There is more involved with buying a home than going on tours and signing paperwork. From securing finances to hiring a real estate attorney and realtor, it’s crucial to prepare for this major life milestone. If you’re planning on a buying a home, here are a few tips to help you get ready.
3 Steps to Take Before Buying a Home
1. Determine What You Can Afford
Before you go shopping for a home, it’s important to know what you can and cannot afford. Some of the factors to consider include a 20% down payment, closing costs, and homeowners insurance. When creating a budget, account for all of your income and expenses, but keep in mind that your mortgage should not exceed 30% of your household income.
2. Get Pre-Approved for a Mortgage
Getting pre-approved for a mortgage offers a number of benefits. It shows home sellers that you’re a serious buyer, streamlines the buying process, and gives you a definitive amount of what you can afford. Shop around to various lenders to determine the best interest rates, rather than settling on the first lender you speak with.
3. Hire a Real Estate Attorney to Look Over the Contracts
Once a seller accepts your offer on their home, the next step is to draw up and finalize the contract. Having a real estate attorney in your corner to look over the contracts can save you from making a number of costly mistakes. The contract will outline details such as selling price, the condition of the home, what type of fixtures and appliances will be left, and any repairs required of the seller.
If you’re seeking a real estate attorney in Honolulu, HI, turn to the team at Hawaii Convey. With more than 33 years of experience, the premier boutique law firm offers top-notch real estate law services to clients throughout Oahu. Their real estate attorneys handle everything from deed preparation to land document reviews and estate planning. Give them a call today at (808) 792-8777 to schedule a consultation with an attorney or visit them online for more information about their list of services.