Searching for a home to buy can be a hectic and daunting task, especially when it’s your first home. After all the struggle, even if you find a home for yourself, you should not only see if the house satisfies your desires but also the other aspects of it, such as price, mortgage lender, neighborhood, etc. Anyways, don’t worry, you don’t have to take the hassle of putting things together, we got it covered for you. In this article, we have listed the major important things for a home buyer to do/check in the process of buying a home.
Table of Contents
Hiring an agent
For valuable assistance, find and hire a good real estate agent, who will not only help you answer all your questions but also heads you in the right direction. Even if you aren’t ready to buy a house, an agent’s advice is always important and will be helpful in the future. Ask your friends or family members if they know any reputed and professional real estate agent. More than anything hire an experienced professional who has a clear understanding of the market and would listen to you properly to help you serve better.
Speaking to the right mortgage lender
There are a lot of lenders who come in all types. Some of them provide a particular type of loan, while others offer plans which are flexible in matching one’s needs. Just don’t go by the assumptions, even if you know any lender beforehand( where you get your accounts checked), do not assume it to be the best place to get a loan. Explore a little, ask your friends and family members for referrals. To help you find the best in town, contact your agent as they have a keen understanding of who can perform well and who cannot. Also, with different several mortgage options available, choose the one that suits best for you.
Getting finances in place
Once you decide on the down payment, do not alter your financial situation. The lenders usually monitor your transactions during this phase and having an unexplained sum of money from unfamiliar sources can create difficulty. Also, understand the kind of preapproval letter you need, presenting the wrong letter can affect your chances of getting the offer.
Finding Dream Home
Once you are sure about the kind of neighborhood you want to live in, find a home that not only aligns your budget but also fulfills your desires. You have two type of housing options to choose from, either a cooperative housing society or a standalone building. Most of the people are moving into a gated society due to the kind of security it offers such as mounted walls and high-end modern app-based security systems. Once you decide on the type, you can start maintaining a scorecard for each home you’ve seen, this way you can not only determine which house you like the most but also keep track of the properties you have already covered or seen.
Finalizing the deal
Once you find your home, you should start making a purchase offer. Since many buyers are looking at the same house, delaying this can lead to losing the house. Don’t be a buyer who thinks who knows the best and can figure out what offer to make. Understand the market first and then learn how to make an offer. Take advice from your agent, make sure that your offer stands out from all the others.
Closing the purchase
After your offer gets approved, you need to start the process of closing your new home. And a part of this process requires the buyer to do proper research and inspection before agreeing. If you are planning to stay in a gated society then ask about the different charges levied such as maintenance charges, non-occupancy charges, and others. The first thing is to obtain a home inspection, you can also take a look at a home inspection checklist to ensure you have examined all. Discuss with your agent on the types of inspections required and get them done. Before you buy, ask your lender about the closing process so that you are prepared for the closing costs beforehand.
