www.eillu.com • Find Your Dream Home

Real Estate Buyer’s Guide

Real Estate Buyer’s Guide

2

Real Estate Buyer’s Guide

1. Overview ............................................................................ 2

2. Owning vs. Renting .......................................................... 3

3. Determine Your Needs ................................................... 4

4. CanyouAffordit?.............................................................5

5. ChoosingaHome.............................................................6

6. DecidingtoBuy.................................................................7

7. Closing................................................................................7

Table of Contents

OverviewBuying a home is one of the biggest, most important actions an individual or family can make. While it is an exciting time, full of opportunity and new beginnings, it is also an extremely stressful one, as it calls for many decisions to be made and risks to be taken. If the proper precautions and procedures are not followed when buying a home, many unnecessary stresses and complications can arise.

So whether you’re in the market to become a first-time home buyer, or you are a seasoned homeowner looking to make an additional investment or purchase a vacation home, this eBook will be a helpful tool to smoothly guide you in the right direction, from deciding to take the first step to taking the keys in hand, and everything else in between.

1

3

Real Estate Buyer’s Guide

Owning vs. RentingWhen the time comes that you are ready to move on from your current home, there are a few decisions that must be made immediately. The first is deciding whether you will be renting or owning your next home. This decision is made while concurrently evaluating your goals, options and future plans. If you need more flexibility in commitment or need more time to make definitive decisions on where to live but must move soon, renting will probably be the best option for you. Also, if you have an unstable income or your credit is hindering you from obtaining a mortgage loan, you might opt to rent for the time being. If these obstacles do not apply, however, then moving forward with the decision to purchase a new or additional home is the right choice for you.

Now you are ready to begin your home buying process.But, first things first!

2

4

Real Estate Buyer’s Guide

Determine Your NeedsThe first place to start is by determining the reason behind your decision to buy and analyzing what your needs are. Reasons include relocation, growing family, wanting to build equity and no longer rent, or wanting to purchase a secondary home or vacation home, among many others. Each different reason creates a unique home buying path for each individual, so it is important to recognize early what and why you are deciding to buy so that when the time comes to talk to a Realtor you are prepared to explain yourself.

Understanding your needs and wants from your new home is a must-do in the beginning of the home buying process, as well. The best way to do this is to make a checklist outlining the things you must have in your new home, the things you would like to have, and the things you can do without. Items on this list can include:

• Proximity to local amenities, such as parks, recreational facilities, shopping, etc. • School district • Type of home: condominium, ranch-style, duplex, single-story vs. multiple-story, basement, etc.• Number of bedrooms, bathrooms, etc. • Size of yard and whether there is an existing fence

Having a detailed outline of what you are willing to do without and what you must have makes it easier on you and your Realtor when the time comes for you to begin weeding out homes online and during actual home walk-throughs.

3

5

Real Estate Buyer’s Guide

Can You Afford It?After detailing what you require out of your new home you must make sure to educate yourself on your personal financial options. Many people find in this step that they have to make some adjustments to their original checklist, as some options might not be financially possible, or alternatively, some possibilities that they were unaware that they could afford could now be obtainable.

To determine the price range in which you can afford your new home, pre-qualification is important. This will paint a better picture for you of the range in which you are realistically able to shop around in based on your debt load. Make sure to take the time to at least learn where you will most likely qualify before shopping around, because this is where many people become disappointed that they are more than likely not going to be able to afford their dream home right away.

For a more definitive financial analysis, pre-approval for a mortgage loan goes more in depth and requires a more extensive financial background check, including a credit check, how much money you have available to make a down payment, whether you are a first-time home buyer, and whether you qualify for any assistance, among other aspects. This is a good point to contact a Realtor to help you through the remaining steps in your home buying process as they can assist you on the best mortgage lenders in your area and lead you in the right direction based on your wants, needs, and financial capabilities.

4

6

Real Estate Buyer’s Guide

Choosing a HomeThis is the place in your home buying process that you take out that checklist and, after narrowing down your search based on your financial abilities, begin choosing specific homes to consider. Of course you must begin by narrowing down your search to a specific location, and then determine what area in that specific city or region that you want to live in. Use your checklist, online resources and in-person visits to the area to help you in your research. Talk to people that live in specific neighborhoods by visiting local recreational facilities or even go door-to-door to introduce yourself and get feedback on the type of place and people that could potentially make up where you will call home for the foreseeable future.

Now for the fun part…home visits! Contact your Realtor with the exact listings of the homes you have narrowed your search down to so far, don’t forget your checklist, and start your visits. With the technological advances of today’s internet and software, companies like Eillu have the capabilities of offering virtual home visits if in-person visits are not a possibility or preference.

Once you have decided on one or two homes that you absolutely love, it is time to make an offer!

5

7

Real Estate Buyer’s Guide

Deciding to BuyOnce you have decided to buy, your Realtor will help you make an offer based on the market values and other variables surrounding your situation, the location, and timing of your purchase. They will also handle any price negotiating to help you get the best deal possible on your new home. When you and the seller have come to an agreement on closing costs and conditions, it is now time to begin the closing process.

ClosingAt this point in your home buying process you are almost there! Your Realtor will guide you in the pre-closing procedures by contacting all of the necessary vendors, including home inspectors, environmental inspectors, formal appraisers, surveyors, etc. Once everything looks good you will do a final walk-though, ensuring no damage has been done to your new home or property before signing any final papers.

If there are no problems or setbacks, it’s show time! Your Realtor will help you through all of the official paperwork and be there with you to put the keys to your new home into your hand!

Congratulations on becoming a new home owner! To help you in this process, please visit www.eillu.com, or contact one of our trusted Realtors from one of our many locations to help you along the way to finding your new home!

6

7