Ready to buy a house

Getting ready to purchase your first home can be daunting. Credit scores, down payments, and mortgages are all on your mind. Purchasing a home is not only a big financial commitment, but it also comes with personal responsibilities. It will benefit you, in the long run, to examine your goals and desires when determining whether or not you are ready to buy a house. Take a moment to ask what your motivations are, and how you can prepare yourself for success.

When to Buy a House?

First, how do you know it’s the right time to buy a house? Before you even think about starting the steps of the home-buying process, there are a few things you should do:

Evaluate your finances

Make sure you have a consistent income and a good chunk of cash for a substantial down payment. (We’ll talk more about this later.) Buying a house before you’re ready can lead to financial disaster.

Think about your life stage

It doesn’t make sense to buy a house if you may move next year. The process of buying and selling a house is expensive, so make sure you feel confident you’ll be in that area for the next four to seven years. This is one of the reasons why we have assisted many newly wedded couples.

Consider the housing market

If you want to make a smart investment on your home purchase, you need to buy a house that’ll go up in value. Our real estate professionals will assist you in home evaluations in your area and their potential.

Our Client Says

"This is the second home I have purchased through Chester Realty, and they have shown a high degree of professionalism. They did exactly what we needed, the way we needed it, at the right time. He devoted a lot of time, is very thorough, and very patient. I have recommended Chester Realty to many friends to buy their first house."

Diane Colin

Frequently Asked Questions?

Below are some frequently asked questions from people just like you.

Is it necessary to become a citizen to purchase a home in the U.S?

No, you won’t need your citizenship or a green card, but you will need an Individual Taxpayer Identification Number (ITIN).

Can I finance my property in cash?

Yes, all-cash purchases are permitted, but U.S. law mandates that cash transactions over $10,000 be reported to the federal government. The government wants to know how you earned the money and that it was legally obtained.

What should I expect from my first meeting with my real estate agent?

This is the best time for you to tell your agent what exactly you’re looking for in a property and what’s your budget. It might also be a good idea to take the time to tell your agent how the home-buying process works in your native country and ask about any differences in the U.S. market.

Is there a type of property I can't purchase in the United States?

Foreign buyers are eligible to buy single-family homes, condominiums, duplexes, triplexes, quadruplexes, and townhomes. Co-ops generally require that a buyer’s source of income is from the United States and that most of the majority of the buyer’s assets be kept in the U.S.

Do I have to travel to the U.S. for the closing?

You may very well want to attend your real estate closing, it is not obligatory. In the event that you cannot or choose not to attend your closing, you must execute a “Power of Attorney.” This is a written document authorizing another person to represent you and sign on your behalf.

Are there additional fees I will need to pay at closing?

Yes, the buyer typically is responsible for paying for the title search and insurance, legal fees, and recording fees, amounting to an additional 1 percent to 2.25 percent of the total cost of the transaction. On a $300,000 home, that amounts to another $3,000 to $6,750.

Home Buyer Consultation Tips

Purchasing a home is not only a big financial commitment, but it also comes with personal responsibilities. It will benefit you, in the long run, to examine your goals and desires when determining whether or not you are ready to buy a house. Take a moment to ask what your motivations are, and how you can prepare yourself for success. Consider this your “are you ready to purchase a house?”

Location

Ask yourself how long you plan on staying in a given area before buying a house. The location is the one thing you can’t change about a property, so be ready to choose carefully.

Stick To Your Budget

Once you factor in all the prices related to buying a home, make a budget, and be ready to stick to it. A pro-tip for sticking to your budget is to permit yourself a little room for any unexpected price.

Be Ready To Negotiate

Remember that when it comes time to buy a house, there is more up for negotiation than just the sales price. In some cases, sellers will cover the closing costs or repairs noted during the home inspection. Brush up on some negotiation techniques, and don’t be afraid to ask for what you want.

Find The Right Real Estate Agent

Throughout the home buying process, you will be working closely with a real estate agent. They can help identify properties, schedule viewings, and even negotiate during closing. That’s why it’s crucial you find an agent that you work well with. Don’t be afraid to seek out someone else if the relationship doesn’t “click”.

Go To Open Houses

Make a checklist of items to look for when you start attending open houses. You should be prepared to ask about the age of the home, which appliances have been replaced and when, and more. It is important to be proactive as you get ready to start touring potential properties.

Get A Home Inspection

The home inspection is one of the most important parts of the closing process, which is why you shouldn’t rely on the home inspector to catch everything. Instead, prepare yourself with a home inspection checklist, such as this Home Inspection Checklist for First Time Homebuyers, and be ready to ask if you can attend.