Column: Step Two To Home Ownership
[Written by Freddie Forth & Martha Harris Myron]
There are two defining factors for most people wanting to buy real estate property:
Property is real, immovable, tangible and understandable. It has always been there [at least the land] and so marked on a map [Google GPS Earth] in today’s digital world.
And secondly, it is your permanent home, an asset within your control, beholden to no one else, representing to some a castle, to others a retreat from the world around them. A home is a deeply personal space, inviolate and protected, your serene environment where the celebrations, challenges and yes, sorrows of life are shared with family and friends.
Property buyers span the spectrum.
First time home buyers who have rigidly focused on owning a piece of the Rock and are close to realizing that dream.
Family groups who have pooled their resources to buy a family home or want a second property as an income-producing investment.
Mid-career professional families moving upward to a larger home.
In step one, the individual, couple or family have reached a decision to purchase a home and have gone through the initial pre-approval loan process with their lender.
In step two, now is the time to consider working with a licensed real estate professional whose responsibilities are many: understanding their financial objectives, family needs, time frame, kinds of properties such single family home, multiple use, condominium, location parish, views, property size, structure age and composite materials [Bermuda stone/concrete, etc.], fixer-upper or move in livability, clear land to build a unique structure, access to amenities, commuting time and numerous other variables.
Your agent will research available properties of interest that will meet the family’s criteria, then work with them in walk-through showings to get first overall-impressions.
The seller is legally required to disclose issues, renovations, and other items in the property information document
As part of due diligence to the buyer, the agent will obtain pertinent information on all properties available for purchase, including those listed with other firms in order to refine your full set of choices.
Those professional interactions also form a network of co-operation so that all properties that may meet the buyer[s] are not overlooked in the final selection process.
The step two financial education video can be seen here.
Next up is step three: the family has chosen their new home, now it is time to make an offer.
- Freddie Forth & Martha Harris Myron
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