Doylestown is a great place to call home. This picturesque borough is a bustling hive of activity, with plenty of shopping, dining, and entertainment at your doorstep. It's also a great place for commuters, as you are within easy reach of major cities such as Trenton and Philadelphia. Real estate in Doylestown, PA is diverse. You'll find everything from modern cozy condos to sprawling Victorian-style manors. With good schools, great nightlife, and an unbeatable community spirit, it's no wonder the people who live here love it.
If you've been looking for a place in Doylestown, PA, now is a great time to buy. Whether this is your first home purchase or your fifth, it's a good idea to review the steps involved in the home buying process. This home buying guide will give you an overview and recommend the next steps to take when you are ready to buy a new home.
A few things to consider before buying Doylestown, PA real estate
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What neighborhood do you want to live in? Some people prefer to live near the bustling downtown area. Others prefer more secluded neighborhoods such as around Veterans Memorial Park. Think about what locations you love and what sort of neighborhood is right for your household.
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What amenities do I need close to home? Many people want to be able to walk to a grocery store or restaurant instead of taking their vehicle out for every errand. Others might not mind a bit of a drive.
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Where am I willing to compromise? While it's good to know what you want in your new home, it's also good to think about where you are willing to compromise. Would you give up a swimming pool for an extra bedroom? Or would you drive further for school drop-off if it meant getting a larger home? Think about your priorities and where there is wiggle room.
Your guide to buying a home in Doylestown
Consider getting pre-approved
This step isn't absolutely necessary, but it's highly recommended. Before you start looking for a new home, consider getting pre-approved for a mortgage. This can help you in a few ways.
Pre-approval can make your offer a more competitive one. Sellers may be willing to take a lower offer from a pre-approved buyer versus a higher offer from a buyer who is potentially unqualified to make the purchase. Getting pre-approved shows the seller you have the funds to buy their Doylestown property and can move to the closing process quickly.
Getting pre-approved will also help you set a comfortable budget for your new home. Going through the preapproval process will give you a clear understanding of how much you can qualify for.
If you decide to get pre-approved, shop around for the best mortgage rates. Your personal bank may not offer the best rates for your circumstances, so check with other lenders about their loan terms.
Set your budget
Carefully consider how much you can pay on a monthly mortgage. When considering your budget, remember that your monthly mortgage payment will also include insurance and property taxes. Factor that in when estimating your monthly payments.
If you did get pre-approved for a mortgage, there is a chance the bank approved you for an amount far above what you actually want to borrow. Look at your finances, including your monthly income and expenses, and determine what you are really comfortable paying for a property.
And finally, remember that homes in Doylestown occasionally sell for above the asking price. When setting a budget, leave a little wiggle room so you can negotiate for the perfect property. That way there is less risk of losing your dream home in a bidding war.
Interview real estate agents
At this point, it's time to start talking to some real estate agents. Many people make the mistake of hiring the first agent they speak to or meet. We encourage you to interview a few agents before making a choice. You want to find an agent who:
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Understands the area and the current housing market
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Has experience helping people buy properties in your price range
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Can call on a network of other professionals to help make this process easier
A real estate agent will be your greatest ally when buying a home. They can advise you on negotiations, tip you off on properties coming to the market, and answer any questions you might have along the way. You'll be talking to this person a lot during the process, so make sure it's someone you actually want to work with.
Start viewing properties
For most people, this is the fun part of the home buying process. Home tours are exciting opportunities to discover a space you might want to call your own. Make sure that you've created a must-have and dealbreakers list for a new home and shared that with your real estate agent before you start looking. This can help you focus your search and can give your agent insight into what really matters to you in a property.
You can look online at MLS listings for Doylestown or allow your agent to select a few properties to view based on your wants and need. When you go to view a property, it's important to look beyond the paint and find the potential. While most Doylestown homes are beautifully maintained, you may end up viewing one that needs a small investment to bring out its full potential. Don't write these properties off, as they can be great opportunities to put your own stamp on a home while building a lot of equity very quickly.
If you want to avoid fixer-uppers, though, that's fine. Just let your agent know how much work you are willing to put into a property so they can steer clear of anything that won't work for you.
Make an offer
When you find a property that you love, make an offer through your real estate agent. It will be up to the seller to accept, reject or make a counteroffer. If you've been pre-approved or are a cash buyer, that can strengthen your position. If the seller rejects your initial offer, talk to your agent about if they think it's worth making another offer. You may be able to sweeten the deal by increasing the offer amount or waving contingencies such as a home inspection.
However, don't let a rejection discourage you. It can be difficult to walk away from a property that you really love. If the terms of the deal aren't right for you, though, then it isn't the house for you.
The negotiation process isn't over when your offer is accepted, though. You'll need to wait while the property goes through an appraisal and inspection process. If the home doesn't appraise for the asking amount, you may not be able to get the financing you need and may need to renegotiate the sale price. There is often room for negotiation after the home inspection, too. Many times home inspections turn up issues that need attention. The seller may be willing to fix those for you before closing. They may also be willing to lower the sale price to compensate you for having to deal with the issues yourself.
The title company will inform you of any other documents you might need to bring along. Preparing it all ahead of time will help ensure there are no delays on the big day.
Prepare your paperwork
This is when you'll want to complete the mortgage process and secure your financing. The title company will handle the transfer of funds from the bank to the seller, as well as transferring the title of the property.
This is also a good time to prepare all the paperwork that you'll need to bring to your closing appointment. This includes:
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A cashier's check. You'll need to bring a cashier's check to cover your portion of the closing costs, which you may or may not be splitting with the seller.
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Closing disclosure. This will come from your lender and detail the final terms of your loan.
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Proof of insurance. You'll need to take out a homeowner's insurance policy on your property and bring proof of the policy to closing.
The title company will inform you of any other documents you might need to bring to closing. Preparing it all ahead of time will help ensure there are no delays on the big day.
Attending your closing appointment
Finally, all that's left to do is attend your closing appointment. This is when you'll sign all the documentation to buy your new home. You'll also get the keys from the seller so you can take possession of the property and start moving in. It's time to celebrate!
Have more questions about buying Doylestown, PA real estate?
Get in touch with Georgi Sensing, Doylestown's premier realtor. Georgi has worked with clients with budgets of all sizes and understands each unique market. If you are ready to start the process of buying a home here, get in touch with Georgi today.
