glitterpunkrealtor blog

Home Buying Process

June 01, 2024

Process of Buying Property for a Primary Residence

1. Determine Your Budget

Before you start looking at properties, it’s essential to know how much you can afford. This involves assessing your finances, including savings, income, expenses, and any debts. You may want to get pre-approved for a mortgage to understand the amount you qualify for.

Discussing finances can be overwhelming, but this large purchase deserves your full attention. Create a budget for your home purchase and maintenance after closing.

Another note - finding, purchasing and moving into a new home can be challenging. This process takes time, money and attention away from other things you may prefer to be doing. You will want to be ready for this before jumping into the market.

2. Research Locations

Consider the areas where you want to live. Factors to consider include proximity to work, schools, amenities, safety, and property values.

Las Vegas is a diverse city with many smaller neighborhoods and developments you may not know of, even if you’re from the area. Be sure to drive around and explore areas that are unfamiliar so that you can keep as many options open as possible during your home search. Inventory is quite limited during the current decade, and building new homes won’t match demand for a while, if ever. You want to make sure to avoid narrowing your choices!

3. Start House Hunting

Once you have an idea of your budget and preferred locations, start searching for properties. You can use real estate websites, work with a real estate agent, attend open houses, or explore neighborhoods yourself.

I have a home search available to you on my website that provides you access to the Multiple Listing Service (MLS) so you can begin to look right now! Text me to schedule time to go over your specific details and learn more about this process.

4. View Properties

Once you have found an agent and secure your financing, you may begun to look at properties of interest to you.

Schedule viewings of properties that match your criteria. Take note of features you like and dislike, and consider factors such as layout, size, condition, and potential for renovations.

5. Make an Offer

When you find a property you like, you’ll make an offer to the seller. Your offer may include the purchase price, desired closing date, contingencies (such as home inspection and financing), and any other terms you want to negotiate.

6. Negotiate Terms

The seller may accept your offer, reject it, or counteroffer with different terms. Negotiations may involve adjusting the purchase price, closing date, or contingencies until both parties reach an agreement.

7. Perform Due Diligence

Once your offer is accepted, you’ll enter into a contract (purchase agreement) with the seller. During this period, you’ll conduct inspections, appraisals, and any necessary investigations to ensure the property meets your expectations and is in good condition.

8. Secure Financing

If you haven’t already, finalize your mortgage financing. Work with your lender to complete the mortgage application process and provide any additional documentation required.

9. Close the Deal

Once all contingencies are satisfied, and financing is secured, you’ll schedule a closing date. At the closing, you’ll sign various legal documents, including the mortgage agreement, and pay closing costs, which may include loan origination fees, appraisal fees, title insurance, and other expenses.

10. Take Possession

After closing, the property officially becomes yours. You’ll receive the keys and any relevant documents, and you can move into your new home.

11. Handle Post-Closing Tasks

After moving in, there are still a few tasks to complete, such as transferring utilities, updating your address, and setting up homeowner’s insurance.

Remember, buying a home is a significant financial and emotional investment, so take your time, do thorough research, and seek advice from real estate professionals as needed.

Final Thoughts

Now that you’re all moved in you can begin settling in -

• Change the locks
• Home maintenance plan
• School enrollment
• Meet some of your neighbors
• Learn your new neighborhood

In closing, be ready to maintain your new home for curb appeal and general function. Build your maintenance team - HOA contact, plumber, electrician, landscaper, carpenter and/or handyperson, etc. Your real estate professional should be able to help you get in touch with some good options to interview or try out. But, fianlly and most inmportantly - enjoy your new home!

Do you need to buy, sell or lease a property in the Las Vegas area?

Connect with me online? @glitterpunkrealtor

I am a local Las Vegas real estate agent. If you are in the Las Vegas area and need real estate help, I’m happy to be of service! Send me a text to schedule an appointment today. Or you may book an appointment online here.