Are you ready to buy your first home, but not quite sure how the process works? Below is a simple step-by-step guide that outlines each step along the way.
Looking at available listings can be one of the more exciting steps of the real estate buying process. It’s fun to imagine what your life will be like in a new neighborhood, or envisioning what Christmas morning will be like in your new home. While you’re gushing over master bedrooms and walk-in closets, also make note of how the location effects your current routine (work/school commute, etc.)
Getting pre-approved helps you determine how much house you can afford. Have an honest conversation with your partner (and/or yourself!) about how much house you need and what your plans are in the future. For example, if you’re currently a dual-income family, but plan on becoming a single-income family in the future (perhaps due to having a child, or acting as a caregiver for a parent), then you should account for that before you buy your home.
Hire a Real Estate Agent
Real estate agents will help you navigate this process better than any blog or YouTube video. They’ve successfully conquered each step of this equation numerous times over. Use their experience to your advantage.
Chances are, you’re going to see a lot of houses…some of which may have very similar features. Take notes, photos, and videos of the houses that you visit so when you’re making clear decisions regarding what you like and dislike.
Get a Home Inspection
Your agent will help you arrange to have an inspection conducted soon after you’ve placed an offer on the home. Once the inspection has been completed, you may find that the home has some structure damage or needs minor repairs. You can then decide whether or not to ask the seller to fix those items, or negotiate the price. You can also withdraw your offer if no agreement can be made.
There’re quite a few forms that require attention when it comes to buying a home, so prepare to spend some time with your lender, your real estate agent, and your title company.
The last step to owning your new home is the closing process. This is where you will sign all of the paperwork to complete the purchase, including your loan documents. As soon as your loan is funded to the seller, you are now the owner of a new home.
Source: Discover.com, 10 Steps to Buying a Home