How to Buy a Home in Another State
Blog posted On April 16, 2015
People decide to move out of state for a variety of reasons. Whether it is for work, a new job opportunity, school, a change of scenery, or retirement, there are some basic steps that need to be taken when buying a home in another state.
The first thing to consider is the timeframe. How much time do you have to purchase a new home? If your reasoning is for a change of scenery or retirement, you might have a more lenient deadline. Establish a realistic timeframe including a move-in date correlating with when you pull into town on the big day, selling your current home, trips to view the new location, and closing your mortgage loan on your new home.
Another important aspect of buying out of state is research. Research the neighborhoods, areas, and trends before you choose to buy. If you can, visit the community in person to get a better feel of the area. Knowing the most you can about the area will make you a more informed homebuyer able to make the best decisions possible to help you reach future goals.
When purchasing a home in another state, you should be aware of different laws and taxes than you are used to. Different states have different requirements when it comes to laws and taxes and becoming familiar with these is essential to ensure the buying and mortgage loan processes go smoothly.
Finally, get people on your side! Get referrals for professional Realtors and buyer’s agents who will be able to help you successfully navigate the process in a new area. Finding someone who is familiar with the area is key since you will most likely not be. Reach out to friends or family who live in the state. Ask business partners if they have contacts in the other state. Find a connection you have within that state and keep moving down the line until you find someone to work with that you trust, has a proven successful track record in the state, and can work well with moving forward.
MORTGAGE BLOG
