Thinking about buying a home? Here's a basic checklist of what a first-time homebuyer in Austin, Texas will go through on this exciting journey:
- Assess your finances
- Get Pre-Approved
- Start your Search with your REALTOR®
- Make an offer, negotiate
- Get the inspection, appraisal, title, and due diligence
- Transfer utilities, mailing address changes etc.
- Sign paperwork at Closing
- Get the keys
- Move in!
- Enjoy your new home 💜
Sounds good. Even obvious, right? But of course some of this stuff is easier said than done. What do these tips look like in practice, in real life? We've been a part of hundreds of real estate transactions, so we've got a basic starter list. Take whatever ideas, motivation, and inspiration you can from these tips.
1. Assess your finances.
The first step involves assessing your finances to ensure you’re financially ready for homeownership. This means taking into account your income, debt-to-income ratio, credit score, and a down payment. You’ll also need to factor in closing costs, insurance, and other expenses associated with owning a home.
2. Get pre-approved.
Once you have a good idea of how much you can afford, it’s time to get pre-approved for a mortgage. This will give you an idea of how much money you can borrow and will also make you a more attractive buyer in the eyes of sellers. We have an extensive list of Lenders we know, trust, and recommend, and would be happy to connect you if you need an introduction.
3. Start your search.
Now that you’re pre-approved, it’s time to start your search for the perfect home. Joe & Cara Keenan will set you up with a customized search based on your individual needs. You'll look at listings online, attend open houses, and consult with your agents to find the right home for you.
4. Make an offer, negotiate
Your REALTORS®, Joe and Cara, will work with you to determine the most competitive offer for the home you're interested in. They'll have some documents and contracts for you to sign, then for the seller's side. Once the offer is accepted and all docs signed, you're officially "under contract" which starts the next phase of the process.
5. Get the Inspection, Appraisal, Title, and Due Diligence
Once you’ve made an offer and it’s been accepted, it’s time to move into the inspection, appraisal, title, and due diligence phase. This includes -among other things- hiring a home inspector to check for any issues, getting a home appraised to determine its value, and ensuring there are no title issues. Don't worry, we have a stellar Transaction Coordinator on our team who will hold your hand through this whole phase, making sure no important dates or checkpoints are missed.
6. Transfer Utilities, Mailing Address Changes, etc.
It’s time to transfer utilities and change your address through USPS, and set up forwarding mail from your previous address. This is an important step to ensure that your home is ready to move into.
7. Sign Paperwork at Closing
The next step is signing paperwork at closing. This is when you officially become a homeowner. You’ll need to sign the paperwork for the mortgage, as well as any other documents associated with the home purchase.
9. Get the Keys
After the paperwork has been signed, the mortgage is funded, and closing is over, it’s time to get the keys! This is a momentous occasion and you’ll want to take pictures to commemorate the event.
9. Move In!
Now it’s time to move into your new home! This can be an overwhelming process, but with a little bit of planning and organization, you’ll be settled in no time.
10. Enjoy Your New Home
Now that you’ve moved in, it’s time to enjoy your new home! This is the perfect time to start making memories with family and friends.
Homeownership is a big step and it requires time and effort. Taking the time to go through the 10 steps of homeownership will help ensure that you have a smooth and successful experience. Enjoy your new home and all the wonderful memories to come!
Drop us a message if you're thinking about buying a home in Austin, Texas. Even if you're months - or years - away, we want to help!
