Whether you’re buying your first home on Lake Nacimiento in the Heritage Ranch or Oak Shorescommunity, or are just considering the idea of buying a vacation home on this beautiful lake; buying a home can seem like an overwhelming process. If you are a first time home buyer, you may not know what exactly to expect from the home buying experience.
As a Lake Nacimiento Real Estate agent, I know the ins and outs of buying and selling a home on Lake Nacimiento and can help you navigate through each step of the process. Below are eight simple steps that will have you well on your way to successfully buying your Lake Nacimiento home!
Step 1: Set Up Your Financing- Getting pre-approved for a loan is imperative in today’s Lake Nacimiento Real Estate market. Make sure you’ve spoken with a lender on how much you can afford and the type of financing you can get. Having a pre-approval letter will show sellers that you’re serious about buying and it can help move the process along quickly.
Step 2: Examine the House Carefully- Even though the Oak Shores or Heritage Ranch home you’re interested in may seem in excellent condition, you’ll want to examine the house very carefully. Getting a home inspection will put to rest any questions you may have about the condition of the home and will let you know of any repairs that need to be made that can be included in your final offer. Do not accept the home’s condition from its appearance alone. You could find yourself facing major repairs once you move in.
Step 3: Set a Limit for Yourself- It can be easy to get swept up in a bidding war if the home you have your eye on is being viewed by a few other buyers. It’s important to set a limit for yourself and be willing to walk away once that limit has been met. There are many great homes on the Lake Nacimiento Real Estate market that buying outside of your means is not necessary to get a great home.
Step 4: Decide on an Offer Price- Your Lake Nacimiento Real Estate agent can help you determine your offer price as they’ll present you with the comparable homes currently on the market. By viewing these similar homes and with the advice from your real estate agent, you can set a realistic offer. It’s typical to offer 5-10% lower than the home is currently listed on the market, rather than making an extremely low offer that the seller will immediately reject. A lower offer will show that you’re interested and will give them room to counteroffer.
Step 5: Decide on Earnest Money- Earnest money is cash that you can include with your offer to show that you’re serious. The earnest money can vary depending on what you can afford and this amount will be subtracted from the amount you borrow from the lender. Typically the earnest money is about 1% of the purchase price.
Step 6: Consider Your Contingencies- Things such as closing costs, inspection, the appraisal, or any repairs are just a few of the contingencies that can be worked into your offer. Your Lake Nacimiento Real Estate agent can help you build these into your offer, that will allow you to walk away or renegotiate with the seller if they are not met.
Step 7: Make it Move-In Ready- If you’re a first time home buyer, you may not have everything you need to furnish an entire home. Asking for certain things from the seller such as furniture or appliances can be apart of the offer and can help your home be more move-in ready.
Step 8: Take Attention Away From Price- Most sellers do not want to see an offer that’s below the asking price, but you can make your offer more pleasing by adding in a few things such as an all-cash transaction or a quick close, that will sweeten the deal for the seller.
Following these eight steps will guide you through the home buying process and give you insight into what you can expect from buying a Lake Nacimiento home. If you are ready to begin searching for a home in Oak Shores or Heritage Ranch; feel free to contact me! If you still have questions about the Lake Nacimiento Real Estate market and would like to learn more about the homes currently available on Lake Nacimiento, I would love to meet with you and discuss your options. Let’s make the dream of buying a home on Lake Nacimiento come true!
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty
Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
Please let us know how we can help!