Home Buying Guide

Before beginning your home search, ask yourself:

• Why am I buying a home? 
• What type of property fits my needs? 
• Where do I want to live? 
• What features are most important? 
• How long do I plan to own the property? 
• What monthly payment am I comfortable with? 

Having clear goals will help focus your search and make the buying process more efficient.

Before looking at homes, it’s important to understand what you can comfortably afford.

Consider:

• Monthly income 
• Monthly expenses 
• Existing debt 
• Down payment 
• Closing costs 
• Emergency savings 
• Future maintenance costs 

Buying within your budget helps ensure long-term financial stability.

A mortgage pre-approval is one of the most important steps before beginning your home search.

A pre-approval helps you:

• Know your price range 
• Strengthen your offer 
• Shop with confidence 
• Demonstrate to sellers that you’re a qualified buyer 
• Avoid delays once you find the right home 

If you need financing, we can connect you with trusted mortgage professionals who will explain your options and help determine the best loan program for your needs.

Having an experienced REALTOR® by your side can make a significant difference throughout the buying process.

Your REALTOR® will:

• Explain the buying process 
• Schedule property showings 
• Provide market insights 
• Analyze comparable sales 
• Negotiate on your behalf 
• Coordinate inspections 
• Guide you through closing 

Our role is to protect your interests from start to finish.

Once you’re pre-approved, it’s time to begin searching for your new home.

We’ll help you identify properties that match your:

• Budget 
• Preferred location 
• Lifestyle 
• School preferences 
• Commute 
• Desired features 
• Long-term goals 

We’ll also help you understand current market conditions and pricing trends.

As you visit homes, consider:

• Overall condition 
• Floor plan 
• Neighborhood 
• Traffic 
• Schools 
• Future resale value 
• Renovation needs 
• HOA restrictions (if applicable) 

It’s important to look beyond cosmetic features and evaluate the home’s long-term value.

Once you’ve found the right property, we’ll help you prepare a competitive offer.

This includes:

• Purchase price 
• Earnest money deposit 
• Financing terms 
• Inspection period 
• Closing timeline 
• Seller concessions (if appropriate) 

We’ll negotiate on your behalf to achieve the best possible outcome.

A professional home inspection helps identify potential issues before closing.

Common inspections include:

• General home inspection 
• Roof 
• HVAC 
• Plumbing 
• Electrical 
• Pest inspection 
• Foundation 
• Pool (if applicable) 

The inspection allows you to make informed decisions before finalizing your purchase.

If you’re obtaining financing, your lender will typically order an appraisal to determine the property’s market value.

The appraisal helps ensure the home’s value supports the purchase price.

During this stage, your lender will complete the underwriting process.

You may be asked to provide additional documentation before receiving final loan approval.

Responding promptly helps keep your closing on schedule.

Shortly before closing, you’ll complete a final walk-through of the property.

This allows you to confirm:

• Agreed-upon repairs were completed 
• The property is in acceptable condition 
• Appliances remain 
• No unexpected damage has occurred 

Congratulations!

On closing day, you’ll:

• Review and sign closing documents 
• Pay any remaining funds due 
• Receive the keys to your new home 
• Officially become a homeowner 

Beyond the purchase price, buyers should plan for:

• Down payment 
• Closing costs 
• Home inspection 
• Appraisal 
• Homeowners insurance 
• Property taxes 
• HOA fees (if applicable) 
• Moving expenses 
• Utility deposits 

Understanding these expenses helps you prepare financially.

Many buyers are surprised to learn they may qualify for programs designed to reduce the upfront cost of purchasing a home.

Depending on eligibility, assistance may be available for:

• Down payment 
• Closing costs 
• Grants 
• Deferred-payment loans 
• Forgivable loans 
• State and local assistance programs 

If you’re unsure whether you qualify, we’ll connect you with a trusted mortgage professional who can review your options.

Learn More

Visit our Homebuyer Resource Center:

• Get pre-approved before shopping. 
• Stay within your budget. 
• Avoid opening new credit accounts during the buying process. 
• Don’t make large purchases before closing. 
• Save for unexpected expenses. 
• Ask questions whenever you’re unsure. 
• Work with experienced professionals. 

How is buying a home better than renting?

Some factors to consider are rent increases with time and home price appreciate with time. Making the decision to rent or purchase a house will depend on your future plans. Rents are typically less expensive than buying at the time of making the decision, however, rent will continue to increase year after year. The mortgage payment wont, but rather your equity on the property will increase year after year.

How much house can I afford?

In general, the amount you can afford to spend on a home is a combination of your cash on hand, your salary, and your outstanding debt. Speaking to a lender is really the first step in the home buying process.

When is the best time to get loan approval?

In order to have the best possible chance when submitting a home offer, Elite KY Homes recommends that buyers get pre-approved for their home loan. Pre-approval simply means that the buyer has worked with a lender to determine what the maximum loan amount the buyer could qualify for with that lender, prior to selecting a house. Some sellers will not even entertain offers from a buyer unless the buyer is pre-approved.

How can I be sure that I have seen everything on the market?

To ensure that you have knowledge of all the properties available on the market, your Elite KY Homes professionals sets your criteria and orders the MLS (Multiple Listing Service) to deliver every property listing directly to your email box. Another way to ensure you are shown every available home is to search for yourself using your preferred website which allows complete access to the area homes for sale.

How will I know I am offering the right price and not overpaying for the property?

One way to ensure that you are paying a fair price for the property is to look at what other houses of similar size and characteristics have sold for in the past few months. Your real estate professional should be able to provide you with some comparable home sales in the area.

After I have a contract on a home to purchase, when can I move in?

After the home closing, you then own it and can move in immediately right after closing unless the contract was negotiated differently.

Buying a home is more than a transaction—it’s one of life’s biggest milestones.

As the Broker/Owner of Elite KY Homes, Licensed Real Estate Broker, and REALTOR®, Romi Torres is committed to helping buyers make informed decisions through education, honest advice, and expert representation.

You’ll receive:

• Professional guidance 
• Local market expertise 
• Skilled negotiations 
• Responsive communication 
• Personalized service 
• Support from consultation through closing 

Our goal is to help you purchase the right home with confidence.