Are you wondering what are the steps to buying a House?
A lot of our customers that we have worked with were first time home buyers. And the process of going through it can be overwhelming.
This guide will help you in getting a brief idea of how to plan a new purchase.
Once you have decided to buy a house, the initial instinct of every new buyer is to jump right into homes for sale. This is a common mistake.
Real estate is a serious investment. Good pre planning in the early stage would ensure you get the best deal for your hard earned money.
The first thing you should do is evaluate your finances and figure out your financial limitations.
If you don’t plan this step, you might end up wasting a lot of time looking at homes that are out of your budget. Even worse would be, you end up buying a property at the end of your budget and have to compromise on the lifestyle you are used to.
A brief chat with any mortgage lender would go a long way. This can help you in planning a good budget. A good budget can help you look for the right properties.
Finding a realtor is one the next step after setting up a budget. A good realtor will provide you with local market analysis and send you new listings based on your criteria. They will be your guide in the process of buying a new home.
While selecting an agent, the first and most important factor should be “Trust”. They should have your goals in mind and be transparent about everything.
At Team Realty Co., we pride ourselves in being passionate for our clients and getting them the best deal possible.
Once you have a planned out budget and a good realtor, you can shortlist a couple of neighborhoods and locations.
You can start searching for homes based on your criteria.
If you are confused on many neighborhoods and towns, you should first finalize on that before searching for homes.
This is the most enjoyable part of the process.
By this point, you should have a clear understanding of your budget, the neighborhoods you want to live in and a good real estate agent by your side.
If you lack any of these things, you are not ready for this stage and should review the previous steps.
There is no right or wrong time to write an offer, but if you have found a house you love, you should not hesitate.
You should consult with your realtor before putting the offer. You can offer a small amount to hold the house for a due diligence period.
Schedule dates and times for closing, inspection, due diligence etc. Your mortgage lender would determine a lot of these dates, as they would need to have the home appraised.
You should keep in mind the due diligence deadline and should make sure to negotiate all repairs before the end..
It is important to do a final walk through before closing. It ensures there is nothing that went unnoticed and could later lead to problems.
There may be things seller agreed to do but have not been addressed. You want these to be solved before you lose the leverage of handing the check.
Usually, closing takes just a couple of hours at max, though we have seen longer times as well.
Often, some problems arise with the mortgage lender or some other institution.
Once you are done with the paperwork, you are all set to move into your new home.
Receive the keys to your new home and prepare for the move in.
All the time you spent planning, budgeting, searching and looking have all lead up to this moment. It sure is to put a smile on your face and hope of an amazing new life in your new home.