10 Steps to Buying a New Home
If you are beyond confused with the home buying process, take a look at these 10 steps to buying a new home to help give you some clarity. Buying a new home can be one of the most exciting decisions you will ever make in a lifetime…it can also be one of the most stressful! So take a deep breath, exhale and take in some good advice about how to go about buying the home of your dreams.
- Hire a Realtor
As a First Time Home Buyer, you will experience a roller coaster of emotions as you navigate through a sea of paperwork and processes that you may not have otherwise experienced. In addition to all this, you will want to know pertinent information regarding the community you choose. In addition to all their efforts, as a buyer you pay no commissions to a Realtor (unless of course you are buying from a FOR SALE BY OWNER). By taking advantage of what a Realtor has to offer, you will save yourself a lot of time and money (and stress) as you go through the Real Estate process.
- Get Pre-Approved for a Mortgage
Unless you are paying cash, it is in your best interest to get pre-approval from a mortgage lender. Find out what a lending institution will is willing to let you borrow, which will allow you to narrow your search.
- Let the House Hunting Begin!
This can be the most exciting part of the entire process, as you search for the home of your dreams. You find yourself asking yourself where you can put the new sofa, how you will revamp the garden, and how you will entertain in the kitchen that overlooks the living area. Try not to get too complacent, this is where a good Realtor will be able to point out the benefits to the community and you will need to ask yourself some practical questions such as “Is this a reasonable commute to work?” Have fun as you design your new lifestyle!
- Get a Home Inspection and Make an Offer
Here is where you may find yourself on your own. You found what you want, you have the funding and you are ready to seal the deal. You have taken in a great deal of information and now you need to make an offer on what you feel is fair. A home inspection is a great way to get an in depth perspective on what you are buying. The home inspection report can serve as a wonderful tool for your decision making process. Take the information and use it as a gauge to make some decisions. Does the report have bad news? Does it appear to be a clean bill of health? In a hot market you may be pressed to offer the asking price and move on to closing, but that may not always be the case. Here is where a Home Inspection Report can allow you to make an educated decision that only you can make. Consult with friends or relatives who have bought a home, if you feel the need to come up with a number you feel is fair. Be careful not to insult a Seller with an offer and it’s equally as important not to leave any money on the table. Try to make an offer where everyone wins, after all it’s your choice and it is an investment.
- Enjoy Your New Home!
Congratulations on making a decision of a lifetime! Making your first home purchase can be difficult, but it can also be one of the best decisions you will ever make. As you create new memories, keep in mind that you made life a little easier by hiring a few professionals along the way. A Realtor can guide you through the process by answering all the questions you never thought you’d be asking. A Home Inspector gave you some very valuable insight into what you were purchasing, which also gave you some leverage. And a Mortgage Consultant was there to help you know what you were capable of investing in. Keep in mind that some of the more important decisions in life can be better addressed with the help of a professional.