Home buying is one of the most important financial decisions you can make. With the proper resources, home buying can be an easier process. Let's learn the basics of home buying in seven easy steps.
Step 1: Identify My Home Needs
List in order of priority the features and options you would like in your next home Discover what these features would add onto the cost of your home Narrow down your choices based on the reasons why you want to include them in your next home Narrow the options even further within the spectrum of your budget Weigh desires against needs and available funds Step 2: What Can I Afford?
You have now by process of elimination finalized a list of what your home should include from the number of rooms to the type of floors and everything in between. It is now time to crunch the numbers to see what is within your budget. Use online tools and mortgage calculators for help. Now is the time to take the next step. Many people try to understand the difference between pre-qualified and pre-approved mortgages. Let's take a look:
Pre-qualified
Pre-qualified for a mortgage is something you can do very easily Taking the steps to pre-qualify will give you a basic idea of how much you can borrow You are not really applying for a loan, you are simply sharing with a mortgage consultant your credit history, income, assets and liabilities Since with your pre-qualification no information has been verified, your mortgage consultant cannot guarantee a mortgage loan amount Remember pre-qualification is just a preliminary step in getting a home loan; herein, this is where pre-approval becomes important Pre-approval
You can skip to the pre-approval step to save time and be more efficient in your home buying process Tells the real estate agent and seller that your are serious about your home purchase Your information is verified and gives you control when making an offer to a home seller Lets you know your affordable price range Can speed up your home buying process However, pre-approval is not the final step; mortgage lenders will want to know what home you are interested in purchasing before locking in your interest rate. Getting pre-approval can be very fast and sometimes only take a few minutes Use your mortgage pre-approval as leverage when negotiating for a home Step 3: Shopping for My Home
You have decided which community you would like to reside in and have solidified your home price range; it is now time to start looking for your home
Your search:
It is good to check out a real estate agent directory online to find a local realtor that can help guide you through the pitfalls of home searches By enlisting the help of a professional realtor you can save a lot of time and money Give the realtor your specifications and you can start visiting homes in your target community and price affordability Be patient, have an open mind, and enjoy the journey that leads to the path of your new home Step 4: This is My Offer
You have found the home you wanted; now it is time to make the offer.
Remember the seller and you have different goals. You want to buy at the lowest price while the seller wants to sell at the highest price If you have a real estate professional working on your behalf it can make the negotiation process easier for you. It is critical that you hold all of your cards close to your chest when negotiating: don't tell the homeowner about your moving status, your current financial status and, your thoughts about the home. Basically, keep your interaction with the homeowner to a minimum and keep it professionally cordial; don't lose your leverage at the negotiating table Step 5: My Home Inspection
Once you and the seller have agreed upon a price, it is time for the extensive home inspection. Some of the inspections to be considered are:
Insect Radon Building quality Oil tank Asbestos Title Termite Lead paint analysis (if house built earlier than 1980s) etc. There are some basic inspections you should do depending on your form of financing. It is upto you how extensive the inspection is, sometimes 2 or 3 separate inspections can be performed:
First inspection should be your own basic one Second inspection should be a professional complete home inspection by a reputable person Third, a mini-inspection should be performed at the end of the appraisal. But don't depend on this appraisal as your only inspection of the home I cannot highlight enough the critical importance of having an extensive inspection. It is better not to skimp on a few hundred dollars on a home inspection and pay thousands later on in home repairs that could have been avoided if discovered during a thorough inspection. The offer of purchase should be contingent upon a satisfactory home inspection report. When it comes to the inspection have the final say and not let anyone dissuade you from carrying it forward to your satisfaction.
Also, if you have a proper inspection and move into the house, the inspection can give you an out from the legal contract. If the damage cannot be compensated for monetarily or repaired to professional standards, you still may have the option to cancel the contract. Remember inspections are not there to reveal cosmetic deficiencies but material ones that can affect livability, resale value or safety.
Also, don't wait till you have placed an offer on the table to look for an inspector. The contract may have time limits designating when the home inspection must be completed by (usually 7 to 14 days). If you search for an inspector after the offer, you may be left with two choices:
Work with an inspector not of your first choice Risk going past home inspection deadline (this may void chances of the seller fixing any repairs) Neither is a palatable option. Step 6: My Home Insurance
While having your inspection done check into home insurance or home protection plans. What does home insurance do? Home insurance policies can be purchased by the buyer or seller and help protect against unexpected costs or home repairs during the listing period or in บ้านมือสอง กรุงเทพ the initial years after a home has been purchased.
Provides you financial protection against disasters Your standard policy protects your home and its belongings Covers you in case of damage to your property Gives liability protection in case you or members of your family cause an injury and property damage to other people; includes damage caused by your household pets Damage caused by many disasters with the exception of earthquakes, poor maintenance, and floods You have the option of purchasing separate home insurance policies for flood and earthquake Damage due to poor maintenance is not covered, that is your responsibility Also, having a higher deductible can lower your insurance premium.
Step 7: My Home Closing
You are now one step closer to your new home, only the final closing stands before you. Make sure you have the necessary items for the closing;
Complete paper work and deposits Title work Homeowners insurance Other items necessary under local and state laws Now it's official, it is your new home. It is time to move in.
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