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What to expect when buying your first home

On Behalf of | Jan 18, 2022 | Real Estate

Having a safe and secure place to live is a big goal for most Connecticut residents. When starting a family or looking for a new place to live, some may consider buying a home. Home ownership is a big step, and it benefits prospective buyers to do their research on the process.

This post offers basic information about what to expect when buying one’s first home. It does not provide legal advice. Consultations with real estate lawyers can provide confidence and extra information to those who are ready to begin the process.

Money matters

One of the biggest barriers to home ownership is a shortage of funds.  The prospective buyer may not have enough for a down payment, or may not earn enough money to live exactly where they want. It is important to carefully assess what you can afford, what types of loans you may qualify for, and what amount of mortgage payments you can manage if you decide to buy.

Searching and offering

After determining that buying a home is financially possible, a prospective buyer may begin searching for properties that meet their needs. When they find one they like, they may make an offer for its purchase. Making an offer is a legal process, and whenever a prospective buyer binds themselves to a real estate contract, it is a good idea to speak with an attorney about your rights, options, and potential liabilities.

Inspections, insurance and contract execution

Finding one’s dream home can be tough, but ensuring it is safe and up to code is just as important. Home inspections help buyers understand what they are getting and what fixes may need to be done to their properties of interest. Additionally, before closing on a home, a buyer will need to secure homeowner’s insurance for the property.  After all these details are handled, a prospective buyer may execute their purchase contract to buy their new home.

Buying a home can take time, patience and money. But it does not have to be done on one’s own. Legal help is available to those who wish to make good decisions about their prospective real estate transactions.

 

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