At this point you’ve cleared the roadblocks, got approved for your mortgage, found the right home, and negotiated the price. For most people, buying a home is by far the biggest purchase they’ll make. Thinking about the magnitude of purchasing a home can make closing day weighty. You can take some of that weight off by being armed with some tips to make closing day one to remember…in a good way.
1. Set a Clear Closing Date
Timing is important when it comes to closing, so make sure you get it in ink on your calendar. This way you can coordinate appropriately with the end of your current lease or your home sale, and give yourself some time to move. Work with all parties involved to make sure your timeline is known in advance.
“Make sure you are working with an experienced mortgage consultant who will be with you through the entire homebuying process. Making sure that all steps are clearly laid out, with proper expectations, is critical to ensure a stress-free homebuying process. There are multiple steps to go through when purchasing a new home but when you have someone on your side to get the job done quickly and efficiently, it makes a world of difference!”
It’s a good idea to secure your homeowners insurance and any other needed insurance before moving into your new home. Be sure to find out if your new home is in an area where natural disasters such as floods or hurricanes could occur and get insurance quotes accordingly. Compare rates with your current insurers and ask friends and family for trusted company recommendations. Once you find the right company, be sure to communicate with them about your closing date.
3. Final Walkthrough
Schedule a final walk through before your closing date to make sure the property is as you remember. This is especially important if repairs have been made, and to make sure all agreed upon items are left in your new home. Use this time to test all major appliances and systems within your home for good measure. If you notice any discrepancies, now is the time to get them taken care of.
4. Know What You Owe
Buyers may have to bring money to the closing, so be sure you know what fees and closing costs to expect so that you come prepared to pay. Most of the time personal checks are not accepted, so communicate with all parties involved in ample time to transfer funds or get the proper payment method.
5. Celebrate the Accomplishment!
You got approved for a loan, scoured the Internet, found a realtor, saw endless houses…. You’ve jumped through many hoops to make it to this day. Don’t forget to relish in the excitement of your new home and the memories you will make in it. Celebrate the accomplishment of owning your new home!