Buying a Home: Step-by-Step
Ready to purchase property or just curious to understand the home buying process? Start with our step-by-step home buying guide:
- Decide Why It Makes Sense Now For You to Buy?
- Speak With a Lender.
- Calculate What You Can Afford Per Month.
- Find The Right Real Estate Agent.
- Determine Your Desired Location To Live.
- Tour Properties.
- Make an Offer A House.
- Get a Home Inspection.
- Do a Final Walk-Through of The House.
- Sign Paperwork and Become a Home Owner
Below you will find more detailed information regarding the steps involved in the home buying process:
Decide Why It Makes Sense Now For You to Buy?
It’s really important for you to buy when it makes sense personally and financially, there are certain pros and cons to renting vs. buying, but purchasing property is always a good way to increase your assets. Ask yourself, why buy a house now?
Speak With a Lender.
This is critical, a lender will be able to provide you with essentially the funds to purchase the house and gain a mortgage. Based on various factors like, assets, debt-to-income, credit health, etc. a lender will let you know how much you can afford to pay for a house.
Calculate What You Can Afford Per Month.
Now, the more I get approved for the better; this is not always the case. It is important to consider your monthly payment and not just look at what the lender is approving you for. Make sure you feel comfortable with what you have to pay each month towards your mortgage.
Find The Right Real Estate Agent.
As a buyer, you do NOT PAY for a realtor fee, the person selling the house pays a realtor fee that is then split between the two agents. What matters most is having someone on your side to make sure that you are protected, have a seamless process, and become educated about real estate. To speak with an agent, click here.
Determine Your Desired Location To Live.
House prices vary from town to town and it is important to decide what matters most to you in terms of location. Consider work, how will your commute look. Consider school systems if have children. What is the most convenient location to be within the price range that you have access to. This will help set proper expectations and gain a better understanding.
Tour Properties.
Find potential candidates and do view the property, if your real estate agent has done their work properly, you will not have to spend months touring properties.
Make an Offer A House.
The agent will submit an offer once you have found a property you would like to try and purchase. The agent will then provide you with update.
Get a Home Inspection.
Once the contract is signed, you typically have 10 days to get a home inspection. The purpose of a home inspection is to make sure there are no underlying issues that you could not see walking through with the naked eye. It is good to have an expert inspecting your potential new home.
Sign Paperwork and Become a Home Owner
This is considered the closing. As always, there are documents to be signed, and a closing disclosure with details of the transaction is circulated and as the buyer you are handed your keys and now a HOME OWNER!.
