Deciding to buy a home is a monumental decision, but equally important is understanding what to expect when you enter the buying process. The home buying journey comes with a variety of different factors to consider, and it is crucial to take these into account for anyone thinking of buying a home in the near future.
In this post, we are going to give a high-level overview of the top 5 things we advise clients to consider before buying a home.
1. Getting Pre-Approved Before Starting the Home Search:
Before starting to search for homes, it’s essential to get pre-approved. This will give you a financial overview of what home you can afford and therefore streamline your home search.
Take a moment to explore the preapproval process and familiarize yourself with what you’ll need to get pre-approved.
“A mortgage pre-approval refers to the process by which a mortgage lender decides how much money they’re willing to lend you for a home purchase. You’ll receive this estimated loan amount in the form of a pre-approval letter. This document isn’t an absolute guarantee but is meant to serve as a well-researched evaluation of your creditworthiness.”CrossCountry Mortgage
Northeast Ohio offers various options when it comes to lenders, but at The Young Team, we confidently endorse Sean Hadley from Cross Country Mortgage. We encourage all our buyers to begin their home buying journey with the pre-approval process. If you are interested in learning how much home you can afford.
2. Research Your Desired Area/Neighborhood:
One key consideration often overlooked is deciding what neighborhood you want to be in. If you are going on your home search alone, we recommend narrowing down to 3-4 suburbs you are interested in and research the characteristics of each to understand which will best suit your budget and lifestyle.
If you’re unsure about which neighborhood is the best fit for you, we highly recommend reaching out to our knowledgeable team of real estate consultants. With a combined experience of two decades in serving Northeast Ohio, they possess unparalleled expertise in understanding Cleveland suburbs beyond what a mere internet search can provide.
Let us guide you in your quest for finding the perfect place to call home. Their expertise will guide you in making an informed choice aligned with your preferences and financial considerations.
3. Partnering with an Experienced Realtor:
The importance of a seasoned realtor cannot be overstated, especially for those navigating the home-buying process for the first time. An experienced realtor brings invaluable knowledge to the table, guiding you through the entire process and ensuring you are well-informed.
The collaboration with a professional Real Estate Agent who can educate you and mitigate potential surprises is key to make your home-buying journey smoother and more rewarding.
- Seek recommendations from friends, neighbors, or relatives who have had positive experiences with agents.
- Utilize online resources, including social media and reviews, to identify local, active, and experienced agents.
- Consider working with a Real Estate team who counts with specialized professionals for each step of the buying process.
- Read google reviews to understand what other people’s experience is working with them
4. Budgeting for Closing Costs:
If you decide to partner with a Real Estate agent, they are trained to perform all the closing process on your new home and make a seamless transition for you.
According to the expertise of Cross Country Mortgage, for the Greater Cleveland Area, the average cost of the entire closing process typically ranges from $5,000 to $12,500 when the sale price of a home is $250,000.
“In most cases, the buyer is responsible for closing costs, but this will vary depending on the agreement with the seller. That’s why it’s essential to factor the purchase price into closing costs, the home loan amount, and the other expenses when considering buying a home.”Cross Country Mortgage
Keep in mind that you can always negotiate with the seller the closing costs. That’s why we advise you to partner with a Real Estate Team, that assure you the best deal.
The Young Team is recognized as the premier real estate team in Northeast Ohio, known for its established reputation and top-producing agents.
5. Staying Optimistic Throughout the Process:
The home-buying process can undoubtedly be stressful, with moments of disappointment when a desired property slips through your fingers. However, maintaining a positive mindset is crucial.
With the right Real Estate Agent by your side and a resilient outlook, each setback becomes an opportunity for future success.
Embrace the journey, learn from every experience, and trust that the perfect home is waiting for you.
- As you navigate the decision of hiring a real estate agent, remember that the home-selling process is not just a transaction; it’s a journey.
- By integrating these essential tips and appreciations into your approach, you’re not only making a wise decision for your current home but also setting the stage for a smoother, more informed home-buying experience in the future.
- We recommend a well-thought-out budget to set the foundation for a successful and stress-free transaction.
- Trust the process, stay informed, and let the expertise of a seasoned realtor guide you toward your next home.
THE YOUNG TEAM OFFERS:
All our valuable assets when it comes find you the perfect home:
- Experienced Agents: Specialized in hyper-local markets & negotiations
- Showing Partner: Ensures you never miss touring a house you want to see
- Detailed Operations Team: Provides support and transparency throughout the closing processes.
You don’t want to miss out on the chance to find your dream home in Cleveland!