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A step-by-step guide for Idaho home buyers

If you are planning to buy a house in Idaho’s Treasure Valley, learning and understanding the process is a great place to start. This guide will walk you through everything you need to know to experience a stress-free and ultimately rewarding home purchase.

Step 1: Decide on what you want in a home

A lot of preparation goes into buying a house – and it all begins with setting clear goals.

Before making any other moves in the process, understand your essential needs and lifestyle-related preferences. How you decide on these matters will define how you proceed with the rest of the process – from picking the size and style of the house, to choosing the ideal location, to identifying ideal amenities that will enrich your living experience when you move in.

Step 2: Get your finances in order

It may be thrilling to think about shopping for a new home. But before you actually do so, know what you can afford.

To figure out how much you can borrow for a mortgage, go to your local lending agencies and apply for a mortgage pre-approval. In this process, the lender will review your essential financial records to estimate the amount that you can borrow – and assess the terms that will best suit your loan.

Use the pre-approval process to learn more about the types of mortgages that you can choose from. Learn about fixed and adjustable-rate mortgages, as well as any first-time home buyer programs, if applicable.

Start preparing your down payment at this stage, too. A substantial down payment amount will help you get better mortgage terms and perhaps even an advantage over competing buyers.

Step 3: Work with a local real estate professional

Choosing the right agent to work with will streamline your home buying experience. A knowledgeable and savvy local agent can give you key advantages like:

  • Recommendations on the best places to find a great home
  • Top leads for homes for sale in your preferred area – matched with your individual needs and preferences
  • Insights about the best time to search and make an offer for a home
  • Advice on how to craft a convincing offer package
  • Access to local professional contacts and resources

Step 4: Be thorough with your home search

Browsing home listings may be exciting at the start, but it may soon get tedious if you find too many good options. Here are a few useful tips to keep you focused at this stage of the process:

  • Ask your agent for top recommendations based on your primary needs and interests
  • Distinguish between essential home needs and optional features that you can do without or add at a later time
  • Visit some of your selected properties firsthand to get a better feel inside the homes and around their surrounding neighborhoods

Step 5: Make a strong offer

When you manage to narrow down your list to the top two or three options, prepare an offer package in collaboration with your agent.

Set a reasonable offer price. It should be one that leaves both you and the seller with enough room to negotiate toward a mutually agreeable final price. You can also write a letter expressing your personal sentiments about why you think the seller’s property is the right choice for your next home.

Avoid getting too attached with a property at this point. If the seller rejects your offer, move on quickly to the next best option on your list.

Step 6: Negotiate toward the best deal

If a seller makes a counter-offer, work with your agent to prepare for the crucial negotiation stage. Informed of your clearly defined goals and preferences, your agent will objectively represent your best interests at the negotiation table.

The process will determine not only the final price you need to pay for the home, but also agreements on other essential details in the deal. These include who must pay for repairs and closing costs, as well as what appliances, furniture, and fixtures – if any – will be included in the sale.

Step 7: Complete all required contingencies during the escrow process

After arriving at a final agreement, you and your seller will enter escrow. In this process, you will hand over an earnest money deposit to your escrow agent or company while you and the seller accomplish the agreed contingency measures.

Essential pre-closing contingencies include a professional home inspection and property appraisal. Having the property’s title reviewed for any ownership issues is also a good idea before closing the sale.

This is also the ideal time to finalize your mortgage application and to look into the necessary insurance coverage you will need to protect your investment.

Connect with First Service Group today

Get the most reliable real estate services when buying a home in Boise, ID or any other excellent location in the Treasure Valley. Reach out to us and get the upper hand with our expert local market insights and helpful experienced-based advice. Call 208.343.9393 or email Chris(at)FirstServiceGroup(dotted)com to learn more.