Thinking of buying a home on Florida's Emerald Coast ? Make sure you know what to expect. Whether you're a first-time home buyer or a real estate aficionado, here are the steps you need to know for buying 30A real estate
Step 1: Figure Out What You Can Afford
Determine what you'll be able to afford in mortgage payments each month, as well as what you can invest initially as a down payment. This handy mortgage calculator can help you estimate your monthly payments.
Keep in mind additional costs like closing costs, fees, homeowners insurance, and taxes will all add to the overall costs. Be sure to check your credit score, and remember that just because you don't have a traditional 20% down payment doesn't mean you can't buy a home!
Step 2: Shop for a Loan and Get Pre-approved
Finding a trustworthy lender and determining what type of loan you'll qualify for will help you figure out how much home you can actually afford. Get recommendations, check with the Better Business Bureau, and be sure to talk to at least three or four lenders before making a decision.
Need recommendations for lenders in The Emerald Coast ? Just ask us!
Step 3: Determine the Selling Price of Homes in Your Location
If you have a preferred location or neighborhood, find out the actual selling price of homes in that area - not just their listing price—to confirm whether you can actually afford that location.
For example, if you're interested in living Rosemary Beach, do some research into how much the average home goes for in that community. 30A real estate varies in each neighborhood, so the home prices in Rosemary Beach may not be the same as other communities such as Inlet Beach or Seaside.
Have a particular neighborhood in The Emerald Coast you'd like to check? Request your neighborhood sold report here!
Step 4: Find an Agent
Your agent should be someone you know you can trust, and an expert on real estate in your area and neighborhood. They should also be very proficient in working with buyers of your experience.
If you're looking for real estate in 30A Florida, your agent should be local expert who can provide you with valuable information about the various communities along the Emerald Coast and market trends in the area.
Step 5: Find Your Home
This is the fun part, where you get to visit open houses, tour homes, make notes, and really hone in on your perfect dream home! Make sure you keep detailed records of the homes you visit, noting things you liked, didn't like, pros and cons, etc. Taking pictures can also keep your memory fresh.
Buying a home in The Emerald Coast ? Start searching for your dream home today!
Step 6: Make an Offer
When you find your favorite home, work with your agent to determine a competitive but reasonable offering price. You'll want to choose a number that is comfortably within your price range but competitive enough that it won't cause the seller to immediately reject your offer. Your real estate agent can advise you on an appropriate offering price.
Step 7: Get an Inspection
Nothing's finalized yet, so make sure you're getting your money's worth! Ask your real estate agent to recommend a trusted home inspector to walk through the house and check for any potential defects or problems. A professional home inspector will assess the house for any problems with the structure or systems.
A home inspection will let you know if the home you are considering buying is safe and habitable. It will also make you aware of any issues that could be costly to fix down the road. If necessary, you can request that the seller repair any issues you find.
Step 8: Review Your Contract
Before you sign any paperwork, it's important that you carefully read over the contract with your agent or lawyer to ensure there are contingencies - that is, if something falls through with your mortgage, you aren't still obligated to buy the home. Your 30A real estate agent can walk you through the contract to make sure you have a firm grasp of what you are signing.
Step 9: Finalize Your Mortgage Approval
Work with your chosen lender to submit your mortgage application, review predicted closing costs, and have your home appraised. Common closing costs include attorney fees, title insurance, appraisal fees, home inspection fees, courier fees, government recording fees, and taxes.
Step 10: Close and Pay
It's time to close! Meet with your agent, lender, and the seller to finalize the paperwork, sign your contracts, and pay your down payment and closing costs. Finally — accept the keys to your new home!
Still Have Questions or Ready to Get Started?
If you're thinking of buying a home in The Emerald Coast , then it's time to contact Live Love 30A. We're your local real estate experts. Not only can we answer all your buying questions, we can help connect you with the resources you need to make an informed decision so you're sure to find your dream home at just the right price. Take a look at some of the home buying resources we have to offer.