How to buy a house – top tips and tricks!
Whether you are a first-time home buyer or not, you probably know already that purchasing a house is a big emotional step that involves a great financial commitment over a large period of time. Thus, when making this decision you should think hard and be aware of the several stages you’ll just have to breeze through.
Here is a guide that will give you a helping hand to better understand the essential steps of this entire process. The goal for you – achieve the right deal in a short amount of time. But, how can you actually do this? Well, the quickest way is by having a real estate agent to guide you!
Always keep an eye on your real budget and don’t panic if you can’t find the house of your dreams right away – this process takes time, so don’t go over your budget if you really cannot afford it.
So, let’s take a closer look – How to buy a house! Here is an overview of what awaits you, the main steps of every house purchase!
Understanding how to buy a house… Steps!
Before you start your house-hunting it is always a good idea to go through the main steps of this entire transaction, at least get information about what is due to happen. Make sure you understand what lies ahead and that you are positively sure this is what you want!
Moreover, achieving the right deal implies first and foremost that you know from the start what you are looking for and what compromises you are ready to make. Here is what you should know! Vital steps not to be skipped!
Step 1: Is this really what you want?
Before you begin your search, you need to make sure that this is really what you want. Do you really need to move? And most importantly, do you need to be a homeowner? If this rings a bell with you, well then it is probably because renting can also be a great opportunity, depending on the market you are in. Decide – rent or own? Which one suits you the best at this stage of your life?
Plan your actions wisely so that you will not regret your decision later on. Make sure you are financially prepared for this important step and that you have a strong motivation too. Understanding how to find suitable properties and what the transaction implies, is also part of the deal, so get prepared!
Step 2: Get your finances ready
Set your budget and get your mortgage approved. This is probably one of the most important steps. Even though, there are buyers out there that choose to firstly research the market, find a place they like and only afterwards get their budget approved, it is probably not the best decision for you.
It is said that good homes sell fast, so you wouldn’t want to lose your dream house just because you don’t have your mortgage ready. Think about it – getting a mortgage requires a lot of paperwork and time in advance; one old rule still applies here – ‘Organizing ahead of time makes it more enjoyable.’
Step 3: Determine your priorities
Define your criteria and your musts; if you manage to put this on paper, then your search will be a lot easier afterwards. From another point of view, this will also help you have that starting plan that will make things easier for your agent too – where to begin his/her search and consequently deliver only suitable options. Have a checklist and improve your chances by separating the deals that look perfect from the ones that are what they say they are.
Buying a house is a complex and long process, and the only way to shorten its time is to always be organized and know ahead of time what’s up next. As a result, you would do yourself a huge favor by setting a list with priorities.
Step 4: Learn to collaborate with a real estate agent
Once you know what you really want, then it is time to pick your Realtor and learn the way things work around this industry. Remember – how you two collaborate will influence your end result. Thus, you need to be careful when you choose your real estate agent, don’t rush, you need to be on the same path.
And always have in mind – the more you know about the process beforehand, the less stressed you’ll be. A real estate agent will be a great source of info and support for you, and more than that, an important partner that will facilitate the entire process for you!
Step 5: Research, research, research
Now, it’s your time to make your own research. Why is that? Well, the main reason is not to have over-exaggerated desires. Set your options and discuss with your agent every ‘catchy property out there’. Leave no trace of doubt or ambiguity, your real estate agent is there for you!
And when something goes wrong, the optimal solution is an effective communication. At this point, you shouldn’t be shy to ask any questions you might have or hesitate to use the online environment to the fullest!
Step 6: Pick a property that you can actually afford
As you can judge the matter objectively now, taking into account both your agent’s proposals and your own findings too, you can make your decision by narrowing down your searching options. Pick the property that best fits your needs, requirements and your lifestyle too. Which one is the most suitable for you?
Bear in mind the variety of options available out there, but also your future plans. Work out the true costs of buying and avoid making a sudden decision; this will have a great impact over your future lifestyle.
Step 7: Get a home inspection
If things went on well, then it is your turn to see if the property is really what it looks like. Your real estate agent can ask for a home inspection before signing the lasts documents. If the property has significant problems, for instance structural problems, then you can negotiate with the owner the price of the property once again. Hint: now you have strong reasons to do this. However, if everything is as advertised, then you’re a lucky one, you can go on with the procedure and become an owner yourself shortly.
Step 8: Make an offer and wait for a reply
Don’t waste more time and make an offer for the property. What next? Remember that other buyers have made their offer too, so make sure you are ‘where you should be’. The competition may be fierce or none at all, it depends on your luck, season or other external factors. Believe in your faith and always have in mind that ‘if it is supposed to happen it will happen!’
Due to the fact that it is probably one of the biggest purchases from your entire life, any small mistake can cost you large. So, in order to have a smile on your face at the end of the transaction, Balance things wisely!
Step 9: Paperwork
It’s time to get the paperwork done. It basically implies signing a ton of documents and waiting. Once this stage is completed – Congrats, you’re now a homeowner! But, if you believe it’s the end of the game – then you’re wrong. The moving part is still to come!
Step 10: Prepare your moving day
The day you get the keys is approaching. But, in order for this not to take you by surprise, plan your move and start packing with some time in advance. Don’t let everything on the last minute and just enjoy it.
All in all, buying a house requires both time and a lot of your patience; it is not as easy as in any real estate board game. Thus, making the process manageable and easy to understand is a must!
From another point of view, the number of events you have to overcome to be a happy homeowner may be scary at first, but skip none; it will give you an entire picture of a successful real estate transaction in the end.
Happy house hunting!
- Royce Gleason
Great article, very precise well put together valuable tips that could save you some money, sleep, time and headaches that revovle around the pre-approval & the right agent, loan processes, picking the most affordable home for your price point.
- Lisa Ross
Thank you for your feedback Royce!
Excellent article very helpful
- Real Estate Duncan BC Jackie Wood Realtor – How to buy a house
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Loved your article! Straight and concise; to the point.