The last thing you need is a hiccup in the home buying process. Mistakes are costly, time-consuming, and frustrating.
A solid checklist of the fundamental steps of buying a house is essential. We’re going to look through some of the essentials today, giving you a general roadmap on what to expect when you buy a home.
The buying process can be stressful, but it doesn’t have to be. Let’s take a look at what it takes to get your hands on a new home.
A Basic Home Buying Checklist
The first thing to do is establish the monthly payment you’d like to make. The monthly payment holds more weight than the general price of the home in many cases.
So, determine your monthly value, then use a mortgage calculator to estimate the cost of a home you could afford—that number changes based on your credit, the lender, and the term of your loan.
Once you’ve got that figure, see if you can get funding by seeking preapproval. Preapproval is the expressed agreement that a lender would give you a particular loan if you asked for it. This gives you more pull when making offers and working with sellers.
The next thing to do is shop around on the market for a little while. Get a sense of the local real estate market before contacting a realtor. The more insight you have into the market, the more you’re in control of the entire process.
Once you’ve got your targets in mind, meet with a realtor like the ones at Hatch Realty and start pinpointing homes.
Note that you should have a significant down payment on the house. First-time buyers might get better deals, paying as low as 5% in some cases. In many cases, though, you’ll need 10-20% of the total value of the loan as a down payment.
Inspections, Appraisals, and Offers
When you and your realtor zone in on a new house, there are some things you need to do before you close the deal.
First, have the home appraised by an appraiser of your choice. Listed home values often exceed what the house is worth, so a third-party appraiser is an excellent person to give you an accurate number.
You should always complete a home inspection. This tells you that the home is in the condition described by the seller. It’s easy to overlook underlying issues, and those are the ones that tend to be the most costly.
When everything is in order, you can make an offer on the home. If the seller agrees, you’ll have the keys after the paperwork goes through. It’s as simple as that.
Learn More About the Buying Process
Hopefully, home buying doesn’t seem daunting after reading the information above. There’s a lot more to learn if you want to get the best deal, though.
We’re here to help you get the information you need. Explore our site for more ideas on buying a new home, understanding the real estate market, and more.