Buying a Home with Kristin Hawley Real Estate
Welcome to Your Real Estate Buyer's Guide
Whether you're a first-time home-buyer or a seasoned homeowner, this guide is designed to help you navigate buying a home. In this guide, you will find valuable tips, resources, and find out what working with Kristin may entail.
Buying a home
Step 1: Understanding Your Needs
Before you begin your search, clarify what you’re looking for:
- Location: Proximity to work, schools, or amenities.
- Type of Property: Single-family home, semi-detached, condo, townhouse, or investment property.
- Budget: Define your budget, factoring in mortgage pre-approval, down payment, and closing costs including legal fees, land-transfer tax, title insurance, etc.
- Must-Haves vs. Nice-to-Haves: Identify essential features (e.g., bedrooms, bathrooms) versus desirable ones (e.g., a pool or large backyard).
Step 2: Setting Your Budget
- Mortgage Pre-Approval: A mortgage pre-approval is a lender’s written estimate of how much you can borrow based on your finances. It shows sellers you're a serious buyer, strengthens your offers, and helps you understand your budget. It’s an essential first step in the homebuying process. You can get a mortgage pre-approval from banks, credit unions, mortgage brokers, or online lenders. Start by comparing rates and reviews, then apply online or in person. You'll need income, credit, and debt info. Good places to start: your current bank and trusted mortgage brokers, which I am happy to recommend!
- Costs to Consider:
- Down payment (typically 5–20%)
- Closing costs (2–5% of the home price)
- Property taxes, HOA fees, and maintenance
- Affordability Tips: Avoid maxing out your budget—leave room for unexpected expenses.
Step 3: Choosing a Real Estate Agent
With 10+ years in the business, I possess industry knowledge that goes beyond what's available to the general public. This specialized knowledge can help you find the right home at the best possible price, based on market trends and other factors. When you work with us, you get a team. I handle negotiations, strategy, and client relationships, while my assistant manages the behind-the-scenes details, communication, and marketing to keep everything running seamlessly. This team approach ensures nothing is missed and that you receive prompt, personalized service every step of the way!
Step 4: Starting Your Home Search
- Where to Search: Online listings, open houses, networking/work-of-mouth and through me!
- Viewing Properties: Once you're pre-approved, the fun can start! When viewing properties, consider structural integrity, layout, and potential for future resale value as well as the overall "feel" and whether you can visualize yourself in the home or not. While you're looking at the overall aesthetics of the home, I'll be looking at the nitty-gritty and will be sure to point out any potential issues or deficiencies (e.g. age of furnace, roof, windows, foundation, water damage, etc).
- Tip: Get update alerts that match what you are looking for (check out our page under "Buyers" to sign up for alerts!)
Step 5: Making an Offer
- How to Decide: Does the house fit your needs and your budget? If so, it may be time to write the offer! I'll walk you through the process, provide market insights to ensure you're not offering or paying too much and guide you through what terms and conditions to include to ensure you're fully protected.
- Writing a Competitive Offer:
- Price based on comparable sales.
- Include conditions (e.g., financing, home inspection).
- Be flexible with closing dates if needed.
- Negotiation Tips: Stay firm on your budget but open to compromise. You can negotiate on more than just the price.
Step 6: Navigating Inspections & Appraisals
- Home Inspection: During a home inspection, expect a detailed review of the home’s structure and systems. Watch for red flags like foundation cracks, mold, asbestos, roof damage, or outdated wiring. These can mean costly repairs. Use the report to negotiate or reconsider—inspections help ensure you're making a smart, informed purchase.
- Appraisal: An appraisal is required by lenders during a home purchase to confirm the property’s value matches the loan amount. It protects the lender from over-lending. Expect a licensed appraiser to assess the home’s condition, features, and recent sales nearby. If the appraisal is low, renegotiation or extra funds may be needed.
- Dealing with Issues: Renegotiate or request repairs, if needed. This is something I will guide you through if any issues arise.
Step 7: Finalizing Your Mortgage
- Work with your lender to secure financing.
- Understand interest rates, loan terms, and payment schedules. Ensure you're very clear on the expected closing costs including lawyers fees, land transfer tax, title insurance, title search fees, etc. You don't want any unexpected costs come closing day!
- Avoid major financial changes (e.g., new loans or credit card debt) before closing.
Step 8: Closing the Deal
- What Happens on Closing Day: Sign paperwork with the lawyer, pay closing costs, and get the keys.
- Documents to Review: Deed, title insurance, and final loan paperwork.
- Celebrate Your New Home!