Buying your first home is a big step in life. This home will most likely be your biggest investment. Before you invest your money into a house, you should have a clear idea of what the entire house buying process looks like.
Come prepared to reduce stress and eliminate confusion. How can you prepare to buy a new home? Continue reading the house buying guide below to get started!
Select a Home Type
You should first consider all of the different housing options you have. For example, is a townhouse ideal for you and your family? Would a condominium better suit your needs?
Are you searching for a single-family home? You have a few different options, and it’s good to note that each come with their own pros and cons. Look into each option and research these pros and cons before making a final decision.
Know Your Must-Haves
What features does your home need to have? Are you planning to live in this home for the rest of your life? Take into consideration how many bedrooms and bathrooms you need now vs how many you might need in the future if you plan to grow your family.
What are some other must-have features in your forever home? The neighborhood, school ratings, and size of the backyard might all be essential factors as well. Create a list of your must-haves and a list of your wants.
Get Preapproved
Before you begin shopping for a new house, you should first get preapproved by a lender. Even if you have an idea in your mind of how much you can afford, you might not get approved for this amount, or you might get approved for more! Sit down with a lender and discuss interests rates, mortgage terms, and so on.
Don’t feel obligated to loan from your current bank either. Shop around for the best interest rate and someone who’ll work with you the best. Be sure to plan for a down payment as well.
Contact a Realtor
There are many obstacles to overcome throughout the home buying process. All of the paperwork and required documents can become overwhelming when handling it alone. The best way to ensure you don’t miss a single step is to contact a realtor.
Realtors like those at Home Realty know the ins and outs of buying and selling a home. They can also give you information about first-time home buyers’ special terms. They’ll help guide you through the process and even help you find a home that meets as many must-haves and wants as possible.
Make Your Offer
Once you find the right home, it’s time to make an offer. Speak with your realtor about how much to offer for the house and any conditions you should ask for. The seller’s agent might accept the offer or provide a counteroffer.
If everyone comes to an agreement, then you can make a good faith deposit on the house, and the process will now be in escrow. Escrow is a time when the seller takes the house off the market to allow you time to conduct an inspection and then purchase the home (if no serious problems are found during the inspection.
Keep This House Buying Guide Handy
The final step to buying your new forever home is closing the deal. You’ll sign paperwork and pay closing cost fees before the house is finally yours! With the help of your realtor and this house buying guide, you’ll find your first home in no time.
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