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A Complete 7 Point Checklist for First Time Home Buyers

Written by Posted On Monday, 19 August 2019 22:18

The home buying process is long and tiring. With so much to consider and so many options to choose from, first time buyers can get overwhelmed and make hasty decisions. Even though there are many experienced realtors in Myrtle Beach, their expertise can be of little help if you are not prepared to proceed with the buying process. The whole process of buying a home requires keen consideration, especially for first time buyers, because of the financial risk associated with this process. However, if you are well prepared for the purchase, you can quite easily find a house that meets your needs and is affordable. The home buying process might last for some months; hence, you have to be extremely patient.

Here is a 7-point checklist that will make the home buying process easier for you:

  1. Financial Planning

 The first step of your home buying checklist should be financial planning. Before you start looking for a home, determine your savings. It is best to set aside an amount for the down payment and some funds in your emergency or savings account. Determine your current monthly expenses and how they will impact your purchase. Consider every dollar you are spending, whether it is on bills, maintenance, children’s schooling, etc. It is important to figure out how you will manage the mortgage payments in your budget. Financial planning is a key factor in the home buying process because you have to keep track of all the current expenses as well as the costs of moving into a new house.

  1. Hiring a Real Estate Agent

 The next step is to look for a qualified real estate agent. You can find many experienced real estate agents in Myrtle Beach who can guide you through the whole process of home buying. A real estate agent can help you determine the sale price even before getting prequalified. They contact listing agents for house hunting and help you with negotiations.

  1. Finding a Mortgage Lender

 The next step is to meet mortgage lenders to get prequalified. Real estate agents will not give you a lot of time unless you have been preapproved by a mortgage lender. A lender examines your income, current expenses, and loan reports and then agrees to lend you a definite amount of money for your mortgage. According to the set mortgage loan, you can scout out homes. However, there are many different mortgage deals; therefore, do your research and take a mortgage broker’s advice before signing for a mortgage deal.

  1. Look for Your Perfect Home and Location

 You might have a preferred location for your new home. But, make sure that you are not too obstinate about it as considering other options is always a good idea. Make sure to go through the houses that are on sale online by visiting them personally. The location of the house has a great effect on the sale price. Houses near the metropolitan are usually more expensive than the ones that are at a distance. Consider the daily travelling costs to decide the most suitable location. Find a house suitable to your needs and preference and get advice from your agent and friends to be sure of your choice.

  1. Making an Offer for Purchase

 Once you have decided the location and the house you want to buy, the next step is to make an offer. The best help in this comes from your real estate agent, and it is important that you take their advice rather than take things in your own hands. An agent can help you decide an appropriate offer price, and determine incidental expenses and contingencies. The realtor will also help you get disclosure and closing. It is appropriate to make the purchase offer as soon as possible after deciding the right home for yourself because a lot of buyers are usually willing to buy the same house you have decided to buy. However, compare the place with similar houses in the area and determine its value in comparison to other houses.

  1. Getting Home Inspection

 Before closing the deal, make some necessary inspections to be sure that the house does not need any repairs. If you find any issues with the house, you can either ask the owners to make the repairs or renegotiate the purchase price so that you can cover the repair costs. After inspection, a buyer can do 3 things- ignore the repairs if the issues are minor, request repairs or completely give up the purchase if there are serious issues and the owner is not agreeing to make the repairs.

  1. Closing the Purchase

 When your purchase offer gets accepted by the owner, you will be on your way to closing the purchase of the house. You’ll, however, be required to get an appraisal from a professional appraiser for your mortgage lender before closing. Lastly, all the stakeholders will sign the papers and the title of ownership of the house will be transferred to you. The documents that will be signed will include the settlement statement, mortgage deed, promissory note and the ownership deed.

Purchasing your first home is a big financial decision and involves many risks. Make sure that you don’t make hasty decisions as that can lead to unnecessary financial obligations. Taking expert advice from professional real estate agents and diligently planning before the purchase can make the process a whole lot easier and a worthwhile experience.

Listing Additional Info

  • State: New York
  • Address: 3523 Charla Lane Mesquite, TX 75150
  • City: Buffalo
  • Zipcode: 14210
  • SOLD: no
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