CNY First Time Home Buyers

Central New York First Time Home Buyers

The challenge of buying a home for the first time can seem so daunting that it's tempting to either just go with the first house that falls in your price range or continue to rent. To help you demystify the process and get the most out of the purchase, we'll examine what you'll need to consider before you buy, what you can expect from the buying process itself, and some handy tips to make life easier after you purchase your first home.

Considerations Before You Buy

The first thing you'll need to determine is what your long-term goals are and then how home ownership fits in with those plans. Here are two questions to ask yourself:

1. How much mortgage do you qualify for?

Before you start shopping, it's important to get an idea of how much a lender will actually be willing to give you to purchase your first home. You may think you can afford a $300,000 home, but lenders may think you're only good for $200,000 depending on factors like how much other debt you have, your monthly income and how long you've been at your current job. This should always be the first step of the process! Then, if you find a home you like you can jump on it!

2. Who will help you find a home and guide you through the purchase?

A real estate agent will help you locate homes that meet your needs and are in your price range, then meet with you to view those homes. Once you've chosen a home to buy, these professionals can assist you in negotiating the entire purchase process, including making an offer, getting a loan, and completing paperwork. A good real estate agent's expertise can protect you from any pitfalls you might encounter during the process. Note-

There is a difference between a “listing agent” and a buyers agent. Having a buyers agent is a great idea for a first time home buyer. They represent you and you only, are paid in full by the seller, and walk you through the entire process. Whether it is Mckenzie Realty or another firm, always make sure you have a buyers agent!

The Buying Process

Now that you've decided to take the plunge, let's explore what you can expect from the home buying process itself.

Make sure to take advantage of all the available options for finding homes on the market, including using your real estate agent, searching for listings online and driving by houses that interest you. Mckenzie Realty takes advantage of all avenues for finding the perfect home for you! Typically this process is a give and take of us sending you ideas, and vice versa. Once we find the perfect home, here are the steps:

1. Make an offer

We will help you decide how much money you want to offer for the house along with any conditions you want to ask for, like having the seller pay for your closing costs or make improvements to the home etc. We will then present the offer to the seller's agent, and the seller will either accept your offer or issue a counter-offer. Hopefully, we strike a deal!

2. Obtain a home inspection

Even if the home appears to be flawless, there's no substitute for having a trained professional inspect the property for the quality, safety and overall condition of your potential new home. Sometimes the inspections turn out great, other times not. This is always a negotiation. At times, the seller will agree to fix and improve the issues. Other time, they do not and the deal can die. Having an experienced agent help you navigate this is the key.

3. Legal Work

Once you remove the inspection contingency, there are a few weeks where the lawyers are working in the background to get the deal to close. Typically, at this time you are working with your lender to get all your documentation in order.

4. Closing

Once all the paperwork is done, the closing is scheduled. We walk through the house the day before closing to ensure everything is as it was at the time of closing, and then that’s it. You go to the closing, get the keys, and life in your new home begins!

 

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