Buyer’s Guide

A STEP-BY-STEP FIRST TIME BUYER’S GUIDE

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 first time buyer’s guide created by me as your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

STEP 1: RESEARCH

Do you already know which location that you would like to purchase property in? 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 are unsure of any of these questions, now is the time to begin your research. While you are searching for homes that interest you, be sure to take note of any price changes. This 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 speaking with a lender. This likely includes doing a full household budget and taking into consideration which changes other than a mortgage payment will occur once you move into your new home.

STEP 3: GET PREQUALIFIED

Just because you think that you can afford a specific payment every month doesn’t mean the mortgage company will agree…. Before you get your heart set on a home, talk to a mortgage professional to find out which amount you can qualify for.

STEP 4: CHOOSE A REAL ESTATE AGENT

Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it may cost you nothing for an agent like me to take much of the stress off your shoulders? In addition to helping identify properties you might be interested in, arranging showings, and ultimately handling the offer process and legal documents, I also have knowledge of the market that you don’t possess. …… Let me show you around some homes that exceed your dream home criteria so that you can find the one that’s right for you.

STEP 5: FIND THE RIGHT HOME

This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

STEP 6: MAKE AN OFFER

Once you have selected the perfect home, we will work together to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.

STEP 7: HAVE THE HOME INSPECTED

In most cases, your offer will be contingent on having the home inspected to ensure that there are no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, we can renegotiate your offer based on what needs to be fixed, or you can withdraw it

STEP 8: SELECT YOUR LOAN

Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.

STEP 9: GET A HOME APPRAISAL

Your lender will have your new home appraised so that they have their independent value of it.

STEP 10: FINISH PAPERWORK

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by me as your REALTOR(c), your lender and title company and, when you’re finished, you’ll know that you are the legal owner of your new home.

CONGRATULATIONS!

After signing the final paperwork to complete the purchase, you are now the owner of your new home.

I am honored

If you are interested in buying or selling property in Hawaii, please reach out to me any time! I would be honored to help you in any way.

Let's Connect

ADDRESS

HILO, HI

CONTACT

SHANEL.LANG@EXPREALTY.COM
(808) 640-4934