Buyers Guide

Step 1:
Make the decision to buy

We understand that making the decision to become a homeowner or investor on a property requires you to think about your long-term goals, and its impact on your life. Water Tower Holdings’ Properties team guides you to make informed decisions because we recognize that buying a property is a significant financial and emotional investment. 

Consider the following aspects that might be a sign that your are ready to buy either as homeowner or as investor:

  • Think about the reason behind buying a property. Ask yourself, why is it important for you to become a homeowner or an investor? 
  • Analyze your financial health. We recommend reviewing your spending with transparency and honesty, because this will allow you to know how much you can allocate to a mortgage payment. Ask yourself these questions:
    • Will your household budget be enough to cover mortgage payments, homeowners’ insurance, HOA if applicable, property taxes, and ongoing expenses? 
    • Do you have enough savings to cover a down payment and closing costs?
    • Have you built a good credit score in recent years? Remember that a good credit score will help you with loan conditions and better interest rates. 
    • Do you have a low current debt-to-income ratio? This ratio looks at the total recurring monthly expenses you have relative to your income.  
  • Do not hesitate to have an estimated monthly mortgage payment by using our Mortgage Calculator.
  • In a homeowner scenario, think about the time frame you want to live in the property. For a short-time frame, it is not recommended to buy. Also, compare the monthly rent amount, versus an expected mortgage payment using our useful mortgage calculator. 
  • Think about what is the best scenario for you, renting or buying?

Step 2: Prepare yourself to buy

Once you have made the decision to buy, plan before going to showings. Keep in mind the following aspects:

  • Have your most important financial documents in order (income taxes, pay stubs, bank statements,savings).
  • Define your needs and wants. It is relevant to identify your priorities, and differentiate between your “must-haves” and “nice-to-haves”.  Check out our Neighborhood Information to help you identify the best neighborhood for you and your family!
  • Hire a Water Tower Holdings’ Properties real estate broker that will definitely inspire trust and confidence. Remember that the agent will be guiding you through the process, and negotiating on your behalf. 
  • Get pre-approved for a mortgage to know the purchase price you qualify for and understand current interest rates. It would be our pleasure to recommend to you one of the mortgage brokers we trust and have worked with during many years. 
  • If you are a first-time home buyer, consider reviewing the programs offered by the U.S Department of Housing and Urban Development in your state. Please refer to the link below for more information:  https://www.hud.gov/topics/rental_assistance/local 

Step 3: Start searching for your dream property

At this point, it is important to communicate all your needs, wants, budget, and time availability for showings to your selected real estate agent, because this will narrow down the search and avoid wasting time. WTH Properties brokers will provide you with a wide-array of options, including properties that are off-market or soon to be listed and work around your schedule to view the properties at your most convenient times. 

A good tip during your property hunting is to keep a checklist and take notes on each property you visit, therefore selecting the property you want to purchase will be easier.  Also, remember to read our “neighborhood information” section and if you are not familiar with the area, visit it during different times of the day to asses if it meets your criteria. Most importantly, do not worry, we are here with you, rely on us and feel comfortable asking one of our knowledgeable realtors all the questions you may have. 

Do not be discouraged by property asking prices, Water Tower Holdings Properties’ brokers are fierce and experienced negotiators. We pride ourselves in delivering the best property at the lowest price for our clients.   

Step 4: The buying process

So we found your ideal property! Your Water Tower Holdings’ Properties broker will help you submit an offer. WTH Properties agents are well versed in the art of the deal and are trained to possess effective negotiation techniques. This provides an advantage to our clients over other potential buyers. 

Remember to consider estimated closing costs to be around 3% of the purchase price if they have not been covered by the seller. 

Keep in mind the following steps:

  • 1. Sign the purchase agreement and once executed by both parties deposit the agreed earnest money.
  • 2. Your attorney will receive a copy of the purchase contract, will review it and order title to make sure it is free and clear of encumbrances.
  • 3. Secure your mortgage since it usually takes up to 45 days to process the loan.
  • 4. Hire a home inspector to evaluate the property. Remember that it could take a couple of days.
  • 5. Review your inspection report with your WTH real estate agent, decide what credits or repairs to ask for and how to move forward. 
  • 6. If the property has an association approval or process, make sure to finish it before closing date.
  • 7. Select homeowner insurance. Get quotes from several companies and choose the one that best fits your needs.
  • 8. Final walk – through inspection with your WTH real estate agent before closing.
  • 9. Receive your new property keys! Activate property services and utilities, to start hours after closing date.
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