7 Things To Keep In Mind When Buying A Home
Thursday Mar 26th, 2020
Buying a home is an exhausting and difficult process especially for the first-timers. From choosing the right real estate agent to getting a home inspection and coordinating paperwork, safe to say that there is many a slip between cup and lip. If you are planning to buy a home anytime this year then you definitely should read this blog. These home buying tips will help take the best decision.
Step 1 - Start Your Research Early
It’s better to start research a little earlier for house hunting search. Start reading through magazines, newspapers, and websites that have real estate listings. Jot down the properties that interests you, and check how long they stay on the market. It will help you in having an idea of how the real estate market works in specific regions.
Step 2: Get Prequalified for credit for Your Mortgage
Before you begin searching for an ideal home you will need to determine how much you are willing to spend. To get qualified for a mortgage, you need to provide necessary financial details to your mortgage banker, including your income, investments, savings, etc. Your lender will evaluate this information to decide how much money they can lend you. It will help you choose the price range of the homes you can afford. After that, you will need to provide financial documents (bank accounts statements, paycheck stubs, etc.) for preapproved for credit. With these details in hand only then the lender can verify your financial credit as well as status.
Step 3: Find the Right Real Estate Agent
Real estate agents play a major role in buying or selling a home. The right and experienced agents provide you information on neighborhoods and houses which are not easily accessible. With their extensive knowledge of the home buying process, familiarity with the area, and negotiating skills – they are extremely valuable in the whole process. And guess what, you don’t have to pay them - they’re compensated from the commission paid by the seller of the property.
Step 4: Visit Houses And Make An Offer
Start visiting properties in your price range. You will visit several houses, which makes it difficult to remember details of each property. Therefore, take pictures, record videos, or note it down to help you remember the specifications of each home.
Here are the small details to check in each home. For instance:
- Turn switches on and off to know whether they are working or not.
- Examine the plumbing by running the shower to see how intense the water pressure is and how long it takes to get hot water
- It’s also essential to evaluate the neighborhood and make a note of things such as:
- Is there sufficient street parking for your family and guests?
- Is it conveniently located near places of interest to you: schools, shopping centers, restaurants, parks, and public transportation?
- Check the windows and doors to see if they work correctly
Take as much time as you need to find a perfect house. Once you have chosen, discuss it with your estate agent for negotiation and other important factors.
Step 5: Get a Home Inspection
Typically, the real estate agent helps in arranging this inspection to find out if there is any structural damage or things that need fixing. It protects you by providing you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage.
Both the seller and buyer receive a report on the home inspection. Later, it is up to you whether you want the seller to fix anything before closing the deal. Before closing the sale, you will have a walk-through of the home, which provides you an opportunity to confirm that the seller has made all the agreed-upon repairs.
Step 6: Coordinate the Paperwork
Once you are done with the mortgage and home appraised, it comes down to the paperwork. Since there is a lot of paperwork to do, your agent usually involves a title company to handle all of it and ensure that the seller is the rightful owner of the house you are buying.
Step 7: Close the Sale
At the time of closing, you will sign all of the documents required to complete the purchase, including your loan documents. It usually takes some days for your loan to be funded after the paperwork is returned to the financier. Once the check is sent to the seller, you are ready to move into your new house!
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