Steps to Buying a Home
Your Step-by-Step Guide to Buying a Home in Plymouth
Whether you're a first-time buyer or an experienced investor, it's always a good idea to review all the steps that go into buying a home before you jump right in. Here's what to expect during every part of the buying process—and if you have any questions, you can always get in touch with us!
1. Figure out what you can afford
Before you even start browsing homes, sit down and figure out what you can afford. It's important to have enough saved up for a down payment (around 20% of a home's value, depending on your loan) and know how much you can afford to spend on your monthly mortgage payment. Additional fees, like closing costs, fees, homeowners insurance, and taxes, will add to the overall costs, too.
2. Shop for a loan and get pre-approved
Once you know how much you can afford, it's time to start shopping around for the right loan. You'll want to explore a variety of different lenders and loan options to find the right fit for your needs. Once you've made a decision, you should apply for pre-approval. To do this, you'll submit certain personal and financial documents to a lender, and they'll approve for you for a particular loan.
3. Do some neighborhood research
Real estate is all about location, location, location! Take some time to research your ideal town and neighborhood, and don't forget to check on how much homes are selling for in your preferred areas. This can help you figure out if a specific community is within your price range. If you need a little help, we'd be happy to put together a neighborhood sold report.
4. Find an agent
Your agent will serve as your main guide to the entire buying process, which means it's crucial to find the right person for the job. They should be someone you know you can trust, an expert on real estate in your area and neighborhood, and experienced in working with buyers in your price range. Don't be afraid to interview a few agents before settling on "the one"!
5. Start Searching!
This is the fun part of buying a home! Once you've found your loan, the right agent, and the perfect location, it's time to start actually touring listings. Make sure you keep detailed records of the homes you visit, note the things you liked and disliked, and take tons of pictures. Our handy search tool can help you get an idea of what's on the market in the Plymouth area, too.
6. Make an offer
Once you've settled on the perfect place, it's time to work with your agent to craft a competitive offer. 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. If there are multiple offers, be sure to offer your highest price up front.
7. Get an inspection
After your offer is accepted, it's time to do your due diligence. A home inspection can uncover any lingering problems or defects that you'll want to know before you buy. If necessary, you can request that the seller fix any issues or problems you find. They may also offer you a credit or reduce the price so you can make repairs on your own.
8. Review your contract
Before you sign any paperwork, take some time to carefully read over the contract with your agent or lawyer to ensure there are contingencies. That means if something falls through with your mortgage, you aren’t still obligated to buy the home.
9. Finalize your mortgage
Now it's time to formally submit your mortgage application to your lender. You should also review any upcoming closing costs and have your home appraised. Common closing costs include attorney fees, title insurance, appraisal fees, government recording fees, and transfer taxes.
10. Close, pay, and move!
Congrats—you've made it to the end! All that's left to do is attend your closing, sign some paperwork, make your down payment, and pick up your keys!
Have More Questions?
Don't worry—we have answers! Just reach out to us via phone, text, or email to learn more about the home buying process. We're always here to help with all of your Plymouth area real estate needs.
Want more information? Here are a few resources that we've curated for our buyers. Feel free to check them out and give us a call for additional info.