What are the steps involved in buying a house?
1.Consider your personal finance
You should be able to actually afford your dream home. You need a good credit score as well so you can get easily approved for a loan. What are your number limits in the case of down payment? This percentage usually ranges somewhere between five to twenty percent.
- Do your homework
Any savvy buyer will do the required amount of research before buying a house. You can’t afford to make an impulsive buy. Find out how long these homes have been on the market, what is their value and if there are any major fluctuations in the price over a period of time.
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- No guessing games
You might be able to guess what your budget is based on finances but if you get on board with a lender, then he will provide more specific numbers. For that, he must be privy to certain financial information like your income, debts, assets etc.
- What are your priorities?
Take a pen and paper and make a list of all the things you absolutely need in a house. You may not find a house that fulfills all these obligations, which is all the more reason for you to rank them and decide which ones are most important to your living conditions. It could be a swimming pool, an indoor theater etc.
- Do not be a lone-wolf
Sometimes, it may seem like we have all the information at hand but it will do you good to seek the approval of a realtor or real estate agent. He can act as a beacon of knowledge and disclose details that you were never aware of in the first place. Also, he can negotiate deals between buyers and sellers.
- Seek advice 24-7
You can’t play lowball with a potential seller. If you offer a very low price, they will be put off and close all negotiations thereon. Decide these things with your agent.
- Home inspection
It is crucial that you are on site and inspect the house for any damages or signs of wear and tear. Information online cannot be always trusted. Go ahead with securing the deal only after thorough examination and reevaluation.
- Paperwork
There is a lot of paperwork involved in the final stage. There is no denying that. Ensure that all your paperwork is in order and your seller is paid the full amount before moving into your new house.
