Purchasing a home is a challenging process, especially for a first-timer. After all, it requires lots of time and effort. There are so many steps, tasks, and requirements one needs to fulfill before buying a house. These 7 steps are given to help you to make the best decision possible –
The first thing you need to do when you’re determined to buy a house is to research. As soon as possible, start reading websites, newspapers, and magazines that have real estate listings. Find the home you’re interested in and make a note of that. Make sure you note the asking price and see if there is a change in the asking price after a time. This will give you a clear picture of the housing trends in specific areas.
Determine Your Budget
In the process of buying a house, budget plays the most important role as depending on your budget you are going to choose the house. There are many expenses attached to buying a house like – monthly mortgage payments. For an accurate figure, consult a lender who will look at your income, debt, and credit to determine a loan you can afford. The size of your down payment will also determine how much you can afford.
Find an Agent
To help you out in your buying process you need a buyer agent. Most sellers list their homes through an agent but they work for the seller, not for you. A buyer’s representative has the same access to homes for sale that a seller’s agent does, but his or her allegiance is supposed to be only with you.
Search for Home
While searching for your home you need to figure out what city or area you want to live in. Pay attention to what kind of neighborhood you want. In this step, you’ll have to be careful of your budget. You’ll have to select a price range which is 10% above and 10% below your true range.
Make an Offer
After selecting the house, you’re going to make your bid. There’s no foolproof system for negotiating a fair price. It would be better if you deal directly with the seller yourself. Once you reach a mutually acceptable price with the seller, the seller’s agent will draw up an offer to purchase that includes an estimated closing date.
Coordinate the Paperwork
There is a lot of paperwork involved in buying a house. This step will make sure that the seller is the rightful owner of the house you are buying. Your lender will arrange for a title company to handle all the paperwork. If your budget is limited, go for the cheapest conveyancing quotations to transfer the property on your name.
Close the Sale
To complete the purchase, you’ll sign all of the required paperwork and your loan documents. Review everything carefully. Your lawyer or real estate agent can brief you on the particulars. You are ready to move into your new home after the check is delivered to the seller.
- About the Author
Alex Grigoryan is a Professional Home Improvement and Lifestyle Writer. He has been in the industry for over 6 years and has been writing for Chique Home Living since 2019. His work has been featured in prestigious blogs such as Spruce Home, Better Homes & Garden, and more.