If you are unfamiliar with how buying a home works, use this quick guide to learn more about the procedures, requirements, and developments involved in the process:
Buying a home: A step-by-step guide
- Organize your documents.
Prepare a “green file” of your documents and records. This must include your W-2s and tax returns covering at least the last two years, list of assets, credit card statements and records of other debts, and other financial statements.
- Get a mortgage pre-approval.
Based on your credit score and other financial information, lenders will evaluate how much mortgage they think you can afford and at what rates. This gives you a clearer idea of your actual spending power so you can set your buying expectations.
Do your homework. From reading online reviews and testimonials, to personally visiting the area and talking to long-time residents, learn as much as you can about the neighborhood/s that you may soon be moving into.
Most buyers these days start their home search online, but if you really want to get accurate, detailed information about a home or a neighborhood, you will want to talk to a seasoned local Realtor like our team at Thirty 4 North.
To save time and effort on viewings and open houses, narrow down your options to a list of top three properties.
- Offer and negotiate.
With the help of your Realtor, determine a compelling offer price and craft a strong offer letter. Provide contingency terms and express your willingness to negotiate toward a mutually agreeable sale price.
- Proceed with the due diligence period.
Once your offer has been accepted, your due diligence period begins. During due diligence, you will have the opportunity to order an appraisal, have a home inspection, conduct a title search, and other processes to be sure that the property is right for you.
- Close the sale.
Congratulations! It’s closing day! In North Carolina, you will officially become the homeowner once all funds have been received by the attorney and they have recorded the sale at the courthouse.
Important Things to Note When Buying a Waterfront Home
The coastal North Carolina region offers plenty of opportunities to own an oceanfront home. Buying these uniquely located and highly in-demand properties require more than just a larger mortgage. You must also consider factors such as:
Your intentions for buying
- Will the waterfront home be your permanent residence, or do you plan to use it as a secondary vacation home?
- Are you also considering renting it out?
Waterfront access and restrictions
- What activities are you or your tenants allowed to do with the property and immediate waterfront area?
- What types of upgrades and renovations are allowed?
The neighborhood vibe
- What is the local lifestyle like?
- What are your responsibilities as a waterfront property owner, according to neighborhood association guidelines (if any)?
Short-term protection and long-term maintenance
- Is the property structurally sound?
- What are the potential risks to the property’s structural integrity?
- What insurance options are applicable and available?
Work with reliable local real estate specialists for a smooth home purchase
Thirty4 North Properties Group is the name to trust when it comes to investing in Wilmington, NC real estate for sale. For more home buying advice, contact us today at 910.821.3510 or email us at info@Thirty4North.com.