How to Buy a House in 13 Easy Steps
Buying a house is typically the most significant purchase most people will make in their lives. To ensure the best possible outcome, it’s important to understand what the process entails. Most real estate professionals agree on 13 steps a homebuyer will take to complete a transaction:
First, it’s important to make sure you are ready to buy. This includes determining your budget and working with a lender to get preapproved for a mortgage, then finding and touring properties with a real estate agent. After a suitable property has been found, the real estate agent will help you submit an offer and negotiate with the seller. Next comes a home inspection and appraisal. Finally, you’ll close on the property and get the keys.
Before you start looking at homes, it’s crucial to decide what your non-negotiables are. This may include the location, number of bedrooms or bathrooms, or other features. Your real estate agent can assist you in creating a list of needs and wants, so your search is more efficient.
You should also determine how much you can afford to spend on a home, based on your current income and debt. This will allow you to narrow your search and avoid wasting time on properties that are out of reach. If you aren’t sure how much you can afford, talk to a loan officer who can walk you through the process of getting preapproved for a mortgage.
When you’re ready to move forward with a property, it’s critical to have your real estate agent prepare a comparative market analysis (CMA). This is a calculation of the current value of the home based on comparable recent sales in the neighborhood. It’s important to review this report carefully so you can be confident your offer price is fair.
Another important step in the process is obtaining a title search and survey to verify there are no unresolved liens against the property. This will help you avoid purchasing a home with unforeseen problems. Once the home has been inspected and appraised, you can finalize the deal and get the keys!
Buying a home is a complex process that involves many different parties. The best way to navigate this is with a team of experienced professionals, such as a real estate agent and attorney. By working together, you can be confident the transaction will go as smoothly as possible.How to buy a house