Buying or selling a home is an exciting event, especially for first time buyers who are making their first big purchase. A home is one of the most valuable assets in most people’s lives, and it’s important to make the right decision when choosing what property to buy. It’s a good idea to find a Realtor if you’re a first time buyer, because the property listings can be overwhelming to sort through on your own. Buying a home involves going over lots of home listings to see what’s available in your area, but there are also lots of other things involved before you make a purchase. Keep reading for a review of the basic home buying steps that every buyer should know.
1. Determine where you want to live
This is the key first step because it will determine subsequent decisions, like who your real estate agent is and where you focus your search. You may also want to find a financial lender who’s in the area, because they will be more convenient to meet.
2. Find a real estate agent you trust
It’s important to check some reviews from past clients to see if they were satisfied with the sale. The best Realtors have knowledge and experience with buying and selling a home, and they will have a list of contacts who can help facilitate a faster sale and a better deal. Make sure your Realtor is licensed to practice, and when you find someone you trust you’re ready to begin your search.
3. Review your personal finances
You should go over your finances including your current bills and your savings to make sure you have enough for a down payment. You don’t want to enter into a contract and then find out you can’t pay, so you might also want to seek advice from a financial advisor to make sure you haven’t overlooked anything.
4. Secure a personal loan
Most people can’t afford to buy a house outright because it’s so expensive, so banks are there to offer home loan financing. The buyer will have to cover a down payment that’s usually about 20% of the cost of the home, and the bank will loan them the rest. Buyers have to pay interest on loans, so it’s a good idea not to get loans that are too expensive or have extremely high interest rates.
5. Go over home listings in your area
You can review listings in year area with your Realtor, and they will direct you to some of the best options available for your needs.
6. Visit open houses for your top choices
When you’ve narrowed down a few top choices, you should visit them in person to see if they were accurately represented on the listing.
7. Submit an offer on the home
You will talk with your Realtor about an appropriate price and submit an offer to the person who is selling a home.
8. Finalize the deal
If the seller accepts your offer, you will sign some paperwork and finalize the sale. Your financial lender will pay the seller, and you will pay back your home loan over time.
9. Move in and enjoy your new purchase
This one is pretty self explanatory! See this reference for more.