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Whether you're celebrating with champagne or simply relieved to close the deal, it's time to take care of a few final steps before you settle into your new home.
Final Walk-Through Inspection
The final walk-through is your last chance to inspect the property before the purchase is complete. By this time, all contingencies in the Purchase Agreement should be fulfilled, and the seller should have removed all personal belongings from the home. The walk-through usually takes place the day before or the day of closing, so make sure to review everything one last time to ensure the property meets your expectations.
Closing
Once you're satisfied with the final inspection, it's time to close! You, the seller, and the closing agent will sign the settlement agreement, which outlines the financial transactions involved in the process. You’ll also sign your loan documents and deposit the remaining balance of your down payment and closing costs into escrow. If you need to bring funds to the transaction, you can either bring a certified bank check for the amount specified in the settlement statement or have the funds electronically wired to the escrow account. After everything is completed, the deed will be recorded with the County Recorder’s office, and you will officially become the owner of your new property.
When you're ready to start your home-buying journey, give us a call at 928.848.1188 or fill out this quick form, and one of our agents will reach out to assist you.
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Tips for Buying the Perfect Home in Prescott
Don’t Stretch Your Budget Too Thin
While it’s great to be approved for a specific loan amount, it’s wise not to spend the full amount on the home’s sale price. Be sure to leave room in your budget for closing costs, taxes, and any potential repairs or updates you might want to make once you move in.
Get To Know The Area
Make sure the neighborhood fits your lifestyle. Is it close to schools? Is shopping conveniently located? Location is one of the few things about a home that can’t be changed, so it’s important to make sure it aligns with your needs and long-term plans.
Don’t Skip The Inspection
A home inspection is one of the best investments you can make. It will uncover any hidden issues that might not be visible during a casual walkthrough. This gives you peace of mind and helps you make a more informed decision about your purchase.
Get Pre-Approved
Getting pre-approved by a lender shows sellers that you’re serious about buying and ready to make a move. It also helps you better understand your budget, so you’re not wasting time on homes outside of your price range. Check out our list of trusted lenders here.
Make a List of Deal Breakers
It’s important to know what features are non-negotiable for you and what you can live without. Can a simple remodel fix some issues, or are there major changes required? For example, if you need four bedrooms, don’t settle for a two-bedroom home that would require a costly addition.
Check The Age Of Appliances And Major Systems
Some of the most expensive parts of a home are the appliances, HVAC system, hot water heater, septic/well, and roof. Be sure to check the age of these systems and whether they’ve been well-maintained. You might even be able to negotiate a home warranty to cover these systems after you move in.
Understand HOA Requirements
Many neighborhoods have homeowner associations (HOAs) with rules about what you can and can’t do with your property. Make sure you’re familiar with the HOA’s regulations and any associated fees, which are typically listed as annual costs.
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What Price Range Can I Afford?
Resources For Prescott Home Buyers
The journey to homeownership starts by understanding how much you can afford. One major thing to consider is your down payment, if any. Many consumers believe it's impossible to buy a home without at least 20 percent down. But thanks to various government-sponsored programs, many people can now buy a house with as little as 3.5 percent toward a down payment. Veterans of the U.S. military have zero-down programs available.
