Perhaps nothing is more exciting (and scarier) than purchasing your first home. It’s natural to have a million and one questions about the home buying process, and getting answers to your questions can help you make smart decisions, from looking at houses for sale right up through closing day when you sign on the dotted line. A rundown of FAQs can be helpful to you as you begin your journey to becoming a homeowner.
How Much Can I Afford?
When determining how much you can afford to spend on a mortgage, figure your personal budget first based on your net income. Your mortgage payment as well as taxes and homeowners insurance should amount to no more than 30 percent of your income.
How Long Does the Home Buying Process Take?
Expect the process of buying a home to take between one to two months, and that’s after you make an offer on the home you want and the seller accepts it. It’s not unreasonable to take several months to find a home and then a few additional months to actually close on it.
What’s the Difference Between an Inspection and Appraisal?
An inspection is a thorough examination of a home to determine its condition. An appraisal is an educated determination of the value of a particular property. Both are usually required when buying a home, and the cost is passed on to the buyer in most cases.
How Does My Realtor Get Paid?
The seller of a home pays the realtor’s fees. Usually, the sellers pay the brokerage where the realtor works, and the brokerage then passes on whatever commission the realtor earns. If you have a buyer’s agent, the brokerage may also pay them, depending on the terms of your closing documents.
What Actually Happens During Closing?
When it’s time to close the deal, you, your broker, the seller’s broker, the closing agent, and the seller sit down with a stack of documents for both you and the seller to review and sign.
Ready to Buy Your First Home?
Reach out to The Joseph Bograd Real Estate Team to look at available homes for sale in Bucks County, PA.