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Buyer's Guide

A Step-by-Step Buyer's Guide

Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by our team will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

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Step 1: Research

Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.

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Step 2: Decide on Your Budget

Notice we said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.

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Step 3: Get Prequalified

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.

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Step 4: Choose Real Estate Experts

Can you shop for, look at, and ultimately make an offer on a home without real estate experts? Technically yes, but why would you when it costs you nothing for agents like us to take much of the stress off your shoulders? Not only will we help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but we also have knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where our expertise and wealth of knowledge come into play. Let us show you around some homes that meet your dream home criteria so you can find the one that's right for you.

Passion & Expertise

Our goal is to provide you with the most personalized service possible, meticulously designed to help you navigate the process of buying your dream home. We are dedicated to understanding your unique needs and preferences, ensuring that every step of the journey is tailored to achieve your ultimate home-buying aspirations.

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Step 5: Find the Right Home

This should be the most enjoyable step of the entire process (other than moving in!). We will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

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Step 6: Make an Offer

Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. We will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.

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Step 7: Have the Home Inspected

In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. We can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

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Step 8: Select Your Loan

Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.

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Step 9: Get a Home Appraisal

Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.

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Step 10: Finish Paperwork

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.

Congratulations!

After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams. 

See Why Our Clients Love Us

Testimonials

"Aida is absolutely The Best! She’s so knowledgable about the industry, picks up the phone day or night and has such solid advise. She’s very trustworthy! We’ve used her for a little over 2 years now! Aida is more like family than a realtor at this point!"
"Aida is absolutely The Best! She’s so knowledgable about the industry, picks up the phone day or night and has such solid advise. She’s very trustworthy! We’ve used her for a little over 2 years now! Aida is more like family than a realtor at this point!"
Shelby Y.
"Aida Colon is one of the best realtors in Dorado and one of the best in Puerto Rico. Experienced, dedicated, vast local knowledge, and most important integrity which is key in the realtor business. I will recommend Aida any time both to sellers, buyers and renters."
"Aida Colon is one of the best realtors in Dorado and one of the best in Puerto Rico. Experienced, dedicated, vast local knowledge, and most important integrity which is key in the realtor business. I will recommend Aida any time both to sellers, buyers and renters."
Jose M.
"I bought my property in July 2016 before hurricane Maria. In August I called Unique Properties to rent my beautiful Condo in Cove by the Sea close to the beach in Cerro Gordo. After the hurricane the unit got rented. Since then it have never been empty. The service they give to both parties are amazing. They go over and beyond to make everyone happy. I truly recommend Ayeshia and Aida to manage your property or get you a place to rent."
"I bought my property in July 2016 before hurricane Maria. In August I called Unique Properties to rent my beautiful Condo in Cove by the Sea close to the beach in Cerro Gordo. After the hurricane the unit got rented. Since then it have never been empty. The service they give to both parties are amazing. They go over and beyond to make everyone happy. I truly recommend Ayeshia and Aida to manage your property or get you a place to rent."
J. Vázquez
"Aida did a great job in helping me find the right home in Puerto Rico. She patiently showed me many properties so that I obtained a good understanding of the different areas. Her views on the elements of each area that would affect our quality of life were very helpful."
"Aida did a great job in helping me find the right home in Puerto Rico. She patiently showed me many properties so that I obtained a good understanding of the different areas. Her views on the elements of each area that would affect our quality of life were very helpful."
D. Dean
"Aida is very professional, always looking for a win-win result for the tenant and the property owner. She is very committed to find the right customer even when the market is difficult."
"Aida is very professional, always looking for a win-win result for the tenant and the property owner. She is very committed to find the right customer even when the market is difficult."
A .Galvis
"If you are moving from the States to Dorado, Aida is an excellent resource. Our process was somewhat complicated, and Aida ended up being both our agent and effectively our mortgage servicing agent on our home purchase. We simply could not have done it without her, our neighbors think highly of her, and we are thrilled with the home we bought (and the price). Very highly recommended."
"If you are moving from the States to Dorado, Aida is an excellent resource. Our process was somewhat complicated, and Aida ended up being both our agent and effectively our mortgage servicing agent on our home purchase. We simply could not have done it without her, our neighbors think highly of her, and we are thrilled with the home we bought (and the price). Very highly recommended."
D. Willis
"My wife and I just moved to Puerto Rico and we came in being very unfamiliar with the area. We found it difficult to get used to the island and found it really hard to know what places were available. We are so fortunate to have found Unique Properties! They made it so easy! When we were in town Ayeshia showed us a few available units and told us about the area. We found a perfect place! Once we moved in Ayeshia has been a tremendous help with getting settled in. I would recommend Unique Properties to anyone who wants to live in Puerto Rico!"
"My wife and I just moved to Puerto Rico and we came in being very unfamiliar with the area. We found it difficult to get used to the island and found it really hard to know what places were available. We are so fortunate to have found Unique Properties! They made it so easy! When we were in town Ayeshia showed us a few available units and told us about the area. We found a perfect place! Once we moved in Ayeshia has been a tremendous help with getting settled in. I would recommend Unique Properties to anyone who wants to live in Puerto Rico!"
M. Gandy
"Aida was a friendly professional with all the local connections to help me find my way in a new island life! She had multiple locations and price points as well as sharing what the lifestyle and neighbors would be like!"
"Aida was a friendly professional with all the local connections to help me find my way in a new island life! She had multiple locations and price points as well as sharing what the lifestyle and neighbors would be like!"
B. Valentine
"The best in the business! Really went the extra mile to get the deal done. She went above and beyond for me and my family, and for that we are forever grateful."
"The best in the business! Really went the extra mile to get the deal done. She went above and beyond for me and my family, and for that we are forever grateful."
G. Soto
"Excellent professional and we became friends because we had so many interactions with my properties. She looked after my properties and my interests like they were hers. I will recommend her with the greatest enthusiasm to anyone who is interested in dealing with her. You will not find a better, more humane, more responsible or more dedicated person than Aida. Thank you!"
"Excellent professional and we became friends because we had so many interactions with my properties. She looked after my properties and my interests like they were hers. I will recommend her with the greatest enthusiasm to anyone who is interested in dealing with her. You will not find a better, more humane, more responsible or more dedicated person than Aida. Thank you!"
J. Westerband

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