Why this matters to us..
Buying a home is one of the biggest financial decisions of your life. At Elevate Realty Team, we believe in taking the complex and making it simple. Our goal is simple: To empower homebuyers with the tools, resources, & systems to make informed decisions in buying or selling one of their most valuable assets.
This guide will walk you through how to make one of the most critical moments in your life simple, enjoyable and memorable! But before we start, here's a free gift since you decided to stop by!
Table of contents
Champion Your Future Home
1
2
3
1
Identify Your "Why"
Stability, equity, or family legacy?
2
Learn the Process
Pre-approval to closing
3
Professional Guidance
Lean on experienced agents
When you buy a house, you're not just securing property; you're planting roots for a thriving future. Keep your purpose front-of-mind to stay motivated through every step of the journey.
Financing: The Treasure Map to Your Home
1
Find a Lender
Shop for best rates, fees, and terms
2
Choose Loan Type
Conventional, FHA, or VA options
3
Get Pre-Approved
Your "golden ticket" revealing borrowing capacity
Finding the Right Lender
- Secure Pre-Approval: It's the first step to get you in the game!
- Start Early: It's best to begin the lender search 3-6 months before starting your home search.
- Get Your Numbers: A lender provides a pre-approval letter, showing you how much you can borrow.
- Informed Decisions: This helps you determine your budget and prioritize the right properties.
Common Loan Types
Conventional
Requires varying down payments (often 3–20%). May carry mortgage insurance if your down payment is under 20%.
FHA
Lower credit requirements, smaller down payments—but includes mortgage insurance premiums.
VA
(for eligible veterans & service members): Zero down payment, no private mortgage insurance. Properties must pass specific VA guidelines (e.g., no major structural issues, no wood rot).
The Home Search
Property Search
- Set up customized alerts for fresh listings
- Explore exclusive off-market opportunities
- Out team uses the "I have a buyer" system & markets to prospective sellers that may not be on market. This can generate new opportunities that are free of competition
- Explore New Construction homes and identify incentives
Property Tours
- Schedule a date to view homes in bulk
- We recommend consolidating your list to your top 5 homes in order to eliminate "showing fatigue". After 5 homes, the pros & cons tend to get lost and the homes blend together.
- The best time to view homes is mid-afternoon because they are showcased in their best light & we have the highest opportunity of winning an offer before the other showings
Explore Your Area
- Crime Maps: Learn about the safety of your neighborhood.
- School Zones: Discover the educational options nearby.
- Entertainment: Find fun activities and leisure spots in the vicinity.
- Emergency Services: Ensure access tonearby emergency services.
- Work Location: Explore the convenience of your workplace location.
New Build VS. Pre-Owned (DO NOT GO ALONE)
New Build
Pre-Owned
MAKING THE OFFER: Negotiation Plan
1
Offer Price & Terms
- Analyze comparable properties (recent sales) to set a fair, competitive price.
- You can request seller-paid closing costs or additional warranties. It never hurts to ask!
- Your agent will guide you through the data and help you understand the best negotiation tactics.
2
Earnest Money & Option Fee
- Earnest Money: ~1% of the purchase price, showing you’re serious. Goes toward closing costs if the deal completes.
- Option Fee (in some states): A small daily fee for an “inspection period,” letting you walk away with minimal penalty if you discover major issues.
3
Negotiations
- Seller can accept, reject, or counteroffer.
- Stay focused on your max comfortable price. Don't overextend just to “win” a bidding war— keep your financial peace of mind intact
Budgeting for the Entire Journey
Before Closing
- Inspection: $400–$500 (or more, depending on property size/complexities).
- Option Fee: ~$10/day for 7–10 days (varies by market).
- Appraisal: $500–$700 (often included in closing costs, but some lenders charge upfront).
- Earnest Money: ~1% of purchase price; refundable if you opt out early or if a contingency isn’t met.
At Closing
- Down Payment (if not 0% VA): Anywhere from 3%–20%.
- Closing Costs: Typically 2%–4% of the purchase price (loan origination fees, title fees, etc.).
- Homeowners Insurance: Usually prepaid for a year at closing.
- Property Taxes: Typically prorated—depends on local tax rates.
Post-Closing
- Moving & Setup: Professional movers, utility deposits, new furniture, décor.
- Maintenance & Repairs: Budget for HVAC tune-ups, roof inspections, landscaping.
- HOA Fees (if applicable): Monthly or annual. Make sure you’ve reviewed the HOA rules thoroughly.
Safeguard Your Investment
Professional Inspection
- A professional walks through the property, assessing plumbing, electrical, structural, and more.
- Pay special attention to big-ticket items (roof, foundation, major appliances).
- VA loans require stricter guidelines: visible wood rot, pest issues, etc. must be resolved.
Repair Requests
- Focus on major, potentially deal-breaking repairs.
- Minor cosmetic issues? You can address these later or negotiate for a small credit.
- If the seller is unwilling to fix crucial problems, you can typically walk away during the option/due diligence period without losing your earnest money (depending on state laws/contingencies).
Contingencies
Understand your options to walk away if needed.
- Option Period
- HOA Documents
- Appraisal
- Loan Approval
- Sale of another property
The Official Stamp of Approval
Appraisal
- Confirms the home’s value for the lender.
- If it comes in low, either renegotiate the sales price or bring cash to cover the gap.
- VA Tip: “Tidewater” procedure gives a chance to dispute a low valuation with comparable sales data.
Underwriting
- Lender verifies every financial detail—income, credit, assets—to finalize your mortgage approval.
- Be ready to submit updated documents quickly (pay stubs, bank statements, etc.) so you don’t stall the process.
Sealing the Deal, Building a Future
1
Final Walkthrough
Confirm repairs and property condition
2
Signing Day
Close the deal and receive your keys
3
Post-Close Essentials
Organize documents and apply for exemptions
Action Steps
Connect with Lender
Once we've had our consultation, I'll connect you with a lender we've worked with that does a great job if you haven't already selected one.
Start Home Search
We will start you on an official home search to identify all homes that match your criteria.
If you're ready, get started here!