8 Things You Should Do When Purchasing A New Home

Purchasing a new home is an exciting time for your family. Whether it’s your first time buying a new house, upgrading, downsizing, or relocating, you should take these 8 things into consideration.

1. Prepare financially and emotionally.
Money in the bank and a decent credit score are the obvious must haves when you’re preparing to buy a new house, but are you emotionally ready? Finding your dream home in the perfect neighborhood is so exciting, but the process of getting under contract and closing can be a nightmare if you don’t have the right team in place.

2. Find the right team.
If you’re purchasing a new house in McKinney, then you might not look for an agent who specializes in the Forney market. The Forney agent is probably great at her job. However, you’re going to get more value from the McKinney agent who is familiar with the market, neighborhoods, schools, and local businesses. A great real estate agent will guide you to the areas that fit your family’s want and needs.

Interview multiple realtors and ask them about their relationships with residential mortgage lenders, home appraisers, home inspectors, home insurance agents, and title officers. Securing a winning team dedicated to getting you the best rates will take the emotional stress out of your home purchase excitement.

3. Nail down your home requirements for your realtor.
You and your family should be on the same page when you’re actively buying a new home. Realtors can show you houses all day long; but if what you’re looking at doesn’t suit your needs, then you’re wasting time. Make a list of needs and wants to simplify your new home purchase process. This list will help determine if a home is the right fit for you.

4. Finding the right fit.
Do you have a young family with elementary age kids? You’ll likely stay in your home for several years and possibly grow your family. If you have teenagers heading to college, then you might stay in your home for a few years and downsize when they leave the nest. Both scenarios require your home purchase team to evaluate your home size and value projections.

Do you commute? Your new home’s location may be close to Sam Rayburn Tollway or North Dallas Tollway. You’ll be able to narrow down communities and neighborhoods pretty quick.

What type of house feels like home for you and your family? The style, age, and condition of the house will give these answers. Home upgrades are a great perk, but you can always tackle that project to add personal touches after closing.

While these questions seem easy to answer, they describe how your new home search should start.

5. Look at the home’s history.
Once you’ve found your dream home, it’s time to look at the nitty gritty. This is where your home purchase dream team should take over. Your realtor, home inspector, appraiser, lender, insurance agent, and title officer will find all the details from when the slab was poured. You should be aware of any claims and repairs made on the home. It’s important to double check that all previous or damages and conducive conditions are evaluated. You need to know what to expect. The homeowners insurance policy won’t pass through underwriting without documentation of repairs for all claims. The bank won’t back the property if it’s in bad condition or has extensive damages. If anything less than stellar pops up, your team will work out the details and make sure moving forward is in your best interest.

6. Get ready to close.
The team’s busy working behind the scenes, and probably asking you for everything other than a blood and hair sample. Unless you’re also getting a new life insurance policy, in which case you’ll probably give a blood sample too. The loan officer will get the signed purchase offer, home inspections, origination and underwriting, appraisal, title and homeowners insurance, loan approval, and closing notice and disclosures.

7. The final walk-through.
Your final walk-through is just as important as your first walk-through. Confirm that all repairs have been made and all electrical components are working. You will look at the HVAC, water heater, plumbing, and appliances. If there are any new damages or other unexpected problems, then you still have time to ask the seller for an explanation to make it right.

8. The keys are yours.
At closing, you will sign your life away on more documents you can count. The documents are to protect you and the bank, as well as outline your obligations. Amongst many disclosures, you will sign the initial escrow disclosure that describes the amount of each escrow item including property taxes, homeowners insurance, PMI, and HOA dues.

Congratulations, you made it through your home purchase! Hopefully your real estate agent, loan officer, title officer, and insurance agent team has made the process enjoyable and painless.

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Paine Insurance Group
3400 Eldorado Parkway, Suite 4
McKinney, TX 75070

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