ASK YOURSELF THESE QUESTIONS TO HELP DETERMINE IF

HOMEOWNERSHIP IS THE WAY TO GO:

• Have I saved enough money in the bank?
• Do I have enough income to cover my living expenses?
• Have I held a steady job over the last few years?
• Do I anticipate having a solid stream of income in the foreseeable future?
• Do I pay my current bills on time?
• Do I have any debt?
• What is my credit score?
• Do I have any blemishes on my credit report?

Answering these questions will help you better understand what is

necessary to have and be ready to make the decision to purchase a

home. If MOST of the answers to the first five questions are YES, you are on the right path to becoming a homeowner!

DEFINE YOUR GOALS & CREATE

DREAM HOME WISHLIST

HERE ARE 6 QUESTIONS TO ASK YOURSELF

• What is your timeframe to move?
• Do you need to sell your current home before you buy?
• When is your lease up?
• Have you worked with a lender to get pre-approved?
• Are you looking for a larger home or to downsize?
• What is most important to you to have in your next home?

CREATE YOUR DREAM HOME WISH LIST

• Where is your ideal location?
• How many bedrooms do you need?
• Do you need a den or an office space?
• How many bathrooms do you want?
• Do you want a private pool?
• What type of floor plan do you prefer?
• What interior attributes are important to you?
• What is important to you for lifestyle amenities?
• What type of neighborhood would you like to live in?
• Are nearby schools important to you?

QUESTIONS TO ASK YOUR AGENT:

• How many years of experience do they have ?
• How do they communicate with you?
• What Homebuyer resources do you have?

HOW TO DETERMINE HOW MUCH HOME YOU CAN AFFORD

• What is your credit score?
• What is your credit history?
• How much income do you generate?
• How many debt obligations do you have?
• How much money do you have for a down payment?

WHAT IS A PRE - APPROVAL LETTER?

A Pre-Approval letter is evidence of how much a borrower can afford to borrow from a lender for a mortgage. The lender will ask you, the borrower, financial questions, including but not limited to, your social security number, debt dues, credit worthiness and income, to determine how much you can borrow. The lender will run your credit score to determine credit worthiness.

The purpose of this letter is to find how much you can afford at the current interest rates, which will determine which price point you should focus on.

For new construction homes specifically, you'll find that builders often have preferred lenders that will offer special financing incentives. Keep in mind that getting a pre-approval letter doesn't obligate you to work with a specific lender, but it will give you a good idea of the loan amount you can qualify for.

Now that you are working one-on-one with your Realtor, and have your pre approval letter in your hands, it’s time to start house hunting!

Work with your real estate agent to schedule private showings with Sellers and Home Builders.

Your Real Estate Agent will set you up with an email search list of homes that meets your desired criteria.

Select your top 5-7 homes for the first day of property tours. This may include visiting new home communities, also.

Once you find the perfect home, you'll want to work with your Realtor to determine if the price is firm or negotiable. This can vary based on the market sentiment and the motivation of the builder. It's important to remember that real estate is hyperlocal and the discounts and incentives vary greatly by community. Typically you can get the best deal possible by selecting a new construction home that is complete since the builder will looking to get it off the books. You can also typically get the best deal possible towards the end of the year for remaining inventory.

On the other hand, if you select a home that is already complete you will not be able to customize it and make selections, which is important to some particular buyers.

For new construction, if the home isn't complete yet then you often have the option to pick out design selections for flooring, tile, light fixtures, etc.

You'll want to be careful and work with your Realtor to make sure you don't go overboard with selections. While the selection process is enjoyable for most and it's super fun to design your dream home, you need to keep in mind that most upgrades are an expense and not an investment - so you should only spend what is worth your personal enjoyment of the home.

MoveGroove also offers design consultation services for discerning buyers!

For new construction homes, the expectation is that the home should be in perfect condition. Therefore, the expectation of condition at closing is held to a higher standard than what you'd experience with a typical resale purchase. Similar to purchasing a resale home, for new construction you'll want to schedule a third party inspection to identify and material defects that will need to be repaired prior to closing. Typically these will be minor items, and if there are major items that cannot be reconciled you may want to terminate the deal.

With new construction homes, you'll typically also schedule a "blue tape" walk through. The third party inspection only covers material defects regarding functionality in your home. Since the expectation is perfection, during the blue tape walk through you will go through with your Realtor and identify any and all cosmetic defects in the home with blue painter tape, and make sure these items are also addressed before closing.

• INSPECTIONS
• APPRAISAL
• LOAN COMMITMENT & APPROVAL

This is the day when you’ll receive a new set of keys

that belong to YOUR NEW HOME!

You’ll set up a date and time to meet with

the Closing Agent to sign all of your closing documentation.

Once you sign on the dotted lines, the documents will be reviewed and approved, the sale will be funded and you’ll take possession of the keys!

Post-closing, you'll also want to keep in mind that new construction homes will typically come with a home warranty. If you have any issues in the future, make sure to reach out to your MoveGroove agent to help get them resolved and see if they're within the warranty. Even after closing, you can ALWAYS count on your MoveGroove agent to be available for any real estate questions you may have.

CONGRATULATIONS ON MAKING THE

JOURNEY INTO YOUR NEW HOME!