Earnest money and expenses such as inspections or an appraisal, depending on when payment is required.
The Utah Valley buyer’s guide
How to Buy a Home in Utah Valley
The right home needs to fit your budget, your routine, and your plans for the next few years. A great kitchen generally does not make up for a payment or commute you cannot live with.... But maybe for you, it does!
Search Utah Valley HomesA clear plan from your first conversation to getting the keys.
Search Utah Valley Homes
Want to talk through your budget, timing, or where to start? Call (385) 421-9325.
01 / The process
From planning to getting the keys.
- Set your budget and priorities.Decide what monthly cost feels sustainable, how much cash you can use, and what the home needs to do for you. Your comfortable budget may be lower than a lender’s approval.
- Explore financing and get preapproved.Work with a lender to review your finances and compare loans. Find out what has been verified and what conditions remain. We can refer you to someone we trust if needed.
- Search, tour, and compare.Narrow the search around your priorities, then evaluate layout, condition, location, and ownership costs. Discuss representation, your buyer-broker agreement, and compensation before touring.
- Make an offer you feel good about.Use comparable sales, competing interest, and condition to guide your offer. Understand the price, deposit, contingencies, and deadlines before signing.
- Inspect and complete closing.Review inspections, disclosures, title, and other documents. Complete financing requirements, confirm final figures, and coordinate closing and possession.
02 / Your budget
Build around the full cost of ownership.
Start with three lists: must-haves, preferences, and deal breakers. A workable commute or accessible layout may be essential. Paint colors and finishes may be easier to change. Larger projects, such as finishing a basement, need their own budget and feasibility review.
Plan for the monthly cost
Look beyond principal and interest. Your ownership budget may also include:
- Property taxes and homeowners insurance
- Mortgage insurance, if your loan requires it
- HOA or condo dues and applicable assessments
- Utilities, routine maintenance, and unexpected repairs
Check what is already included in a lender’s payment estimate so you do not count taxes or insurance twice. Two homes at the same price can have very different ongoing costs. Compare dues, insurance quotes, likely repairs, and daily travel before deciding.
Separate upfront spending from cash due at closing
The remaining down payment and closing costs, adjusted for deposits already paid, applicable credits, and other transaction adjustments.
Moving costs, immediate repairs, and savings you want to retain for emergencies.
Ask your lender for an itemized estimate. Include any buyer-broker compensation you are responsible for under your agreements. Cash to close and your total savings target are different numbers.
03 / Financing
Get preapproved and compare your options.
A preapproval can help establish a purchasing range and give a seller useful information about your financing. It is not final loan approval.
Lenders use “prequalification” and “preapproval” differently. Ask what documents were reviewed, whether an underwriter evaluated your file, and what still needs approval. The work behind the letter matters more than its label.
Lenders commonly review income, employment, credit, debts, assets, and the source of your down payment. Final approval also depends on the property, loan requirements, and your financial circumstances through closing.
Compare the full loan, not just the advertised rate
Discuss conventional and FHA financing and any assistance programs that fit your circumstances. Ask the lender to compare:
- Down payment and estimated cash to close
- Interest rate, APR, points, and lender fees
- Mortgage insurance and the full monthly payment
- Loan term, rate-lock terms, and payment changes
- Assistance eligibility, repayment terms, and restrictions
Use comparable scenarios and Loan Estimates when available. A low advertised payment may depend on fees, a temporary buydown, or assumptions that do not fit your purchase. If a reduction is temporary, budget for the payment after it ends.
What if you cannot get preapproved yet?
Ask the lender what prevented approval and what would need to change. The next step might involve documenting income, reducing debt, building savings, correcting credit-report errors, or adjusting the price range.
Ask whether other loan options fit, then set a realistic time to reassess. A preparation plan can help you move forward, but it does not guarantee approval. Keep your agent informed so your search matches what you are ready to do.
04 / The search
Find a home that fits life in Utah Valley.
Use your priorities to narrow the search, then test them against how you actually live.
Location and routine
- Commute: Check Silicon Slopes and I-15 routes at the times you expect to drive.
- Schools: Confirm attendance boundaries and enrollment requirements directly with the district.
- Daily life: Consider work, errands, recreation, parking, and regular destinations.
- Outdoor space: Balance the yard you want with the maintenance you will take on.
- HOA rules: Review dues, parking, rental restrictions, exterior requirements, and shared responsibilities.
What to notice on a tour
Pay attention to layout, light, storage, noise, drainage, and visible signs of maintenance needs. Write down questions for an inspector or qualified specialist. A showing helps you decide what to investigate; it does not replace an inspection.
Compare new construction and resale
For new construction, review the total price with lot premiums and upgrades, estimated completion, warranty terms, landscaping, and anything the builder excludes. Builder incentives may have financing conditions, so compare the full offer.
