Purchasing a home is one of the most exciting moments in anyone’s life. At the same time, buying a home is a major investment requiring a significant amount of decision making. Therefore, before you begin the process of purchasing a home, it is a good idea to have a clear idea of what you can expect from the home buying process and the steps you should take in order to have the best experience possible.
Step 1: Get Finances in Order
Before you start looking for a home to purchase, you should be sure to work toward building your credit and saving up a down payment. The better your credit score, the more likely you will be to gain approval for a home mortgage loan. Saving money for a down payment will also improve your chances of being approved. Keep in mind that most lenders require a twenty percent down payment on mortgage loans. To further expedite the process of purchasing a home, you should work toward getting pre-approved or pre-qualified before you start your search. In this way, you will have a clear idea of how much you can afford to spend on a home.
Step 2: Decide Upon a Location
While you may have more than one option in mind, you should have a clear idea of where you want to purchase the property. In addition to deciding upon the town or city where you want to live, you also need to determine which neighborhoods are best suited to your lifestyle needs. In addition to exploring neighborhood amenities, you should also consider proximity to work, traffic patterns, quality of schools and crime rates when choosing the location that is right for you.
Step 3: Make a List of Musts and Wants
Next, you will need to make a list of the items that you want in a new home as well as those features that you must have. By deciding on those features that are musts, you can quickly and easily eliminate all of the homes that are not going to fulfill your needs. On the other hand, by having a list of things that you want but can do without, you will be able to broaden your options. Having this list handy will also help you to stay focused when it comes to making your final purchasing decision.
Step #4: Hire a Real Estate Agent
Now that you know where you want to live and the type of property that you want to purchase, you will be better capable of selecting a real estate agent who can help with the buying process. Hiring a real estate agent who specializes in homes where you want to make a purchase can be beneficial. Furthermore, by clearly communicating your wants and needs to a real estate agent, she will be better prepared to show you only those properties that are likely to meet your needs.
Step #5: Make an Offer
After finding the home that you wish to purchase, you will be ready to make an offer. To do this, you will need to discuss prices with your real estate agent as well as the things that you want to be included in the purchase of the home. The real estate agent can then negotiate on your behalf to help you get the best deal possible.