10 Steps to Buying A Home on Long Island

10 Steps to Buying A Home

1. Educate Yourself:

   The Long Island real estate market is unique, and you need to understand the home-buying process, the local real estate market, and the financial aspects involved. At Local Realty, we believe in empowering our clients through education, enabling them to make informed decisions.

2. Engage with a Local Real Estate Agent:

  Our trusted Local Agents will guide you through your home buying journey. We will provide you with invaluable market insights and personalized service tailored to your needs so you can make the best decision for your family.

3. Get Pre-Approved for a Mortgage:

  A Local Agent can refer you to reputable Long Island mortgage lenders to obtain a mortgage pre-approval to help you understand your buying power. This step not only provides clarity on your budget but also demonstrates to sellers that you are a serious buyer.

4. Define Your Needs and Wants:

   Now that you have assessed a realistic budget list your must-haves, nice-to-haves, and deal-breakers in a home. Consider factors such as location, size, amenities, and proximity to schools or work… the more flexible you are, the more available homes for sale on Long Island you will find.

5. View Homes:

  Your Local real estate agent will set appointments around your schedule and assist in viewing the homes. Together, you will explore available listings, attend open houses, and compare different properties. Agents have a lot of technology to assist you in your home search.

6. Make an Offer:

  Once you find a home you love, make a competitive offer. Local Realty agents are skilled negotiators who will work to get you the best deal possible. Your agent will help point out potential issues that may require further inspection. Accounting for these in your offer can keep you competitive and show the homeowner you are a serious home buyer.

7. Accepted offer and Home Inspection:

   On Long Island, we do our inspections before the contract and It is ALWAYS in your best interest to conduct a home inspection. No inspector can open up a wall, but they are trained to identify any potential issues and assess the condition of the home.

8. Contract:

  On Long Island, we utilize attorneys for closings. Your Local Agent will refer you to a quality lawyer who will review your contract, make sure the home has a marketable title, and protect the legal transfer of the property on your behalf.

9. Closing:

   The appraisal, title, and mortgage processing starts when there is a contract for sale. Once both sides are clear to close, a date is set to transfer the property. You will attend the closing meeting, review all documents, and finalize your home purchase.

10. Congratulations, you are now a homeowner on Long Island!

Would you like to connect with a Local Agent about buying a home on Long Island? Fill out the form below.