How to Buy a Home in 7 Steps
Buying a home can be an exciting and overwhelming process, but with the right preparation and mindset and the right people in your corner, you can approach the process like a pro.
Be confident, No Regrets. Here’s how:
- Pick a Real Estate Agent to work with. This might sound like a no-brainer, but trust me, you will want to work with an agent that is right for you, one that will educate you upfront and during the whole process. Helping you to know what to expect and what it is you need to do during the process.
- Have a Buyer Consultation with your Real Estate Agent! At this step, you will go over the Home Buying Process. I know this sounds tedious and unimportant, But there are a lot of moving parts in a real estate transaction, and it’s better that you know exactly what to expect up front instead of when you are going through it.
- Call a Lender and Determine Your Budget, you will need to do this before you start house hunting. This will give you a clear understanding of how much you can afford. Your lender will look at the overall finances and determine your monthly payments with taxes, and insurance. A good rule of thumb is to keep your housing expenses to no more than 28% of your monthly gross income. You will need to know your budget, monthly payment, down payment, and closing costs.
- Get working on your Pre-Approval: So basically, get the lender those requested documents! Getting pre-approved for a mortgage demonstrates to sellers that you are a serious buyer, your offer doesn’t mean much without it. *Many sellers request the preapproval before allowing anyone to preview their home.
- Define Your Criteria: Write down your must-haves and deal breakers to ensure you are looking for properties that meet your needs and wants. Consider factors such as location, square footage, number of bedrooms and bathrooms, and outdoor space. Know upfront where you will compromise and where you won’t. This eliminates an emotional decision that you could regret later.
- Choose and preview homes. *Do a drive-by before asking your realtor to set up a showing. Make sure you like the location as well as the house.
- Work with your agent to do, what I call “Craft Your Best Offer”, get your offer accepted and go under contract.
Once you are under contract we will begin the contract-to-close process (that’s another post, coming soon).
Don’t Rush the Decision: Buying a home is a big commitment. It’s true that you might not be able to get the one that you first set your eyes on. Take your time, consider all of your options, and make a decision that you feel confident about.
Following these simple steps with your purchase and look forward to your future in that home.
Tired of sitting on the sidelines? Let’s goooooo!
