Steps to Buying a Home in Metro Detroit
Thinking of buying a home in the Metro Detroit area?
If you haven’t bought a home in a while, or if this is your first time buying a home, it’s a good idea to start out slowly, give yourself some time to plan and prepare for what’s ahead. Here’s what you can expect—step by step—when you buy a home in Metro Detroit.
Step 1: Budget
Figuring out what you can actually afford—and planning out a monthly budget for it—can establish good spending habits and make the transition easier when you actually have a mortgage to worry about every month. Plus, it will give you a better idea of what sizes, styles, and homes you’ll be searching for.
Step 2: Get Preapproved
A mortgage is essential for most home buyers, so determining how much you’ll qualify for (and confirming that you will actually qualify for a mortgage) are an important step to take before you invest time or effort into searching for homes.
Step 3: Find Your Location
You’ve probably already determined a rough area that you’ll be searching, now it’s time to narrow down your search a bit. Spend some time deciding what features and amenities are important to you (do you need to be near good schools, or is it more important that you’re within easy reach of entertainment?). It may also be beneficial to see what homes in some of your preferred locations are selling for, to ensure they fit into your budget.
Step 4: Find an Agent
It’s crucial that you find an agent that you trust to understand your needs, be easily-accessible and communicative, and of course, have plenty of expertise and experience in your area. You will probably want to speak to a few local agents about their credentials and services.
Step 5: Start Searching
This is the fun part, where you get to really narrow down your search by determining what features are most important to you, searching and saving homes online, and going to visit them in person.
Step 6: Make an Offer
Work with your agent to determine a competitive asking price that fits comfortably into your budget.
Step 7: Get an Inspection
Before you sign any paperwork, make sure you have the house inspected to make sure there aren’t any underlying problems that aren’t visible at first-glance.
Step 8: Review & Finalize
Review your buying contract with your agent to be sure there are contingencies, meaning that if something falls through, you aren’t still required to buy the house. Then, visit your lender to submit your mortgage application, review predicted closing costs, and have your home appraised.
Step 9: Close!
Meet with your agent, lender, and the seller to sign the paperwork, make your down payment, and pay your closing costs.
Ready to Get Started Buying Your Home in Metro Detroit?
Ready to find your dream home in one of the beautiful suburbs of Detroit? There are so many outstanding options from which to choose, you’re sure to find the perfect home in just the right community. Want to know more about life in Metro Detroit or buying a home here? Just contact CB Preferred and let’s get started.