Tag Archives: buying a home

10 Steps to Buying Your First House

  1. Figure out how much you can afford. First, calculate your monthly income and debt. You also need to know your credit score (also known as FICO) to determine if your credit it good enough to get a home loan.
  2. Get pre-approved for a mortgage. There are several types of mortgages, including fixed, adjustable, conventional, government, etc. Shop around to determine what’s right for you. It’s recommended that you speak to at least five different lenders to see which will be the best choice in terms of interest rate and what you can current afford.
  3. Write down your needs and wants in a home. Location, type, price, square footage, architectural style, number of bedrooms and bathrooms, etc. Each of these will help narrow down your home search.
  4. Determine target neighborhoods. You should research neighborhoods you’d like to live in to see the crime rate, schools, amenities, shops, restaurants, etc.
  5. Work with a Realtor. You should choose an agent that knows your neighborhoods well. They also should have experience in working with buyers. Also, choose someone you get along with! You’ll be working closely with them for as long as it takes to find the right home for you.
  6. Browse home listings. Look online in the MLS and for sale by owner. Flag listings that interest you and bring them up to your Realtor so they can set up tours.
  7. Do research on each home you’re interested in purchasing. Determine the property’s fair market value, the reason for selling, property disclosures, etc.
  8. Make an offer. With help of your Realtor, write an offer on the house and include any contingencies. Decide upon a move-in date and list any repairs necessary.
  9. Finalize the deal. It may take some back and forth between your Realtor and the seller, but eventually, you will get an offer on the house that’s acceptable. Get the home appraised and complete a home inspection.
  10. Close. Review all of the closing documents and determine what’s needed for the final closing meeting.

Once you’ve completed these 10 steps, you’re hopefully a new home owner! Congratulations! Read through some of our other posts for home owners:

Thinking about buying a new home? Check out our website for more on our brand-new, highly affordable homes in Michigan.

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7 Tips for Finding Your Ann Arbor-Saline New Home

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1. Get your finances in order

Know how much you would be comfortable spending each month on a mortgage. Typically, lenders say you can get a loan for two to three times your gross income. Meet with a lender before you start your home search. This way, your finances are in order and there won’t be any surprises or disappointments along the way.

2. Know what you want & need

What type of house are you looking for? Should you get a fixer-upper or brand new construction? Do you want one floor or multiple floors? Can you afford to make the necessary changes to the home in order to live in it?

3. Create a timeline

There are many factors to consider when buying a new home, such as:

  • Do you need to sell your current house?
  • If you don’t own a home, when does your current lease end?
  • Do you need to allow for time to build or repair your credit before securing financing?

Make sure to account for each of these in your moving timeline and in your offer to home sellers.

4. Find a Realtor you trust

Working with a Realtor is the most efficient and easiest way to buy a new home. Realtors can help you find the house you want and guide you through the home buying process. Consider asking friends or family for referrals to find someone you’re compatible with. Do a simple Google search to see which local Realtors others recommend.

5. Be realistic

It’s unlikely to find a home that is absolutely perfect. Don’t be turned off by minor imperfections or easy fixes. Be open-minded throughout the process and you’ll likely find something to suit you and your family’s needs.

6. Do your research

Identify ideal neighborhoods in your target area. Look around to see what you can afford in your price range. Make a list of things you need and things you want. Be ready to compromise on location or amenities based on your budget and the area. Check out what’s available online and make a note of properties that pique your interest.

7. Consider the long-term

What are your plans for the next 5, 10 or 15 years? If your plans change (for example, if you’re offered a new job in another area) will it be easy to turnaround and sell a house if you have to? Are you planning on having children in the near future? All of these factor into a decision of buying a new home.

Thinking about buying a new home? Check out our website for more on our brand-new, highly affordable homes in Michigan.

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How to Choose the Home That’s Right For You

It can be overwhelming to start the search for a new home. However, if you create a list of what you’re looking for and the price range you can afford, it can be easier to narrow down your search and get into your next house more quickly.

choosing the right home, buying a new home, checklist for new home, livonia builders

What should be on this list?

Location/Neighborhood

  • Ideally, where would you like to live?
  • Would you be okay with living on a busy street? Cul-de-sac? Large lot?
  • Do you want to live in the suburbs? Country? Urban area?

Floorplan

  • What type of floorplan works for you and your family?
  • Do you need a home with only one floor or will you consider multiple stories?
  • Does the master bedroom need to be close by the other bedrooms?

Interior

  • How many bedrooms are ideal? How many bathrooms?
  • Do you need extra rooms for hobbies?
  • What should the interior look like?
  • Are you willing to fix up the “right” home?

Garage

  • Is a garage a “need” to add to your list?
  • Would a carport or shed work instead of a garage?

Wants/Desires

  • There are always things you don’t absolutely need, but would be desirable in a new home
  • Include these on your list as well — you never know what’s available in the market until you start looking!

When buying a home, there are also other factors to consider, such as the feeling you get inside the house and specific interior finishes — which should play a part in the decision process as well.

Thinking about buying a new home? Check out our website for more on our brand-new, highly affordable homes in Michigan.

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5 Important Ways You Can Save Money By Buying New Construction

New home

A newly constructed home in The Woodlands of Arbor Ridge

Although there are some great deals out there in the housing market, you never quite know what you’re getting when it comes to buying a home from someone else. Especially in the case of foreclosed homes, they can be more hassle and money out of your pocket than you realize initially. That’s why buying new construction can truly save you money in the end. Here we’ve highlighted five ways that you can save money by buying a new home:

  1. More efficient appliances. New homes often have the latest appliances that are high efficiency. Compared to older-model appliances, these can save you money on your utility bills and cut down on your use of water.
  2. The entire home is up to code. You know that by buying new construction your home is up to code in all aspects. In older homes, surprises often pop up during a home inspection that may result in having to replace old electrical systems, bad foundation, etc.
  3. No hidden problems.Newly constructed homes won’t have the hidden problems that older homes may have. Any problems that happen soon after buying your newly built home will often be fixed by the builder right away.
  4. Choice in upgrades and layout instead of remodeling. Looking at an older home that has “potential” can often lead to hidden costs and surprises when you decide to remodel or knock down walls. Instead of going through that hassle, you can choose your finishes and layout in a new construction home.
  5. New kitchen. A kitchen remodel in an older home can be expensive. New construction already has the upgrades that many people prefer in their kitchen — granite, stainless steel appliances, nice flooring, etc.

Thinking about buying a newly constructed home? Check out our new homes on Facebook or visit our website for more information.

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