How to Buy a Home in 5 Simple Steps

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Have you decided to buy a home in New Hampshire? The Granite State is a great place to retire or raise a family thanks to its low crime rate, beautiful scenery, and zero-percent sales tax. But deciding to move is just the first step. While buying a home may seem fairly straightforward, the process can be surprisingly overwhelming. It’s easy to wonder whether you’re doing everything correctly, especially if this is your first time buying a home. Thankfully, most home purchases follow a general set of steps that can guide you through the process. 

Find a Local Real Estate Agent

Once you determine where you want to live, the very next thing you should do is contact a local real estate brokerage like Atherton Real Estate Group. Buying a home involves coordinating many different people — brokers, inspectors, appraisers, and the seller’s agent, for example. Your real estate agent will guide your interactions with these individuals throughout the home buying process.

Your agent will also help you learn about your local market, find a home that aligns with your needs, negotiate on your behalf, and ensure all of your paperwork is completed correctly. Buying a home on your own is just not worth the stress or time involved.

Get Pre-Approved for a Mortgage

Don’t start looking at homes until you get pre-approved for a mortgage. Getting pre-approved for a mortgage will give you a ballpark idea of your home affordability so you can stick to listings that fit within your budget. At the same time, your mortgage pre-approval will show sellers that you’re serious about buying which could give them all the more reason to consider your offer. 

You have a few different home loan options to consider. Depending on your circumstances, you may be eligible for special government-backed loan programs that can help you qualify for a mortgage with a lower down payment or credit score. For example, PennyMac FHA loans are popular among first-time homebuyers because they have broad qualification requirements and flexible down payment options.

Create a Wish List

There’s just one more step to tackle before you can start touring homes. Thankfully, this step can be a lot of fun! Sit down with your family and come up with a wish list of all the features you want in your new home. Try to differentiate between wants and needs. For example, you may decide that a dishwasher is essential, but you could do without a fireplace. Consider key factors like the number of bedrooms and floors, backyard space, proximity to shops, and neighborhood amenities.

Search for Homes

As you tour homes, remember to keep an eye out for your wish list items. It’s easy to fall in love with a home featuring a beautiful view and luxury appliances, but if it doesn’t meet your needs, it’s better to move on than to compromise on the essentials. U.S. News also recommends looking for signs of water damage, faulty wiring, and cracks in the foundation. Be sure to ask key questions during your home tour to uncover information about maintenance and the age of key home components like the roof and electrical system.

Make an Offer

Making an offer on a home is a whole process of its own. You will work with your real estate agent to come up with a realistic offer price and compile an offer letter to send to the seller. As MintLife explains, a typical offer letter includes the offer price, down payment amount, closing costs, and your preferred closing date. Your offer letter may also include contingencies that establish conditions of the sale. For example, if you include a home inspection contingency in your offer, the seller must agree to a home inspection before closing the sale. Don’t worry, your real estate agent will walk you through all of this!

Buying a home is a huge commitment, so make sure you take your time and do everything right. Find a great real estate agent who can help you, apply for a mortgage pre-approval, and establish a home buying wish list before you even start looking at homes. By taking things one step at a time and doing your research, you can ensure a smooth and successful home purchase! Contact the Atherton Real Estate Group today to get the process started! Call 603-305-6073.