscovered issue could potentially cloud the ownership of the property years after you buy your home. This is not common, but when it happens it can be devastating to someone without title insurance. Purchasing title insurance is a smart move that will protect your financial investment. Ask your real estate agent for a recommendation on a good title company to work with. Your title company representative will preform a title search on the property you are buying. They will also be the one to prepare closing documents, and will be in charge of leading the closing.
Close the sale!
Once your loan is approved, your lender will schedule a closing date and will require an insurance binder to be sent to them. Closing day is the date you sign all your paperwork to complete the purchase and get the keys to your new home. Any party whose name is on the purchase and sales agreement or mortgage loan will need to bring their government-issued photo ID (a driver’s license is fine).
Prior to the closing, you will be issued a settlement statement to review. This will give you a detailed, itemized breakdown of all costs pertaining to your transaction. You will be credited for any deposits you have made toward the purchase of the property. You will be responsible for paying a NH Transfer Tax, which amounts to $7.50 / thousand of the purchase price. (In the State of New Hampshire, it is customary for both the buyer and seller to split the total cost of the NH Transfer Tax which totals $15 / thousand of the purchase price.)
Finally, at the time of closing any fuel in the storage tank, association dues, rental income or other related items will be prorated.
Bring a good pen to your closing; unless it’s a cash offer, there will be a lot of paperwork to sign!
*Note: Although cash purchases do not require insurance (as there is no lender involved), Roche Realty Group strongly recommends that you speak to your insurance agent prior to closing and make sure that your policy is in effect for the property you are purchasing as of the day of closing. Nowadays, it is absolutely crucial that you purchase insurance on your property to protect yourself and your investment.
Congratulations! You are an official homeowner! We certainly don’t want to spoil the fun, but we do advise that you change all locks and / or codes on the property you purchased as soon as possible (you never know who has old keys or combinations). The next step is to notify the post office of your move and update any service providers including doctors offices, banks, credit card companies, etc. with your new address. As NH winter temperatures can hit very low numbers, you might want to consider setting up auto-delivery of fuel with your new heating company. If you are new to the area, don’t hesitate to reach out to us at Roche Realty Group for recommendations on service providers, great restaurants or other area attractions in the Lakes Region. But for now, pop the champagne cork or pour yourself a mocktail, sit back and enjoy this exciting milestone!
Why work with a Buyer’s Agent at Roche Realty Group?
At Roche Realty Group our agents are are all very knowledgeable about inventory and current trends in the Lakes Region real estate market and can help you make educated decisions when purchasing property.
When it comes to purchasing real estate, it really does pay to have someone in your corner! Real estate transactions can become complicated. A buyer's agent will assist you through the many steps in purchasing property. They will expertly negotiate in your favor to satisfy all parties as a transaction moves to close.
Roche Realty Group's professional Realtors® adhere to a strict ethical code of conduct and will honor their fiduciary duties to their clients. When you work with a buyers' agent, you gain a trusted advisor who will represent you with integrity through the entire process.
Reach out to a Buyer’s Agent today!