Moving or looking for a new home in Montana is an exciting milestone. In fact, Billings ranks among the hottest real estate markets in the country. Before starting your home search in this highly competitive environment, make sure you are mentally, emotionally and financially ready to buy a home. It’s a big commitment. To help you get started, follow these nine steps.
Step 1: Choose a REALTOR® who knows Montana
These local professionals help navigate the next eight steps and give you a leg up on the competition. They'll aid with paperwork and decision making to keep you from making mistakes or overlooking things that might put you in hot water. Find a local REALTOR® you mesh with and trust. They can provide local market knowledge down to the neighborhood you’re interested in moving to.
Step 2: Select a lender
Know your budget. Lenders will look at your hard assets, job history and credit score. They work with you to estimate feasible monthly payments and loan amounts. Because the Billings area is one of the nation’s hottest housing markets, it’s vital to be pre-qualified or a seller may not take you seriously.
Step 3: Make a list of your needs – start with lifestyle
Do you want to live near downtown Billings? A more suburban location? A smaller community like Red Lodge or Columbus? How about a quiet community on the Yellowstone River? How many bedrooms? Do you need a garage? A basement? Think about what type of property you want and your must-haves. This helps an agent match you to the right properties.
Step 4: Tour the homes
Finally, we get to the fun part! REALTOR®s offer insights you might not think about, so take them along, take your time, — but maybe leave your 13 cousins at home.
Step 5: Make an offer
You found the one! Now your licensed Montana REALTOR® becomes even more important. Making a competitive, appealing offer without compromising your wants, needs and finances can be tricky! Be prepared to offer earnest money to show you are serious. Ask the seller to address any contingencies, such as fixing damages or accommodating your need to sell your home first. Agree on which appliances or furnishings stay. Your REALTOR® will help you navigate this.
Step 6: Finalize the financials
It’s time to team up with your trusted mortgage broker to put the right loan together. These professionals can help you weigh considerations like mortgage insurance, a down payment or an all-cash purchase. If you are financing, do not change jobs before you close or make a big purchase, like a truck or RV, because this can affect your credit and buying power. You also will need enough cash for escrow, closing costs, etc.
Step 7: Schedule a home inspection
In almost every situation, your REALTOR® will suggest a home inspection as a contingency and supply you with the names of some reputable inspectors. Your inspector will go through the house and make sure there’s nothing damaged or dangerous. Perhaps there’s a leak, no insulation in the attic, clogged gutters or too much radon. When an inspector finds these things, so long as this was in your contingencies, you can ask the sellers to fix them before closing, or you can lower your offer.
Step 8: Close on the loan
Almost there! You will have to set a date with the title company to pay closing costs and sign the paperwork. Most likely, your REALTOR® will be with you to answer any final questions.
Step 9: Get the keys
Once you have the keys in your hand, don’t forget to commemorate with a nice photo to share with your friends and family. Save the important paperwork, and wait for your title to arrive in the mail.
Bonus step: Consider homeowners insurance
For added piece of mind, homeowners insurance covers appliances, plumbing, heating and other interior problems that might occur during the first year. It could save you in the long run, allowing you to focus on enjoying Montana’s great outdoors and friendly communities.
The team at Berkshire Hathaway HomeServices Floberg Real Estate has been delivering exceptional service to the Billings, Red Lodge, Columbus and surrounding areas since 1959. Floberg agents specialize in residential, farm, ranch, commercial and recreational properties that include skiing, fishing and hiking. For more information, visit bhhsfloberg.com.
