Purchasing a home is an enjoyable experience, as it makes you feel fulfilled and proud of yourself. Not all of us can afford to do so, and if you do, most people consider it one of the most significant achievements in their lives. Most people can just dream of owning a property all to themselves, without paying a landlord or having roommates to help split the rent.
If you do not have a house yet but are planning to buy one, there are some steps you need to take into consideration on your way to accomplishing this goal. The first step in buying a house is to obtain the financing for the purchase. If you can afford it without any help, you are in the fortunate minority. If you cannot, it is time to visit a reputable lender. What you need to do is to apply for a loan, and wait until you get approved. Of course, you should know the amount of money you want to borrow, before the application. Whether you will get accepted or not depends on your credit history, rating, and your current debts. If you do not owe money to anyone and are debt free, chances of getting approved are higher. Your income also plays a vital role, if it is high enough, the money will be yours.
After processing your application, a mortgage lender will inform you about its status. If it is approved, it is time to search for the perfect house. Make a list of all the features you look for in a home, such as the location, garage, yard space, basement, square-footage, the number of bathrooms, school district, and the driveway situation. Try to find the right home that fits your budget.
If your personal search is not successful, it would be a good idea to work with a real estate agent. It will help you a lot, and it is free, as the seller pays the broker’s commission after the purchase. You have nothing to lose but can gain a lot from working with a professional. All you need to do is to hire an expert specialized in representing buyers, with the years of experience in your neighborhood. Avoid hiring rookies, or someone who works in real estate as a hobby.
Based on your wish list, the salesperson will locate some properties that have the desired features, and send you their addresses for review. You can go online, take a look at them, choose 4 or 5 you like the most and ask your agent to set up showings. When you find that perfect home, with a good asking price, don’t hesitate to put an offer in.
However, before the purchase, schedule a property inspection, to make sure everything is all right with the house, and that there are no hidden defects. It takes only 2 to 3 hours, and you will get the report in a couple of days. If the inspector does not notice any problems, it is time to end the home buying process. Your agent or mortgage expert will schedule the closing with a title company, which handles all the paperwork between you, the seller, the home loan lender, and the tax offices. It is a meeting where all necessary documents will be signed. Upon successful completion, they will hand you the keys to your new home, and you will have accomplished the incredible goal of being a homeowner.