The Basics Steps of Buying A Home
Buying a home is obviously one of the most important decisions and biggest commitments that you will make in your adult life. There are many factors to consider when buying a home, such as location, school zones, your future plans, career opportunities, etcetera.
But in today’s article, we will be focusing not on the why, but on the how. What do you need to do to put your plans in motion and go from a home buyer to a homeowner? Here is a quick guide.
- Research.The good news is, as you are reading this article, you’ve already gotten started on the first step, which is doing your homework. You should learn as much as you can about the home buying process, in addition to real estate in your local area, your mortgage options, and other issues relevant to your purchase. This will give you the working knowledge you need to make smart decisions throughout the process.
- Budget.Now, before you start looking at houses and falling in love with options you can’t afford, set a budget! You will need to consider your career trajectory, your lifestyle choices, and the cost of living in your desired area to decide what you will be capable of affording.
- Get Prequalified.A pre-approval is like an early go-ahead from your bank that states roughly how much funding you will be able to get. This will give both you and your potential sellers the confidence to move forward in the process without worrying that the whole thing will fall through.
- Find an Agent.Once you have set a budget and gotten pre-approved, it’s time to find a local real estate agent who can help guide you through the process. It’s usually a good idea to ask friends and acquaintances for references, though you may need to do a bit of internet sleuthing too in order to find the right choice for you.
- Go Shopping.Now comes the fun part: house shopping. It’s time to do house visits, check out neighborhoods you like, and imagine yourself living in a bunch of different places!
- Make an Offer.Have you found the home of your dreams? Perfect, now you just need to convince the owner to sell it to you! Check outthis recent Blue Marble article on getting your offer accepted if you’re nervous about this part!
- Home Inspection and Appraisal.Once you’ve made your offer, two independent third parties will need to look at the home — an inspector, who ensures that there are no outstanding problems with the home; and an appraiser, who estimates the home’s market value to ensure that everyone is getting a fair deal.
- Select Your Loan.Assuming inspection and appraisal go well, it will be time to finalize the terms of your loan with your lender.
- Paperwork.Transferring ownership of a home is a complex process that requires time (and a bit of money) to be dedicated to paperwork.
- Closing.Finally, it’s time to meet with the seller and finalize the deal. If you’ve made it this far, then congratulations: you are about to become a homeowner!
On the market for a new home? Visit Blue Marble Properties online today to check out our listings!