What’s inside
- Evaluating your finances
- Getting a real estate agent to represent you
- Searching neighborhoods before homes
- Making an offer
- Closing the deal
- Moving in
Buying a house is exciting, yet it can also be stressful. Purchasing a home is one of the most significant financial decisions you’ll ever make. There’s also a lot to consider when buying a house, from mortgage rates to closing costs. Therefore, you should take your time, talk to a Realtor, and really examine different neighborhoods.
So much emotion goes into buying a house; it’s almost like falling in love or getting engaged. It can be overwhelming at times, but we at Owen & Co. have the information to help you better understand the process of buying a Mississippi home. We’ll help you minimize the stress so you can experience all the fun parts.
Evaluate your finances
Before you decide to buy a home in Mississippi, you need to check the state of your finances. Below are a few factors to consider:
- Credit score. For most mortgages, you’ll need a score of at least 620.
- Debt-to-income ratio. You’ll want to spend less than 36% of your monthly income on settling debt.
- Down payment. You’ll need to have the down payment of at least 20% percent of the house price to qualify for a conventional loan.
- Closing costs. Most homebuyers spend from 2% to 5% of the home’s selling price in closing costs, which are usually paid out of pocket.
- Homeownership costs. Every year, make sure you spend 1% of the property’s value on home repairs.
Get a real estate agent
At this point, most buyers opt to work with a real estate agent. An agent is a local expert who can help you fine-tune your search and find the right home for you and your family.
In searching for the ideal real estate agent, don’t be shy about asking questions related to their experience and expertise. Here are a few to start you off with:
- How long have you been living and working in this area?
- How many clients are you working with at the moment?
- What services do you offer?
- Why should I choose to work with you?
Before proceeding to the next step, make a list of what you’re looking for in your dream house. Include must-have features that make or break your buying decision, as well as nice-to-haves that pique your interest.
Search neighborhoods, then homes
When looking for a home, think of the local lifestyle and look at the bigger picture. Aside from bookmarking homes that tick the boxes on your wish list, research the community. What makes it appealing? Are there reputable schools? How much are the property taxes? What is the commute to work and/or school like? Is the home accessible to public transportation, shops, restaurants, and services?
Make an offer
By this time, you’ve found a home you want to purchase. You’ll then want your agent to write an offer letter. The letter should include details about yourself, the home you wish to buy, and the terms under which you agree to purchase.
If the seller accepts your offer, congratulations! But if they reject your offer, you’ll have to make a new one or consider another house. Of course, the seller may also respond with a counteroffer. In that case, you and your agent may choose to accept or continue to negotiate.
Close the deal
So, you and the seller have agreed on the terms, and you are both ready for the closing. This step involves the following stages:
- Appraisal or a professional estimate of the home’s value.
- Inspection or an expert review of the property and household appliances. The assessment includes examining the house’s structure, plumbing, and electricals and air-conditioning for damage. There’s also a check for termites and pests. The inspector then reports on what needs to be repaired, replaced, and renovated.
- Walkthrough or a final check to ensure the home is still in pristine condition. Take the time to check the house from top to bottom.
Move in
Being a homeowner doesn’t end when you get the keys to your new house and you’ve moved in. Good homeownership includes caring for your property from the inside out, keeping the home safe and secure, and paying your loans and taxes on time. With planning and professional help, owning your own home is easier than you think.
Buying a house in Mississippi is no easier or more difficult than buying a house in any other state. The key is to find a local, experienced agent that can guide you through the process. We at Owen & Co. have an elite team of agents committed to finding you the home you’ll absolutely love. We’ll guide you every step of the way to ensure your home buying journey in Mississippi is a positive one. Get in touch with one of our Realtors at 228.822.9870 or info(at)owenandco(dotted)com.
