10 Steps to Buying a Home

Purchasing a home can be an exciting adventure and a stressful period, all rolled up into a neat ball. It may make you nervous, anxious, happy, and a whole host of emotions all at the same time. You might be going on this adventure alone, and this can be even more stressful.

As any experienced realtor like Davy Talley – Keller Williams will tell you, the home buying process is never a straightforward one. But there are certain steps you can take to make the process easier. These steps are generally the same no matter what type of home you purchase the property. 

Step 1: Start Researching 

Do some research on the homes in the area, the mortgage loans, the costs, and more. Find out what you want and need in a home, and then consider looking this up in the area. Researching can start with looking up the neighborhoods, types of homes available, the prices, and more in the area for you to expect. 

Step 2: Know How Much House You Can Afford

When money is involved, it is always important to have a budget. This is important because you will pay the monthly fees from your income if you take a mortgage. You want to pay for the mortgage without a lot of financial baggage as you may have other responsibilities. Many banks and real estate companies have calculators that you can use to find out the mortgage amount you can get. But even more importantly, how much you will need to pay every month. 

Step 3: Get Pre-Approved for a Mortgage 

Get pre-approved for the mortgage before you go to purchase the home. This can help cut back on any surprises and also allows you to estimate how much you can afford before choosing the house to purchase.

Step 4: Find the Right Real Estate Agent 

Working with the right real estate agent is important. Find a realtor with a broad portfolio and extensive connections this way. You can have options when selecting the house. Most real estate agents have websites to display their listings. It would be a good move to look at their website before choosing which agent to work with. 

Step 5: Shop for a New Home

Shopping for a new home is one of the most exciting things. When it comes time to do so, you want to shop and choose the best one that matches your needs and style. Most people fear selecting the wrong property because of how big a commitment and an investment a house is, however with the right guidance and research, you are better equipped to make the right choice. 

Step 6: Get a Home Inspection

Before you put in an offer, you should first get the property inspected. First of all, a home inspection helps you see if the house has a pest infestation. Pests can be difficult to eradicate even with the most expensive and modern techniques. You will also get to know how structurally sound the property is. Inspection is also an additional way to evaluate the property’s value. 

Step 7: Have the Home Appraised 

Find out how much the house is worth by having the property appraised with a professional. This helps you choose the right price for the purchase that you just made for it.

Step 8: Select Your Loan Through a Mortgage Broker

The right loan makes all the difference. Choose a loan that works for you. FHA, VA, and conventional mortgages are all popular choices to go with when you want a loan that helps you. You can choose which loan fits your needs best.

Step 9: Put in an Offer

Once you’ve found the perfect home, it is time to put in your offer. This should be in line with the property value. Most realtors will advise you first to put in a lower bid to give you bargaining power.  Once you put in your bid, there may be a back and forth until both you and the home seller agree on a sum. 

Step 10: Paperwork and Close 

The offer is accepted, and now it is time for the paperwork and time to close the deal. You have everything in order, and the property is now legally yours. If you bought the house with a mortgage, ensure you make timely payments to grow your equity.