Philadelphia/New Jersey HOME BUYER'S GUIDE
Are you considering buying a home in the Philadelphia? Or New Jersey?
Purchasing a home is a great investment and a huge milestone in your life. While the home buying process can be incredibly exciting, it can also be challenging. An experienced real estate agent can guide you through the steps and make the process as streamlined as possible.
There are many things to take into consideration when buying a home in the Durham Region. This guide covers everything you need to know about buying a home from what criteria to look for, financing, closing and more.
Whether you're a first-time home buyer or have bought houses before, these tips and resources can help take some of the stress out of buying a home.
Looking to Buy a Home in the Durham Region?
This comprehensive guide will give you the knowledge you need to avoid costly mistakes when it comes to buying a home. The REMAX 2000 Team of local real estate experts have the expertise and experience to guide you through every step of the home buying process.
We can help you find your dream home in Philadelphia, Bucks County, Montgomery County, New Jersey, and any neighborhood within them. Register with us to get all the latest Philadelphia and New Jersey real estate listings.
How a Real Estate Agent Can Help With Your Home Search
Searching for a new home may seem easy enough. After all, there are thousands of listings available online. However, searching for homes on your own can be tricky, especially in a hot seller’s market. An experienced real estate agent can help you navigate the market and find the best deals.
Our local real estate agents have in-depth knowledge of the communities in both Philadelphia and New Jersey, comparative sales statistics, and market trends. We have access to the latest listings and can help you negotiate the best possible deals.
We make it easy for you to narrow down your search to properties that fit your criteria so that you don’t waste time on properties that are ill-suited to your lifestyle or way out of your budget.
Our real estate agents will work closely with you to understand your specific needs and help you find your dream home. We can negotiate on your behalf, take care of the paperwork, and make the entire process run smoothly from start to finish.
These are just a few things a local real estate agent can do to help you with the home buying process:
- Give you insider information on various neighborhoods in the Durham Region
- Advise you on school districts, commute times, etc.
- Help you determine your budget and additional costs
- Provide access to the latest real estate listings
- Connect you to sellers who have properties that suit your needs
- Arrange showings and attend open houses with you
- Advise you on financing and point you towards reputable lenders
- Negotiate on your behalf
- Arrange home inspections and appraisals
- Take care of the paperwork and closing tasks
How to Prepare For Buying a New Home
Before you even begin looking for homes for sale, it is important to determine your budget. How much can you afford for your down payment? How much can you comfortably afford to pay each month in mortgage payments?
A mortgage calculator can give you a good idea of how much your monthly payments will be depending on the size of your down payment. In general, you don’t want to be paying more than 30 percent of your monthly income on mortgage payments.
It is important to keep in mind that there are additional costs associated with buying a home including a home inspection, home insurance, lawyer’s fees, and property taxes. A real estate agent can help you determine what those fees may be.
What is a Mortgage Pre-qualification?
A mortgage pre-qualification can also give you an idea of how much money you can borrow to buy your new home. This involves having a lender do a basic assessment of your finances including your income, debts, and assets. If you qualify, they will provide you with a pre-approval letter.
Being pre-approved for a loan can give you an advantage over other potential home buyers. Not only does it show a seller that you’re serious about buying a home, but it can also make the closing process go faster because you will already have that paperwork in order.
Is a Home Inspection Necessary?
A home inspection may seem like an additional expense that you can do without, but we highly recommend that every home buyer arrange a home inspection before closing on a home. This is the only way to truly know whether your potential new home is safe and liveable.
The typical cost of a home inspection in Philadelphia and New Jersey can range anywhere between $400 to $800. That may seem like a lot, but home repairs can be far more costly. A home inspection will let you know if there are any existing problems or potential for issues in the future.
A professional home inspector can assess the structure and systems of a home to make sure everything is functioning as it should. They can alert you to any issues so that you can decide whether you want to accept the contract as is or negotiate with the owner to have them make the repairs or adjust the price accordingly.
How to Close on a Home
Once you find a home that you want to buy, there are a few steps to close the deal. First you will need to submit an offer to the seller. A real estate agent can draw up the paperwork and go over it with you beforehand. The seller will then have a few days to either accept or reject the offer or make a counter offer.
If the seller agrees to your offer, you will have to make a deposit that is held in escrow. You can also schedule a home inspection and request a title search and title insurance to make sure the property belongs to the seller and to protect yourself against any issues such as unpaid property taxes. A real estate lawyer can help with this.
If everything is fine with the house, you can finalize the purchase agreement, apply for your mortgage, and order an appraisal for the mortgage lender. Once all the paperwork is in order, you can transfer ownership and move into your home on the pre-decided move-in date.
Closing on a home can be time consuming and involve a lot of paperwork. Our meticulous real estate agents help guide you through the process, draw up the documents you need, and submit them on your behalf. We’ll make sure everything is in order so that the process runs as quickly and efficiently as possible.
Questions to Ask When Buying a Home in Philly/NJ
Whether you’re a first-time home buyer, or have previous experience buying a home, there are a few things to take into consideration throughout the process. These are some questions you can ask yourself and your realtor.
- What are my non-negotiable needs and wants for a new home?
- How much can I afford to pay up front and monthly?
- Will I be able to get approved for a loan?
- What area do I want to live in?
- How far am I willing to commute?
- Is my Realtor® an expert on the area?
- How much experience does my Realtor® have?
- What are the terms of the contract?
- Does my potential new home have any problems or need repairs?
Do you have questions about buying a home in Philadelphia or New Jersey? Our agents are here to help. Contact us online or call 215-698-2000 to speak to one of our real estate professionals today!