A Step-by-Step Buyer's Guide
Everything You Need To Know About The Process Of Buying A New Home.
Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step buyer’s guide will help reduce the stress of buying a Milwaukee home for sale and help you enjoy the journey as much as possible.
Step 1: Research
Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This Milwaukee Buyer's Guide could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.
Step 2: Decide on Your Budget
Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.
Step 3: Get Prequalified
Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home for sale, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.
Step 3: Choose the Right Agent
Finding the right Realtor to assist in your home search is pivotal to a successful real estate experience. The best realtor for you is someone with extensive market knowledge and negotiation skills, who listens to your needs, understands your lifestyle, and respects your budget. Look for a Realtor with a proven track record of helping buyers navigate the complex process of finding a home, who comes highly recommended by past clients. An ideal agent should be a proactive communicator, offering clear, timely updates and insights throughout your search. They should also deeply understand the local market trends and have a strong network of contacts, including lenders, inspectors, and other professionals, to support you at every step. In essence, the best Realtor for you acts as a trusted advisor, guiding you to make informed decisions and find the perfect home that aligns with your dreams and requirements.