For resale, evaluate existing condition, likely repairs, included features, and move-in timing. Either option can work. The better choice fits your budget and schedule after you account for the details.
Search Utah Valley Homes →︎05 / The offer
Make an offer with terms you understand.
Review these elements before submitting
Purchase priceHow it compares with relevant sales and current competition.
Earnest moneyHow much you will deposit, when it is due, and when it could be at risk.
Financing and appraisalWhat happens if financing fails or the appraisal is below the price.
Due diligenceWhat you need to investigate and the deadlines for acting on findings.
Seller-paid costsRequested credits or contributions and whether your loan allows them.
Closing and possessionWhen the transaction must be completed and when you can move in.
InclusionsAppliances and other items that are part of the purchase.
Keep competitive offers within your limits
On a listing with competing offers, clear terms, documented financing, and a workable schedule can help. On a slower listing, there may be more room to negotiate price, repairs, or closing costs. Neither situation removes the need to understand the property and contract.
An escalation clause can increase your offer under specified conditions up to a cap. An appraisal-gap commitment can require additional cash if the appraised value is below the purchase price. Before using either, understand the exact wording, maximum commitment, and effect on your financing and remaining savings.
Keep enough time to investigate the home. Do not shorten deadlines or give up a protection simply because it makes the offer look easier to accept.
06 / Due diligence
Understand what you are buying.
Once you are under contract, schedule inspections and document reviews early enough to make informed decisions before the applicable deadlines.
Your review may include
- The inspection report and specialist evaluations
- Roof, HVAC, plumbing, electrical, and structural concerns
- Sewer or septic evaluations where relevant
- Seller disclosures and questions about past damage
- HOA documents, finances, reserves, and assessments
- Title exceptions, easements, and restrictions
- Insurance availability and an actual quote
- Zoning, permits, and rules affecting planned use
No home is perfect. Focus on what findings mean for safety, cost, and your plans. You may proceed, seek an agreed repair or credit, or cancel if your contract provides that right and you meet its requirements. A seller is not automatically required to fix everything in a report.
Ask your agent to explain the next decision and deadline. Bring technical or legal questions to the appropriate specialist.
07 / Closing
Complete financing, closing, and the move.
If the appraisal is below the purchase price, review the result with your lender and agent. Your choices depend on the loan and contract, including any appraisal-gap commitment. Do not assume the seller must lower the price or that the lender will cover the difference.
During underwriting, respond promptly to documentation requests. Discuss new debt, major purchases, job changes, and large transfers with your lender before making changes that could affect approval. Keep records of the source and movement of funds.
Before the transaction is complete
- Review final loan terms and closing figures, including the Closing Disclosure when applicable.
- Complete the final walkthrough and address unresolved items through your agent.
- Confirm required funds and delivery instructions with the settlement team.
- Sign the required documents and confirm that funding and recording are complete.
- Receive access according to the possession terms in your contract.
Common questions
Buying a home in Utah Valley, answered.
How long does it take to buy a home in Utah Valley?
Your search depends on available homes, your criteria, and when you are ready to act. After an offer is accepted, inspections, financing, appraisal, title work, and the agreed closing date shape the schedule. Build your plan around the specific purchase and leave room for delays.
How much money do I need to buy a home?
Plan for your down payment, closing costs, expenses paid before closing, and savings afterward. Deposits and credits affect the remaining amount due at closing. Ask your lender and agent for an itemized estimate that includes any compensation you owe under your buyer-broker agreement.
Can I buy with a small down payment?
Some loan programs allow qualifying buyers to use a smaller down payment. Eligibility, mortgage insurance, fees, and the monthly payment vary. Ask a lender to compare available options and explain any assistance-program conditions before building your budget around them.
What if the inspection finds a problem?
Find out how serious it is, what further evaluation is needed, and what repair could cost. Then review your options and deadlines with your agent. Repairs and credits require agreement; cancellation and deposit rights depend on your contract and the circumstances.
Should I buy new construction or resale in Utah Valley?
Compare total cost, condition, completion or move-in timing, HOA obligations, and work needed after purchase. With new construction, review the builder’s contract, warranty, exclusions, and incentive terms. With resale, pay close attention to maintenance and repairs. Choose based on the specific home.
Are HOA homes a bad idea?
An HOA may provide shared maintenance or amenities you value. It also comes with costs and rules. Review what the dues cover, financial information, assessments, and restrictions affecting how you intend to use the home before deciding whether it fits.
Can I buy while selling my current home?
Yes, if your finances and transaction terms support the plan. Compare selling first, buying first, and coordinating both closings with your agent and lender. Account for access to sale proceeds, overlapping housing costs, contingencies, and where you will live if the timing changes.
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