Buying your home can be difficult. The simple thought of stepping into a new home might appear exciting. Still, the actual process requires a thorough knowledge of the local economy, current real estate trends, the housing market, and everything else in the area. So, if you are thinking about buying a home in Arizona, you must understand certain factors and select the right real estate agent.
Auction Flippers helps people find their dream homes for them and brings the most stunning properties at special discounted prices. The best part is you get to enjoy the whole process in a hassle-free and trustworthy manner.
In this guide, we will go through 7 simple steps that will help you get a new home in Arizona. Let’s get started.
Step 1: Calculate your financial situation
Before making any significant financial step such as buying property, the first step is to evaluate your present financial condition while considering the present and future requirements. For instance, if you want to buy your home via a mortgage, you have to go through several aspects of your finances, such as:
- Credit score – A healthy credit score of at least 620 so that you can easily get a loan
- Debt-to-Income Ratio -Make sure that your future monthly mortgage payment is less than 36% of your income.
- Down Payment: You have to pay at least 20% of the whole property to get a typical loan
- Closing Costs: Homeowners have to pay 2-5% on the property’s value in closing costs.
- Ownership and Maintenance costs: Average homeowners in Arizona spend $4,650 in maintenance every year.
Step 2: Select the Right Neighborhood
Your future neighborhood will have a tremendous impact on your forthcoming lifestyle. Therefore, once you are done with step 1, search for properties you can afford and narrow your research by locating the proper neighborhoods.
While looking for neighborhoods, keep an eye on the following elements:
- Lifestyle: Your neighborhood will determine your safety, environment, daily life, commute, and so many other things in the near future. So check for schools, restaurants, & other amenities, crime rates, walkability, and transportation facilities in the area.
- Neighborhood Home Values: Inspect the average home values in the neighborhood and their property appreciation values. It will help you estimate your future lifestyle expenses and future benefits in buying or selling the property.
Step 3: Find a reliable real estate agent in Arizona
A trustworthy real estate agent will be your biggest ally in buying a home in Arizona. They can help you find the right houses, deal with other services such as lawyers, lenders, escrows, and help you get some discount in the whole process. So, when you are looking for a suitable real estate agent, look for factors such as years of experience, number of transactions, experience in your selected neighborhood, overall reviews, etc.
Also, when it comes to buying homes in Arizona, Auction Flippers is the most promising choice for you. We have been helping people get dream houses in Arizona for more than a decade. Our dedicated help in property selection, bidding auctions, a simple agreement process, and dedicated customer support make us the right choice for real estate services in Arizona.
Our vast network, industry experience, and proven track records with home buyers will help you get the best deal on your new home.
Step 4: Get pre-approved for a mortgage
The next step is to get a pre-approved mortgage letter. It would make you appear more eligible and serious in the eyes of home sellers and help you check different homes in the area.
When you are signing for a mortgage, make sure to check the following factors:
- Interest Rate: Having a lower interest rate can save you thousands of dollars in the long run. Therefore, ensure that you get as minimum interest rates as possible.
- Lenders: Make sure you select a lender with a healthy track record.
- Your Expenditure: Any big transaction can have your credit score checked and cause a void in your pre-approval. So make all such transactions before getting pre-approved.
Step 5: Start Looking for Houses in Arizona
Here comes the most interesting part of the process. Start checking different homes and keep certain factors in your mind, such as:
- Set up your priority list and make sure all your family members get something of their own in the house. As no home is completely perfect, it is best to rank houses you’ve seen according to your priority list.
- Have discussions with your real estate agent and go through different houses on their suggestions.
- If you have a virtual tour via video calls as in the time of the pandemic, make sure you ask your agents everything about the home and have a minimum contact procedure.
Step 6: Start making offers
Once you have picked the most befitting houses for you, it is time to convince the seller and make a great offer. In this case, your agent can help you negotiate and get the best possible deal.
If you want to make a solid negotiation, include several factors in your list, such as seller concessions, repair credits, inspection contingencies, and most importantly, make your seller believe that you’re going to take care of their houses after them.
Also, make sure you make an early and attractive offer because if the property is genuinely good, there would certainly be other buyers interested in it.
Step 7: Make final inspections and Close the Deal
Once your seller has accepted the deal, it is time to make final inspections of the house. If something unexpected or new pops up in the house that you didn’t know, you can still go back to negotiations.
Here is a checklist of things to inspect in your final walkthrough inspections:
- Roof safety, ceilings, walls, cracks, chipped paint
- Foundation and windows
- Electrical and HVAC systems such as check light switches, electrical outlets
- Plumbing requirements: Run water to look for leaks, pressure, temperature, flush toilets
- Test appliances that were on sale, check heating and A/C system, and trash of previous homeowners is removed
Ask your agent or lawyer to explain every document on the deal signing day.
Once the deal is closed, give a treat to your loved ones, you have just got a new house!