Buying your own home can undoubtedly be one of the most significant investments that you make in your life, so you want to make sure everything is done correctly. If you haven’t been through the process before, it can certainly seem overwhelming, but it’s essential to take a step back and compose yourself. The whole thing doesn’t need to be rushed, and you’ll want to take time to find the perfect place for you and your family.
While the steps needed to purchase a house is different depending on where you live, the general process should be the same. However, to make sure everything is done correctly, look at your state/government regulations first.
Now let’s get started! In this article, we are going to go through the ultimate checklist for new home buyers.
Research
The very first step in purchasing your first home is to do your research. Depending on where you are wanting to buy, you’ll want to take a look at the current market, at least a few months in advance. What prices are the houses going for? Has there been an increase in property demand? What real estate agents seem reliable?
By going through these different questions, and sourcing information early on, it will be much easier to come to a decision. You are also ensuring that you are not buying in a ridiculously expensive time.
Budget
Once you’ve got an average idea of how much you want to spend on a property, it’s time to start budgeting. As a general rule, you want to save at least 20% of the total price as a deposit. From here, you can start putting aside some of your income until you are ready to start searching. Have a look at these ways to save for a mortgage deposit if you are needing some help!
Learn
Once you’ve done your research and are in the process of saving, it’s time to learn as much as possible about the real estate industry. There are so many different types of houses, from cottages, strata apartments, and condos; you want to find the perfect choice for you. Learning more information will also help you negotiate later on and sort out any other paperwork. For example, applying for insurance and other necessary documents.
House hunt
Once you’ve learned everything there is to know; it’s time for the fun part, house hunting! This is where you can really determine what sort of property you are after and start planning your future. However, it’s important to remember to have a Plan B. While you might fall in love with a house, it could potentially be offered to someone else.
When choosing a home, make sure you keep in mind other factors, not just the overall look of the house. For example, you might want somewhere that is close to your work or near a local school.
Seek loan
Once you’ve found the perfect home, it’s time to start seeking out a loan and making an initial offer. You’ll want to ensure that you have all your paperwork ready and have reviewed your credit score. Otherwise, the process might take longer than expected.
Since there are so many different types of banks and lenders, you’ll want to do a bit of research to find the best option for you. If you need help, have a look at these tips for finding the best mortgage lenders for more information.
Inspect
One of the most vital steps in this checklist is to make sure you get an inspection done of the property you are looking to purchase. While you might think this is just another expense, it can help you identify the home issues and determine if it is worth the money you are offering.
From anything to foundation issues, plumbing, electrics, and pest infestations, an inspection can cover it all. It’s a great way to make sure the property is safe and secure. Are you living in New York? Click here if you want to learn more about the services a home inspector offers.
Negotiate
After you have done your inspection, it’s time to negotiate and make your final offer. Depending on the findings from the home inspections, you may be able to drop the price lower and explain the circumstances. However, they also may offer to complete the repairs for you instead of accepting something lower.
Once you’ve talked with your agent and come up with a solution, it’s time to wait for a response. If it is approved, then you can move on to the next step! If not, go back to the drawing board, see if you can make another offer, or start looking at another property.
Settle
Lastly, once you have completed all of the above steps, it’s time to wait till settlement. This can vary depending on where you live. However, in some cases, you may be able to move in early. After this, you can finally receive your keys and enjoy your new house!
Enjoy decorating, designing, unpacking, and, most importantly, spending time with your family in your abode. The long process will finally be worth it, and you can finally call a place of your own “home.”
If you’ve read through the above and thought to yourself that the process seems extremely long. You are absolutely right. There is no fast way to buy a house, and if you do rush things, you might settle with something that you are not happy with. If you are in need of something quickly, it would be much better to rent, even if it’s short term until you are able to purchase your own home.
Remember, the more research you do, and the more you save, the better home that you will be able to get for you and your family. Good luck!
“If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know it when you find it.”
Steve Jobs