Buying a home can seem like a large task up front but break it down in to simple steps and it’s really not what it seems. The entire process can be done with little to no stress if you take it step by step and have the right expectations. Here is the 5 step process I use when purchasing and helping others purchase a home.
1.Go to the Bank – Search around for different loans. There are many different types out there and you need to find the one that works for you. You want to find out what options you have and how much you are going to spend on your new home. Starting out by taking this step will help you and your Real Estate Agent find properties you can afford. Many home sellers will want to see a pre-approval from a bank before they start working with you so you need to be prepared with one.
2.Get an Agent – As a buyer you don’t pay an agent (that’s fee comes from the seller) to help you so there’s no reason not to have one to help you out. Ask around to find out who people recommend. I suggest staying away from relatives in this process. You’d hate to have a problem occur during the home buying process and lose a relationship because of it. The realtor will help you come up with homes that are suitable to you and they generally are the first to know about new properties being listed.
3.Find a Property – Yes, your agent will be looking for a house for you but you can also put in some time trying to find what you want to buy. Spend time online researching prices and home conditions. This way you’ll know what to expect when your realtor comes to you with some homes to look at.
- Making an Offer – When you’re buying a home you always have the upper hand. Don’t seem needy when making your offer. Always find areas of the home to exploit in order to knock the price down a bit. Especially in today’s market, you want to play a bit of hardball. Many people are in a NEED TO SELL situation so make sure to use that to your advantage. Remember, when you make an offer it’s just an offer. Don’t go falling in love with the house yet. If you do, you’ll be let down often. Another tip when making an offer is to always make it contingent on an inspection. This way if you find something you dislike when you have an inspector come through you can still back out of the deal.
5.Get an Inspection – Once you’ve found the perfect home and have an accepted offer you will want to get a professional inspection done. Never skip this step when buying a home. This will help ensure you understand everything about the property you’re buying. You’d hate to find any major or minor problem after the purchase is made. It may cost a bit extra but it’s a great way to get a piece of mind when making a purchase this large. Plus, if the inspector finds something that needs to be fixed you can always rewrite your purchase offer. In the end the inspection can help you save when buying a home.
Follow these 5 simple steps on your next purchase and you’ll find the process of buying a home to be a happy one.