Homebuyer's Dream Team - Steps to Buying a Winston-Salem Home

Homebuyer's dream team

A journey from the spot you're standing in right now to your Winston-Salem dream home is not linear. It can be quite a bumpy road, and each step needs to be well thought out. As in every adventure, you'll need a travel buddy to help you on the way. The old saying goes, ''the more, the merrier,'' and we couldn't agree more - at least in this case. There are many steps to buying a home. To complete each step in the best way possible, you'll need to gather a dream team of professionals—the homebuyer’s dream team. Let's start from the beginning.

The first step - take care of your budget

It's nice to daydream about a lot of magical options, and we all do it. But, when it comes to actually buying a Winston-Salem area home, your budget decides the range and variety of options you'll get. So, whether you're looking for a luxury home or you're a first time homebuyer, the first thing you need to do is take a good look at your financial situation and set a minimal and maximal budget for the purchase. Make sure to take into account three major expenses:

• Property purchase
• Buying furniture
• Paying professional help in different stages of the process

Having reliable and experienced real estate professionals by your side can help you reach your goal. But it comes with a price. So, make sure to take all that into account.

Further, never apply for new credit lines during your home hunt for a car purchase or even furniture for your new home.  This could affect your credit score or important housing and/or “income to debt” ratios that could prevent you from qualifying for the mortgage.

People often forget the crucial ''after-purchase'' part, which is moving to your new Winston-Salem home. Many end up with unreliable and inexperienced companies that make the whole process harder. So, experts at Allstate Moving and Storage suggest that it's crucial to decide on that part too, and include moving expenses into the initial plan.

 

One of the first steps to buying a home is setting up a budget

 

Finding a good real estate agent is one of the most important steps to buying a home

When purchasing or selling a house, real estate professionals are invaluable allies. Information about houses and localities that real estate people know is invaluable because it is not widely available to the general public. Their expertise in the home buying process, the local real estate market, negotiating skills, and familiarity with the Winston-Salem area may be highly beneficial.

The greatest part is that using an agent typically won't cost you anything out of pocket since sellers usually pay them. But, if you want someone to guide you through the whole process, from picking a neighborhood to all the little details, make sure to contact reputable agents and get a highly sought and valuable member of your homebuyer dream team.

A Mortgage Broker is crucial for your Home Buyer Dream Team

Getting prequalified for a mortgage is the first step in the home buying process. You may become prequalified with your mortgage professional after providing basic financial details like your annual salary and the sum you have stashed away in savings and investments. After reviewing this data, the lender will determine the maximum loan amount you can qualify for.

This will provide a ballpark estimate of the cost of the houses you should be considering. Later, you may be pre-approved for the mortgage, which requires supplying your financial documentation, such as W-2 records, salary stubs, and bank account statements, so your lender can verify your financial condition and credit.

The process begins and ends with a good real estate agent

 

Inspect and reflect

A home inspection is a standard contingency in purchase offers. You can use it to uncover issues with the building's structure or other potential maintenance issues. Within a few days of the seller accepting your offer, your real estate agent will assist you in setting up this inspection. If the inspection reveals serious flaws, you'll have the option to either renegotiate the terms of your offer or back out of the deal entirely without any repercussions.

Welcome inspectors to your team

The home inspector will provide a written report to both you and the seller. You'll have the opportunity to negotiate any necessary repairs with the seller prior to finalizing the deal. You will have an opportunity to see the home one more time before the transaction closes to make sure all agreed-upon repairs have been completed.

Next stop - lenders

Lenders provide a variety of loans at reasonable rates and are known for their helpful customer service. If you want to make the process of buying a house less stressful, having a mortgage broker who is quick to respond to your queries is essential.

When it comes to selecting a mortgage, every prospective buyer has unique considerations. Some people would want to pay as little as possible each month. Others only want to be sure that their regular payments remain the same forever. On the other hand, some people choose a loan that corresponds to the fact that they will be moving again within a few years, while others have no idea how long they will be in one place. For active military and veterans, there are excellent VA loan opportunities. So, it's important to pick a good lender to help you decide which loan suits you the best.

Don't skip home value estimation

Appraisals are not only crucial for divorce or estate settlements, but they are paramount when buying a new home with a mortgage. Your lender will in most cases need an independent appraisal of the property's worth before approving your loan. The lender orders the appraisal for the buyer as the appraiser works for a separate firm from the lending institution. If the appraisal comes in at a reasonable amount, then you can be confident that the transaction is being conducted at a level playing field. 

Final thoughts

 

There are a lot of important steps to buying a home. There are also little things and details to consider that we didn't mention in this article (in order to be concise and highlight the most important things). But, if you decide to take our advice and take all of these professionals to be a part of your dream team, they'll explain all the little catches to you. You'll be sure you didn't miss anything in the process. As a result, you'll get your dream home in a more straightforward way and be ready to sail into your new life carefree.

Free Book Offer from the Green Team Realtors - Home Buying Guide

Tony and Kim Green, broker/owners of Green Haven Realty have authored a book to help you through the home buying process.  They want to offer you the digital version of the book for free.  You'll discover the strategies savvy home buyers use to save thousands on their home purchase.  Just click the link below. 

The Complete Home Buying Guide

Kim and Tony's passion is helping buyers, sellers and investors with their real estate needs.  When you are ready to put your Winston-Salem Homebuying Dream Team together, consider Kim and Tony.  Learn more about them and what they can offer you at Rlty.pro. Or you can call/text them at 336.701.2891 when you're ready to add them to your dream team.  They're here to help!