Homeownership can be an incredible accomplishment and milestone in your life. However, be forewarned that it might not be easy. The process is complicated and often comes with a few hurdles. Our research shows that around 25 percent of buyers and 20 percent of sellers are buying and selling homes for the first time and are unfamiliar with the process.
However, Paul Biagini has highlighted some steps below, on how you can make your goal a reality in buying or selling a home in Washingtonville, Orange County, NY.
STEP 1
Paul Biagini makes you understand that your expenses and getting preapproved make the transition from renting to buying a home have a significant impact on your monthly budget. That’s why you need to get your finances prepared before you buy a home Washingtonville. A common rule of thumb is that your monthly mortgage payment should not exceed about 30 percent of your monthly income. Before you begin the process of buying a new home, review your monthly income and expenses and decide if this percentage works for your household.
STEP 2
To buy a home in Washingtonville, Orange County, NY; First, you need to decide what type of home you want. Be mindful of your plans for the next five years. Do you plan on starting a family or would you be interested in renting out space in your home? There are some housing types to choose from to suit your individual needs, including:
- Single-Family
- Condominium
- Multifamily
- Fixer-Upper
STEP 3
Selecting a lender: Paul Biagini works with some qualified lenders that participate in Homebuyer programs. Contact him to see the list and select the lender that’s right for you!
STEP 4
When you found the right home, and you’re ready to make an offer. An offer is a legally binding commitment stating that you will buy the home for a specific price provided that certain terms and conditions are met. Once the seller accepts your offer, it must be signed both by you and the seller.
Do you need an attorney?
To protect your best interests, Paul Biagini recommends that you retain an attorney when purchasing your first home.
Purchase and Sale Agreement
It’s not over yet! After negotiations are settled, and your offer is accepted, a Purchase and Sale Agreement is written up by the broker. This document spells out the agreement in specific detail.
STEP 5
The Home Inspection – to know more about home inspection contact Paul Biagini or see the “Why you need Home Inspection” file.
STEP 6
The Closing Process: Excited about finally moving into your new home in Washingtonville, Orange County, NY? There’s just one more step left – the closing. Ownership is transferred to you from the seller and money is exchanged. It’s stressful, but your real estate agent and attorney will be there to guide you through the process.
What documents are signed at closing?
Contact Paul Biagini now to find out which standard forms are signed at closing. Remember to talk to your attorney about what the forms entail and be sure to question anything that is not clear.
Payments and Congratulations!
Payment and signing of documents make the closing process complete, and you have just purchased your first home in Washingtonville, Orange County, NY.
We hope that our step-by-step guide proved to be a helpful resource along the way
