Home Buying 101
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Home Buying 101 is a series of 11 articles guiding individuals through the home buying process. It’s a great feeling when you purchase that first house, but you have to educate yourself on the basics so that you don’t get taken advantage of.
Step 1
Saving for a Down Payment - The first thing you should plan on doing before looking at a house is start saving money. Forget about a 0 dollar down mortgage and prove to your lenders that you have not only the ability to save money, but manage your money. A house is a huge financial responsibility, if you can’t come up with some money down, how can you expect to pay for a mortgage?
Step 2
Shopping for a Mortgage and Getting Pre-qualified - You will want to know how much you can afford. My first mistake when looking for a home was not finding out how much I could afford or getting pre-qualified. I was looking at homes way out of my price range and I was wasting not only my time but the time of others who took the time out of their schedule to give me private tours. Getting pre-qualified for a mortgage is just a way of making sure you have the ability to buy a home at a certain price range.
Step 3
Getting a Good Real Estate Lawyer - You’ll most likely need a lawyer for the purchase of a home.
Step 4
Finding the Right Real Estate Agent - This is an essential part of the process. A good real estate agent will help you find that perfect home, answer any questions you have and generally help you any way they can.
Step 5
Looking for that Perfect Home - You are now pre-qualified, you know exactly how much you can afford and you’ve found the people that are going to help you with this venture. Now it’s time to look for that home. There are many things you have to take into consideration such as distance from work, community, distance from schools and parks, etc. Doing a pros and cons list of each house will help you in finding the right home.
Step 6
Making an Offer and Negotiating - You’ve found the home you want and now it’s time to make an offer. It isn’t wise to offer the asking price. You’ll want to give a lower price and negotiate from there most of the time.
Step 7
Finding the right Home Insurance - Two things you need to consider when looking for home insurance, price and coverage. Find out what you want or need, and compare with different institutions to see who offers the best value.
Step 8
Two Words: Home Inspection - Even on new homes, you’ll want to do a home inspection. Why you ask? It’s simple, if there is something wrong you’ll want to know about before buying the home. The last thing you want is to find out that you need a new rough or that there is a crack in the foundation.
Step 9
Closing The Deal - You like the home, you have the mortgage, you’ve inspected the home and now it’s time to close the deal.
Step 10
Dealing with Buyer’s Remorse - With such a big purchase, it’s bound to happen. There are things you can do to minimize buyer’s remorse.
Related Posts
- How to make an Offer and Negotiate a Price on a Home
- How to Save Money for a Down Payment
- How to Find the Perfect Home within your Budget
- How to Get the Correct Home Insurance for your House
- How to Find a Good Real Estate Agent
- How to Calculate your Monthly Mortgage Payment
- How to get your Home back after Foreclosure
