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10 Steps To Buying a Home: A Guide for First-Time Home Buyer

 

Choosing a Real Estate Agent

First Things First! The process of buying a home can in many cases seem difficult and scary at first, but if your one day dreaming of owning your own home, it’s important that you know what steps to take and who to turn to.  Once you understand the steps the process can be a lot less daunting. So find your favorite spot on the couch and kick off your shoes.  These easy to follow 10 steps, will put you on your way to home ownership!

 

1. Making sure you are ready to make the leap to home ownership.

Whether or not this is your first experience buying a home or you have an investment portfolio of properties, buying a home can be a financial and emotional decision.  It is important to have the knowledge and experience of a reliable team of professionals to support you.

2. Get a Realtor®

During the home buying process you will run through a gauntlet of forms, the process of getting financing, home inspections, if selling a home the marketing of that said home or homes, as well as negotiating price of both homes.  In the rush to do all, it makes more sense to work with someone who understands these processes.

3. Get a mortgage pre-approval

If your are buying a home, you will need the funding to do so and unless you have a stockpile of cash laying around.  This can prove to be difficult if you don’t have the right lender, and consulting with a mortgage lender is an important step to ensure you know how much house you can get.

4. It’s time to go looking

Knowing your local market is important.  Having a realtor who not only knows this market but surrounding markets will ensure you do not experience any oversight to finding the house for you.

5. Choose a home

The home market is always in flux and knowing what the value will be down the line can be tough.  Finding a home that has value and also meets your needs and priorities means you’ll remain happy living their for years to come.

6. Get funding

the value of a home is not the only cost you will endure.  The purchase process includes additional fees including interest, taxes, and closing costs, The cost of financing your home purchase is usually greater than the price of the home itself (after interest, closing costs, and taxes are added). Get as much information as possible regarding your mortgage options and other costs.

7. Make an offer

This is probably by far the most stressful part of the experience.  You find that perfect home and you make an offer.  Will the seller accept?  Are there multiple offers?  Your offer should include both price and terms.

8. Get insurance

Now I know what you are thinking.  Insurance!  Who needs that?  buying a home either brand new or used is important as it protects the owner in the event that something happens or fails.  In Arizona the loss of your AC Unit could be catastrophic. If and when something does arise, insurance coverage could mean the difference between you and several thousands of dollars in repair costs.

9. Closing

A lot like clicking your heals together to find your way home, the closing process, which can very depending on where in the country you are is not as simple.  This process is also referred to as ‘settlement’ or ‘escrow,’ and can be very automated as the use and ease of technology increases. This process utilizes the skills and knowledge of many individuals for both the seller and buyer parties to close the real estate transaction.

10. What’s next?

Congratulations!  It’s official.  You have gone through the stresses of looking for the right house, getting the financial coverage you need to make the purchase, and made the offer that was enough for the seller to say “SOLD!”  The home is now yours.

 

Now the fun begins.  maybe its painting, and changing the landscape, maybe its how you decorate.  Whether you’re a first-time buyer or a repeat buyer, there are always a few more steps you can take.

 
Posted by Jason Ozment on June 12, 2017
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