So, you want to buy a home – where do you start? Follow our step-by-step guide and we promise we’ll guide you in the right direction! Once you have your home, the most important thing to do is have a list of local companies to use in the case of an emergency, for example, plumbers Charlottesville.
1. Examine Your Finances
Before you buy a home, you need to examine your finances and see if you’re able to buy a home. This includes examining your current finances and reflecting on any impending future finances (college, new car, et cetera). You need to make sure that after buying your home, you will be able to have enough saved up in savings to cover any emergencies that could happen. When you’ve sufficiently examined your finances and have decided that you’re able to afford a home, move on to the next step.
2. Get Preapproved For a Mortgage
The next step in buying a home is to get preapproved for a mortgage. When you sit down with a mortgage lender, he or she will assess your complete financial package (debt, income, credit history and current savings) and will tell you just how much house you are able to afford. This is a crucial step because you’ll want to be able to shop for houses within your price range.
3. Decide Your Wants and Needs
After you know how much you can spend on a house, it’s crucial to sit down with your spouse and make a list of your wants and needs. You’ll need this list when looking for houses because it will help you narrow down what houses are a legitimate possibility versus what houses just won’t meet your lifestyle needs. Some factors you might want to discuss include: proximity to schools and work, number of bedrooms and bathrooms, size of yard and any other luxury features.
4. Shop Around With a Real Estate Agent
After you’ve taken all these steps, it’s time to go out and start looking! Find a reputable real estate agent that will help you identify what houses will meet the most of your wants and needs list. Take this time to really compare the various houses and the features they offer for the prices.
5. Make an Offer On a Home
Once you’ve found a home you like, it’s time to make an offer on it! You can consider offering less than the asking price, but you might lose it to other competitive buyers. You might find yourself entering a bidding war with other buyers. If this happens, you just need to remember what your budget is and not exceed it. If your house is still within your budget, go ahead and stick with the offer!
6. Finalize Last Minute Items
Once you’ve made an offer on your home, it’s time to finalize all last minute items to make sure everything will go smoothly. This includes making sure that the home inspection isn’t a concern and that all your loan documents are still holding up. Hopefully, the sellers will accept your offer at this point.
7. Close On The Home
The last step is to close on the home. This is where you can sit back and congratulate yourself on a job well done – you’re a homeowner!
