Buying a home is an exciting experience that can be both rewarding and challenging. You want to find a home that meets your needs, suits your lifestyle, and fits your budget. However, with so many options and factors to consider, it can be overwhelming. In this article, we will provide you with five things to do when purchasing a house.
Are you planning to buy a home soon? If yes, then read on. We've got you covered. Here are the five things to do when buying a house:
Identify your budget (Get a Pre-approval)
Before house hunting, get pre-approved. A pre-approval from a bank is based on your actual income, debt, and credit history. It saves you from the grief of looking at houses you can't afford and puts you in a better position to make a serious offer when you find the right house. Even if you can't put down the usual 25%, you may still qualify for a loan. There are a variety of banks that, if you qualify, offer mortgages that require a small down payment.
When working out the true cost of buying, remember to factor in registration fees, removal costs, home repairs, furniture and extras, and utilities. These expenses can add up quickly, so be sure to include them in your budget.
Identify Needs & Wants
Make a list of items to check when evaluating a house. Ideally, you should set aside all your emotions when evaluating a house. Practically, that is impossible. Instead, make a checklist of your must-haves, nice-to-haves, and other essentials. Every time you visit a house, take the checklist along with you and take photographs so you can cross each item off your list. If you fall in love with the house, and your checklist shows that the house has none of your must-haves, it will at least make you pause and think.
Weigh the benefits of desired amenities, wants, and needs over location. If you want a three-bedroom but can realistically afford a two-bedroom in the neighborhood you want, are you willing to move into a smaller home? Or would you rather look in a different neighborhood of three-bedroom homes offered at a price you prefer? Rate the importance of each specific and figure out which you will compromise on and which you will not.
Find an Agent
Buying a home without proper help could have disastrous consequences. Consider hiring a buyer's agent first. An agent will go beyond the actual job of finding the right property for you. The buyer rep performs additional tasks such as negotiating the price, estimating the market value, checking legal aspects, helping coordinate property inspections, facilitating the registration procedures, and providing financial support. All these processes are necessary for homeownership, whether a buyer rep/broker is involved or not.
It makes sense that if you want to buy, and your agent wants to sell, the agent should show you homes that you would buy. By skipping homes that don't fit your parameters, you have more time to look at homes that do fit your specifics.
Looking
Most buyers conduct a lot of research online before ever stepping foot in a home. Once the neighborhood is selected, most buyers end up buying a home after 2 or 3 home tours. I advise buyers to schedule a maximum of 4 homes tours at a time because any more than that will make a buyer's head spin.
Remember that buying a home is an emotional process, and it's okay to be choosy when looking for a home to buy. You are unique, and you have desires and needs, hopes, and dreams for your new home that are different from your parent's, friend's,
