Buying your first home for yourself or for your family is not only the biggest investment you will do at this point of your life, it is also the most complex financial process. Lucky for you, we have broken the process down to 10 easy and straightforward steps.
Are you ready to own a home?
Buying a home is both a financial and an emotional decision. Like any other big decision you will ever do in life, you need knowledge, experience the right support team behind you. In buying a home, you support team should be a team of reliable professionals lead by a realtor.
Get a Realtor
As said earlier, buying a real estate property is a complicated process. In the midst of paper works, financing, inspections, pricing, marketing and negotiating, a realtor will ‘un-complicate’ things for you. Realtors have the knowledge about your community’s real estate status, along with all the information you need in closing out a deal.
Get a Pre-Approval for Your Mortgage
Most first-time home buyers, needs financing help for their home purchase. This is where the services of a mortgage lender get into the picture – to help you in your finances. To put it simply, a mortgage lender will lend you the money you need to get the real estate property that you want. Know how much exactly how much you can afford before you start searching for a lender.
Search for the Home that You Want
This is where the fun part begins. A quick online search will give you hundreds, if not thousands of real estate properties in your area. Florida for example, is a haven for real estate buyers, as thousands of properties are currently for sale all throughout the state. Of course, you should find a property that meets your needs and priorities – something that will make you happy to live in for years to come.
The cost to finance the purchase of your home is usually higher than the price of the property itself (including interest, taxes, and closing costs). Know as much information as you need with regards to mortgage, other options and other costs involved.
Make an Offer
Most people focus their attention to the property’s asking price, a good proposal to purchase includes both the price and the terms. Terms can mean thousands of dollars in additional value for some cases, or additional expenses for buyers.
You don’t drive your car without getting it insured first. The same goes with your home. As said earlier, your home is most likely the most expensive investment you will make at this point of your life, might as well protect it with insurance. Real estate insurance will protect you in the event of unexpected circumstances, such as natural disasters or various catastrophes that will damage your precious investment. A home insurance can be a bargain of a lifetime in case something goes wrong.
Closing the Deal
Closing or also known as “settlement” or “escrow” is becoming more and more convenient. Thanks to technology, it made the process all computerized and automated. In practice, you need to bring a long with you different parties who are involved in the home purchase transaction.
There you have it, you now own a home and should be happy to call yourself a homeowner.