Have you been dreaming to buy your own house for years? And now when finally it’s time, you are fretting over bedrooms design, lawn gnome, and décor to get. This is the time to get everything you’ve always wanted. But now you seem to be confused.
There’s no denying that when you have to move to a new house, there are significant things to reckon. Take suggestions from your family members too. If you have millennial or teenaged kids as I do, their top concern would be an internet connection. I had to start our Spectrum Internet Speed subscription before moving! But the adults have other big things to worry about.
Let’s make your home-navigating and buying process easy with some effective tips. For first-timers, the process can be a little difficult. But if you have a clear plan and you are enlightened with some critical steps, the drill can be much easier.
Think About Your Personal Finances
Unless you don’t have enough finances and you don’t afford it, don’t invest in a house. Keep a steady track of your credit score and improve it as much as you can. You will get approved for loans more easily. Save up for a down payment. You will have to pay 5 to 20% of the total price of the property as your down payment.
Research on the Local Market
Before you plan to even put an offer on a house, monitor the market condition in your area first. Pay attention to the homes, which are in your price range. Keep a keen eye on whether they stay on the market and if there are major shifts in their asking prices.
It would be a good idea to partner with a local realtor.
Get Done With the Pre-Approval Procedure
Your house budget depends on your credit score and finances. Speak to a lender in order to determine a specific amount.
For a mortgage to be pre-approved, give your lender some financial info that includes your assets as well as debts.
List down Your Priorities
Once you are clear about what you can afford, you can then conduct a serious search for your house in your desired areas.
List down your priorities such as the type of kitchen, interior, floor, an indoor pool, and so on. You may not get all that you want. But the search process would become easier and you can stick to the essential priorities only.
Find Yourself an Agent
When you are done with the pre-approval info and you have your priorities listed down, you can then speak to a reliable real estate agent. And he will help you find the right home for yourself. He will facilitate the negotiations between the buying and selling parties. They will find you the properties, which fit your preferences and budget.
Negotiate After Making an Offer
With the help of a real estate agent, you have shortlisted the houses you are interested in. You are now able to determine a good price to offer to the house-owners. Don’t make a low-ball offer. Because in that case, you wouldn’t get a chance to engage in further negotiations. Deferring to the opinion of your agent will be a good strategy, as he knows a lot more about the housing market.
Secure a Loan and Handle Inspections
When it comes to the home-buying processes, home inspections are a mandatory thing. You shouldn’t skip them. It’s in your own benefit to have the house you are buying professionally inspected. This will make you aware of any signs of damage or structural wear. This inspection will tell you about the honesty of homeowners. Their list of issues will be double-checked and you will get to know if any issues were left unnoticed. Once the inspection procedure is done, you can easily secure a loan from the bank.
Submit Your Paperwork
Work with your real estate agent and lender to ensure all the paperwork is in order and your purchase is finalized. You will be all set to move into your new house as soon the paperwork is complete and the seller has received his payment.
Some Significant Things to Consider
While shortlisting your options, you need to figure out the following things.
- Roof condition.
- Any signs of significant damage.
- Potential for flooding.
- Energy efficiency and insulation.
- Weathering, mold, and water damage.
Once you have covered all these factors and points, you can always have all the other things as and when you like. When I moved to my new home this year, I hired my favorite interior decorator, bought an egg-swing for my lawn, subscribed to Spectrum Package, and got the best internet in town. All that I always wanted! No compromises!