The housing market in Central Florida is flourishing! Properties are in high demand thanks to the increase in young families and older adults looking for a comfortable place to settle down. You, too, are at the point in your life when you’re ready to downsize and enjoy the luxuries that retirement has to offer. While you’ve likely purchased a property in the past, here’s a refresher to fully understand your timeframe when buying a home.
Get Pre-Approved for a Mortgage – 10 Days
Define your budget and appear as a serious buyer to sellers by getting a pre-approved mortgage. Pre-approval involves submitting financial details to potential lenders, who then assess your borrowing power. Gather all necessary documents in advance, such as proof of income, assets, and credit history. With the competitive edge of pre-approval, you’re more likely to find your dream home and expedite the process.
Choose a Real-Estate Broker – 2 Weeks
Dedicate around two weeks to find a broker that has an in-depth understanding of the Central Florida market, a proven track record, and ample knowledge of the communities, amenities, and local regulations of the area. You’ll also need a real estate broker in Central Florida who communicates transparently and responds promptly to your inquiries. With a respectful partnership, you will increase your chances of finding a home that suits each of your preferences.
Start Touring Properties – 1 to 4 Months
Touring different properties provides invaluable insights into what you can expect within your price range and helps you refine your preferences. It’s a tactile phase of the home-buying process where you can envision your future life in each home. The key to this step of the home-buying process is to remain patient. Avoid making quick decisions and give yourself as much time as you need to find the right property.
Make an Offer on a House – 1 Week
It’s time to make an offer if you’ve found a home with incredible charm that’s in your price range. Ideally, this will take no longer than one week.
The real estate broker will draft an offer letter based on the comparable homes in the area. After submitting the offer, prepare for negotiation. Sellers may counteroffer, and your broker will help reach a reasonable agreement.
Conduct a Home Inspection and Appraisal – 3 to 4 Weeks
A home inspection is a thorough examination of the property’s structure, systems, and overall condition. The licensed professional checks for defects like electrical problems, plumbing leaks, roof condition, and foundation integrity.
An independent appraiser conducts the appraisal to determine the home’s fair market value. Anyone financing their home must have an appraisal because lenders must confirm that the loan amount doesn’t exceed the property’s value.
Close on Your New Home – 1 Day
Your timeframe when buying a home is finally coming to an end! On this day, ownership will finally transfer into your hands. You’re responsible for signing various legal documents that the real estate broker will help you to fully comprehend. Some of the items will include closing disclosure, a mortgage note, deed of trust, and the deed to the house.
Next, it’s time to settle any closing costs including appraisal fees and title insurance. Once you sign all documents and pay all the necessary fees, you’ll receive the keys to your new home!
