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Mike & Mary Gladchun
MikeAndMary@Gladchun.com
734-358-0700

Steps to Buying a Home

viewing homes for sale in plymouthWhether you’re buying your first home or your tenth, it’s always a good idea to review all the steps to buying a home before you jump right in. So, here they are—all the steps you need to know for buying a home!

Step 1: Figure Out What You Can Afford

Determine what you’ll be able to afford per month, as well as what you can put down as a down payment. Keep in mind additional costs like closing costs, fees, homeowners insurance, and taxes will all add to the overall costs. Be sure to check your credit score, and keep in mind that just because you don’t have a traditional 20% down payment, doesn’t mean you can’t buy a home!

Step 2: Shop for a Loan & Get Preapproved

Finding a trustworthy lender and determining what type of loan you’ll qualify for will help you figure out how much home you can actually afford. Get recommendations, check with the Better Business Bureau, and be sure to talk to at least 3 or 4 lenders before making a decision.

Step 3: Find Out What Homes are Selling For

meet with your lenderIf you have an idea of what location or neighborhoods you’re interested in, determine the actual selling price of homes in that location—not just their list price. This will help you figure out whether certain areas or neighborhoods are within your price range. Have a particular neighborhood you’d like to check? Request your neighborhood sold report here!

Step 4: Find an Agent

You don’t have to work with an agent—but it is extremely recommended unless you are an experienced buyer or lawyer. Your agent should be someone you know you can trust, an expert on real estate in your area and neighborhood, and experienced in working with buyers of your experience.

Step 5: Find Your Home

house shopping in plymouthThis is the fun part, where you get to visit open houses, tour homes, make notes, and really hone in on your perfect dream home! Make sure you keep detailed records of the homes you visit, noting things you liked, didn’t like, pros and cons, etc. Taking pictures can also help keep your memory fresh.

Step 6: Make an Offer

Work with your agent to determine a competitive but reasonable offer price. You’ll want to choose a price that is comfortably within your price range, but also won’t cause the seller to immediately reject your offer, and can compete with any other offers the seller might receive.

Step 7: Get an Inspection

Make sure you’re getting your money’s worth! Ask your realtor to recommend a trusted home inspector to walk through your home and check for any potential defects or problems. If necessary, you can request that the seller fix any issues or problems you find.

Step 8: Review Your Contract

your new home in cantonBefore you sign any paperwork, it’s important that you carefully read over the contract with your agent or lawyer to ensure there are contingencies—that is, if something falls through with your mortgage, you aren’t still obligated to buy the home.

Step 9: Finalize Your Mortgage Approval

Work with your chosen lender to submit your mortgage application, review predicted closing costs, and have your home appraised. Common closing costs include attorney fees, title insurance, appraisal fee, home inspection, courier fees, government recording fee, and transfer taxes.

Step 10: Close & Pay

It’s time to close! Meet with your agent, lender, and the seller to finalize the paperwork, sign your contracts, and pay your down payment and closing costs. Finally—the keys to your new home!

Still Have Questions or Ready to Get Started?

If you’re thinking of buying a home in Plymouth, Novi, Northville, or Canton, MI, then it’s time to contact Mike & Mary. We’re your local real estate experts, and not only can we answer all your buying questions, we can help connect you with the resources you need to make an informed decision so you’re sure to find your dream home at just the right price.

Plymouth & Canton Real Estate Resources


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