Buying a home requires a lot of time and effort. It's easy to get overwhelmed with the process you have to go through.
Buying a home in Lewisburg, West Virginia involves a series of processes:
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Get pre-approved for a mortgage loan.
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Decide what kind of house you would like.
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Find an experienced real estate agent.
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Conduct home inspection and appraisal.
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Close the deal.
This article will talk about each step in detail.
1. Get pre-approved for a mortgage loan.
The first step in buying your Lewisburg home is to make sure you are confident enough with your financial stability. Knowing if you’re ready to get a new house is easy. Chop off the portion of your regular income that you think you can shell out for mortgage. Then see if that is more than the median home value in the area.
West Virginia, by the way, has the lowest median home value throughout the US. You will not have a hard time finding a beautiful Lewisburg home you can afford. The next step is to secure the money to finance it. This is not just about making sure you have money for downpayment but also the regular income to sustain the mortgage costs.
This is where getting pre-approved for a loan comes into play. Most homebuyers do not have enough cash on hand to pay for the full price of the home. 97% of home sales involve a mortgage loan. Unless you are able to pay for the house full price upon closing, a lender’s approval is necessary. Lenders usually require good credit and a steady income that’s more than the monthly mortgage payment.
2. Decide what kind of house you would like.
The home buying process is quite like grocery shopping. Most of us write down everything we need to buy before heading out to the nearest grocery store. Doing this helps us stick to our budget and make sure we won't be missing anything. The same is true with buying a house in Lewisburg. Listing your dream home must-haves helps you figure out your budget. And it quickly narrows down where you want to search too.
There are going to be some general details you'll likely want in your home. These may include a spacious kitchen, a certain number of bedrooms, or an excellent patio view. You can make it more specific, but make sure to avoid things that don't matter. These are things you can live without or change once you get the property. The bathroom fixtures' color isn't as necessary as having enough ventilation.
3. Find an experienced Lewisburg, WV real estate agent.
Consulting a professional is crucial for the homebuying process. A realtor will make the homebuying process more manageable for you. They have a wide network and know where the best deals are. They have the best recommendations when it comes to Lewisburg WV homes that match your preference and budget. A local expert is going to be your best resource!
Many home buyers dislike the paperwork and negotiations home buying entails. Inevitably, it is a necessary piece for any real estate transaction. Having a professional to help you with these makes things less tedious. It's also part of making sure everything is going the way it is supposed to. A trait to look for in your real estate agent is a good track record. Check the realtor’s sold listings and the feedback of his or her clients. It's easier to trust someone who is proven to be good at what they do.
When seeking an agent, finding the best one shouldn't be a matter of cost, given that the seller will most likely pay their commission fees. Lewisburg WV is one of the best places to buy a home. Without the help of an expert, you might jeopardize the entire transaction.
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4. Conduct home inspection and appraisal.
A home appraisal determines the home's value. On the other hand, a home inspection determines the condition of the house. They benefit you because they ensure that the home is worth what you'll be paying and that is it safe.
Conducting an appraisal and inspection helps you feel secure in your decision to buy the house or walk away from the deal. The appraisal is done by the mortgage company. The appraisal and home inspection costs are usually shouldered by the buyer. However, there are times when a seller could choose to pay for either or both of these costs.
A home appraisal determines the value of the home you're planning to buy based on several factors including the home's features, the current market, and the sales of similar homes in the area. It is done by a qualified appraiser, sent by the mortgage company. Getting pre-approved shows sellers that you won't have trouble financing. As a result, you have a higher chance of scoring your dream home just in case you have competitors for the property. An appraiser checks comparable home prices, lot size, and home features. The lender approving the mortgage will use these findings.
A home inspector will examine if the home you're planning to buy is up to code standards. He will also determine if there are health and safety hazards, major mechanical issues, or structural defects in your home. It will help you decide if the Lewisburg WV home you're eyeing is really for you.
5. Close the deal.
You might think this will be the easiest part of buying a home in Lewisburg, WV. Most homebuyers think of this part as signing a one-page document. Some may imagine taking pictures while holding the key to their new house. The closing process is straightforward, but there are many associated costs and paperwork that come with closing on a home.
During the closing, all necessary parties should be present, and their identity should be verified. Other requirements include finalized documents, financial calculations, and adjustments. The home buyer typically pays fees to record the deed and the mortgage. Expenses also include escrow fees and title fees.
Looking at these requirements and expenses might overwhelm you. The steps in closing the home sale may not be that easy after all. Real estate agents know that buying real estate can get very complicated. But it boils down to one word: expertise. If you need an expert in finding the best Lewisburg WV home for you, call me, Rebecca Gaujot, at 304-520-2133.
