Tips For Buying a Home in Hampden
You are sick of renting, and you are ready to purchase a home in Hampden! At Blue Star Real Estate, we have put together a brief overview of the entire process, to help ensure that buying a home in Hampden is quick, easy, and the best decision you could have made! Here are our 7 tips for buying a home in Hampden!
Tips for Buying a Home in Hampden
1. Get preapproved first!
The best thing to do when starting your real estate search is to meet with your local agent and a mortgage broker to get preapproved for a mortgage. This will give you a much better idea of what type of home you can afford, and the price range you should be looking in. Not only that, but by getting preapproved first you are also showcasing to potential sellers that you are serious about moving, and are a qualified candidate. Please note that if you are an all-cash buyer, you do not need to be pre-approved for a mortgage. You will, however, need to present proof of funds when you submit a bid on a home.
2. Assemble your team
Buying a home in Hampden takes an entire team. It is always helpful to get friends and family members involved in the process. If they currently live in Hampden or have previously lived in Hampden, they might be able to help guide you regarding what streets to live on. You should also work with a licensed real estate professional who knows the area well. While having friends and family help you out during the process is nice, having a professional involved is even better! Finally, make sure to work with a mortgage broker or lender who has positive reviews online. By learning about other homebuyers experiences you will see whether the mortgage broker can help streamline the process for you.
3. Find a Property You Want to Buy
When buying a home in Hampden, make sure to visit as many open houses as you can. By touring different styles of homes you will begin to imagine yourself in each, and figure out what you like best. From there, your Baltimore Real Estate Agent can look for specific real estate listings in Hampden that not only fit your style, but also your budget. This part of the process can be long and tiresome, but trust us it pays off in the end!
4. Make an Offer
If you are buying a home in Hampden for the 1st time you may be reluctant to make an offer, don’t be! Remember nothing is final until the contract is signed by both parties! Making an offer on a home does not obligate you or the seller to anything! What will matter is making sure you come up with a well thought out offer strategy. When putting an offer in on ahome make sure to consider some of the following questions:
- How long will I stay in this home?
- Can I afford the payment on the home?
- Can I afford the payment if my spouse or partner cannot?
- What are the most important elements that I want in a home?
- Are these elements already existing in the home or can be easily added?
- Am I the ‘fixer-upper’ type?
- Am I ready to find the perfect home at this stage of my real estate search?
5. Inspection Time!
When buying a home in Hampden it is very important to get an inspection on the home. It is crucial that you do not skip this step! A licensed home inspector in Hampden will evaluate the structural and mechanical systems of the property including items such as the roof, boiler, plumbing, electrical, and structural elements. The purpose of the inspection is to protect you from buying a property that is flawed or overvalued. Most of the time, an inspection when buying a home in Hampden is not grounds for adjusting the price, but depending on what turns up in the home inspection you may want to renegotiate or reconsider before going into contract.
6. Get into contract
Once an agreement has been reached, the seller’s agent will draw up the deal sheet with all of the details, and draft a contract for you, your real estate agent, and your attorney. Once the buyer and seller both sign the document you are in-contract. At this point, the seller should stop entertaining other offers.
7. Closing Time
At the closing, the buyer, seller, lenders, and attorneys will all gather in one place with checkbooks and pens in hand! Each party will sign various paperwork spelling out the mortgage agreement and the transferring of ownership. The buyer at this time will also write checks for items such as the first mortgage payment, escrow items, and closing costs. Once this is complete start celebrating, you have completed buying a home in Hampden!
Homes for Sale in Hampden