10 Steps to Buying Your First House

Written by Posted On Thursday, 26 July 2018 10:44

When you make the decision to buy your first home, it can be an exciting time in your life. But there are many things to consider in the home buying process. You may have an idea already of what type of home you are looking for and a location that you prefer. Getting all the information on the ins and outs of the home buying game is the best way to ensure that you end up with the home of your dreams.

buy ur home

1. Start Your Research

Beginning to look in the real estate papers and websites is a great place to start your search. This will give you an idea of the different prices in your market area. With the pictures, portfolios and even virtual tours that are available through some brokers’ online services, you can start your search right from home. Start to narrow down your needs, wants and budget while getting a good overview of what is available in your price range.

2. Set Your Budget

There are lots of massive homes and estates available to be had, but that doesn’t mean that you can foot the bill for them. Being realistic with your home buying budget is a must when looking at buying your first home. Don’t make the mistake of getting in over your head and becoming chained to your mortgage. The best financial advice is to set your budget in the range of 3 times your annual household salary. This should allow you to get everything you want in a home while staying financially responsible.

3. Get Pre-Approved

Once you have set your budget, it’s time to visit a mortgage lender. When it’s time to get serious about making offers on homes, it’s best to go in knowing that you are pre-approved for the amount of your offer.

4. Hire a Realtor

For first-time home buyers it is highly recommended that you find an experienced realtor to work with. Take advantage of their market knowledge and let them help you to weave your way through the process. Realtors can provide you with professional guidance from the best locations to the hidden gems on the market.

5. Make an Offer

Once you have found something that you are interested in, it is time to make an offer. Your realtor will work with you to draw up a fair market value offer, an offer letter and everything else that you may need to have a great chance of landing a deal.

6. Get a Home Inspection

Most home offers are conditional on the approval or passing of a home inspection. A home inspection report  will be sent to both you and the homeowner, detailing any issues with the home. From there you can either remove your offer, suggest repairs to the homeowner or adjust the amount of your offer.

7. Secure a Mortgage

Once a price has been agreed upon and the offer and conditions are met, it’s time to make it official with your lending partner. You will have to meet with a lender who will help you choose the right type of loan for you.

8. Get an Appraisal

The lender will arrange for an independent third party appraiser to look at the value of the home. This is to ensure that you are getting the home for a fair market value and that there are no financial issues with the home.

9. Sign the Paperwork

Your lender will arrange with a title company to make sure that every aspect of the sale is legitimate and legal, and that the appropriate parties are listed on the ownership documents.

10. Closing

Once all of your documentation from your realtor, lender and lawyers are complete and signed, it may take a few days for everything to be approved. And then, the house it all yours!

Rate this item
(0 votes)

Agent Resource

Limited time offer - 50% off - click here

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.