Step by Step to Buying your Home
Step 1: Start Your Research Early
As soon as you can, start reading websites, newspapers, and magazines that have real estate listings. Make a note of particular homes you are interested in and see how long they stay on the market. Also, note any changes in asking prices. This will give you a sense of the housing trends in specific areas.
Step 2: Determine How Much House You Can Afford & Get Preapproved for your Mortgage
efore you start looking for a home, you will need to know how much you can actually spend and how much you can be lent by the bank. You should make this determination based on your own financial situation. There are useful affordability calculators and mortgage calculators online, or you can speak directly to a mortgage agent to get a good idea of what you can afford. This will also tell you the price range of the homes you should be looking at. Call MoveRight 289-434-4241 so we can help you get started and connect you with a mortgage agent who you can chat with about this.
Step 3: Find the Right Realtor
Real estate agents are important partners when you’re buying or selling a home. Realtors can provide you with helpful information on homes and neighborhoods that isn’t easily accessible to the public. Their knowledge of the home buying process, negotiating skills, and familiarity with the area you want to live in can be extremely valuable. And best of all, it doesn’t cost you anything to use an agent to buy with – they’re compensated from the commission paid by the seller of the house. Plus, with MoveRight, you get your closing costs completely paid for, no extra charges!
Step 4: Shop for Your Home and Make an Offer
Start touring homes in your price range with your Realtor. It might be helpful to take notes on all the homes you visit. You will see a lot of houses! It can be hard to remember everything about them, so you might want to take pictures or video to help you remember each home.
Make sure to check out the little details of each house. For example:
- Test the plumbing by running the shower to see how strong the water pressure is and how long it takes to get hot water
- Try the electrical system by turning switches on and off
- Open and close the windows and doors to see if they work properly
It’s also important to evaluate the neighborhood and make a note of things such as:
- Are the other homes on the block well maintained?
- How much traffic does the street get?
- Is there enough street parking for your family and visitors?
- Is it conveniently located near places of interest to you: schools, shopping centers, restaurants, parks, and public transportation?
Take as much time as you need to find the right home. Then work with your real estate agent to negotiate a fair offer based on the value of comparable homes in the same neighborhood. Once you and the seller have reached agreement on a price, the house will go into escrow, which is the period of time it takes to complete all of the remaining steps in the home buying process.
Step 5: Get a Home Inspection
Typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may need fixing. MoveRight offers a free home inspection, and sets it up for you too, within a few days of your offer being accepted by the seller. This contingency protects you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage. Both you and the seller will receive a report on the home inspector’s findings. You can then decide if you want to ask the seller to fix anything on the property before closing the sale.
Step 6: Work with your Mortgage professional to Select Your Loan
Every home buyer has their own priorities when choosing a mortgage. Some are interested in keeping their monthly payments as low as possible. Others are interested in making sure that their monthly payments never increase. And still others pick a loan based on the knowledge they will be moving again in just a few years. Work this out with your mortgage professional and chat with your MoveRight agent to make sure you get this worked out to firm up your deal.
Step 7: Coordinate the Paperwork
As you can imagine, there is a lot of paperwork involved in buying a house. Your lawyer is an essential resource for this to get done properly and in a timely fashion. MoveRight makes sure all of the appropriate paperwork is sent right away to your lawyer to start the process of closing your deal, and we take care of your lawyer's fee too.
Step 8: Close the Sale
At closing, you will sign all of the paperwork required to complete the purchase. Once this is done and the check is delivered to the seller, you are ready to move into your new home!
More questions? Contact MoveRight for answers, and get the ball rolling! 289-434-4241 email@example.com
(Amended from https://www.discover.com/home-loans/articles/10-steps-to-buying-a-home)