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Are you in the market to buy a property? Whether you're looking for a home or commercial property, it's crucial to have a plan. Our Rockford real estate team provides an ultimate step-by-step checklist for buying both homes and commercial properties. We'll also discuss some of the most important things to consider when making your purchase.
Determine Your Budget
The first step is to determine your budget. How much can you afford to spend on a property? It's essential to consider your costs, including mortgage payments, insurance, repairs, and more. Once you have a budget in mind, you can start looking for properties that fit your price range.
Save For a Down Payment
Next, you'll need to save for a down payment. How much you'll need to save will depend on the type of property you're looking to purchase. For example, if you're buying a home, you'll typically need to put down 20%. However, the down payment may be as high as 30-50% if you're buying commercial property.
Narrow Down Your Location
The next step is to narrow down your location. Where do you want to live or have your business? Consider the commute, schools in the area, safety, and other important factors. Once you have a general idea of where you want to be, you can start looking at specific properties in that area.
Hire a Real Estate Agent You Trust
The fourth step is to hire a real estate agent. A good agent will be familiar with the area you're interested in and can help you find the right property. They will also be able to negotiate on your behalf and help with the paperwork involved in buying a property.
Get Pre-Approve for a Mortgage
The fifth step is to get pre-approved for a mortgage. This will give you an idea of how much money you'll be able to borrow and your monthly payments. Getting pre-approved will also make buying a property go much smoother.
Hire a Real Estate Attorney
Hiring a real estate attorney is essential. An attorney can help you understand the contracts involved in buying a property and ensure that everything is in order. They can also represent you in court if there are any disputes.
Choose the Property You Want to Buy
The final step is to choose the property you want to buy. Once you've found a property that meets your needs, make an offer and hope that it's accepted. If everything goes well, you'll be the proud owner of a new property!
Get an Inspection
This is a crucial step in the process, as it can identify any potential problems with the property before you buy it. A home inspector will look for structural damage, mold, pests, and more.
Prepare for Closing
When you buy a property, there are several fees that you will be responsible for, including appraisal fees, loan origination fees, and more. Be sure to ask your real estate agent or lender about what you can expect to pay in closing costs.
Closing on the Property
The final step is to close on the property. This process can vary depending on the type of property you're buying but usually involves signing a purchase agreement and paying the remaining purchase price balance. Once the property is officially yours, you'll be able to move in and start enjoying your new home or business.
Let Reno & Zahm LLP Help You
If you're thinking about buying property, Reno & Zahm LLP can help. We have a team of experienced real estate professionals who can assist you with every step of the process.
Contact us today at (815) 987-4050 to schedule a consultation!
The blog published by Reno & Zahm LLP is available for informational purposes only and is not considered legal advice on any subject matter. By viewing blog posts, the reader understands there is no attorney-client relationship between the reader and the blog publisher. The blog should not be used as a substitute for legal advice from a licensed professional attorney, and readers are urged to consult legal counsel on any specific legal questions concerning a specific situation.