Opening the door to your new house and owning the keys brings unmatched joy. Buying a house is a milestone for so many people. After years of toil and thoughts, people buy a place they can call their own. It might be your first buy or you might be at a stage of life where you wish to upgrade or downsize your home.
There are several things to keep in mind when buying a house. Here we have collated 7 steps that will assist you to buy your house with ease.
1] Determine your budget
Considering your finances is the primary requirement to proceed with buying a house. The real estate market is as vast as an ocean; if you have a budget, you can shortlist the relevant properties for you and save on time and effort extensively. Most people have a rough estimate of their budget, which can actually be quite misleading. You do not want to be in a situation where you buy a house and realize you are under financial strain. A thorough study of existing finances, loan amount applicable, ability to pay back loans, and all the additional expenses should be taken into account when fixing a budget.
2] Get prequalified for a mortgage
A pre-qualification for a mortgage makes you stand out from the competition of buyers. It allows you to be certain of the finances you can produce to buy the house. You can get an idea about the money you are liable to borrow from a money lender based on your credit score and financial status overall. When you want to buy a house, there are multiple people who desire the same property at the same time; in such cases when you have a pre qualified mortgage, the sellers take you more seriously and often prioritize you. This is why getting a pre qualified mortgage in the early stages is often recommended.
3] Decide if you want to use a real estate agent
There is no doubt that you can navigate through the home buying process independently, but why strive when you can get the assistance of professionals. If you are someone with sufficient knowledge about real estate and have contacts then maybe you can go for individual buying. But if not; you might require a real estate agent at every step of the process. With the increased swindles; you need to ensure the deal you make is authentic since high amounts are involved in the process of buying a house. Real estate agents provide the assurance you need and you always have a partner as you get through the proceedings.
4] House hunting
House hunting is interesting and the most important step in buying a house. There are several alternatives available to choose from. You as an individual can take this venture by yourself and spend a long time and effort finding the right house for you or you could choose professionals for assistance! All you have to do is put forth the criteria before your realtor and let them do the rest. Taking into consideration your requirements, budget and time, the realtor will find you the most pertinent options and take you through them. Every time a new house is listed, they will update you about it and you can rest assured it will be authentic.
5] Make an offer
The moment you find the house that fits your needs, without delaying any further, make an offer. You must know how the real estate market is always in demand; delaying could lead to losing the house that could’ve been your dream home. Therefore; make an offer instantaneously. Usually, this goes smoothly; but there can be times when the seller counters and turns down your offer entirely. This only happens if your offer is way below the claimed price. The best way to deal with this is to research the actual value of the home. Your realtor will in all probability do this for you. Additionally, if the seller doesn’t budge, you can always try and negotiate further till both the seller and you are satisfied.
6] Get an inspection done
Inspecting the house is something most buyers overlook. A house that looks superficially appealing might have hidden flaws. This is especially true in the case of resale flats. There could be an electrical issue, leakage and so on. Get a thorough inspection done before you close the deal. You can hire a licensed home inspector to do this task and your real estate agent might recommend you the best. Evaluate the home inspector’s efficiency and certifications so you save on additional expenses on the property in the near future.
7] Close on your house
This is the final step of buying a house and if all goes well; you can leave with the keys of the house that you now own! You might have to pay certain closing costs.
There is so much more to buying a house, supplementing everything mentioned above. However, if you are determined enough, have the right realtor by your side, and extensively research; nothing can stop you from buying your perfect house!