1) Create a realistic budget
It is important that, before you even begin looking for options, to know exactly how much money you have to buy a home. This budget should include both the down payment and the additional costs.
2) Know the types of mortgages
Do you know the different mortgages that exist? Making a good research on this subject is essential because, before you start looking for a home, you need to have a pre-approved mortgage.
If it’s within your possibilities, the best thing you can do is asking for advice from a mortgage broker. They will guide you and show you the options that are available to you. The best mortgage broker will help you find the best mortgage for your needs.
3) Look for a real estate agent
Buying a home is much easier when you have good advice and therefore it is important to have a good real estate agent. Not only you will have someone who will show you the best options according to your requirements and needs but he will also give you advice and act as a mediator in the negotiations to look after your best interests. Your real estate agent will be your best ally throughout the entire process, from searching for options to obtaining the closing documents.
4) Take your time to look for a home
Knowing exactly what you’re looking for will help make the process faster and less complicated. Think of all the variants and write them down to keep them in mind when looking for options. Take into account the lifestyle you want to have, your needs and your plans for the future. Don’t forget to pay attention to the location of the property, accessibility, and the surroundings.
5) Have a control sheet
It is possible that your agent will take you to visit numerous homes in one day so it will be difficult to remember the details of each one when the day is over. This is why keeping a checklist will be a big help. The only thing you have to do is put the data of the house and make a checklist with all the indispensable requirements that your house must have. Don’t forget to leave a space to write down your observations. By doing this, you will be able to evaluate your options in the best possible way.
6) Prepare an offer for the seller
Once you choose a house, your real estate agent must make an offer to the seller. For this, a document should be prepared with the price to be paid, the conditions of purchase, the deposit, and the closing date. After the document is delivered, the seller must accept the offer, reject it or counteract it.
7) Inspect the house
This step is not mandatory, but it can be very useful when negotiating the price of the house. Consider hiring an inspector and make your offer depends on the outcome of the inspection. In case the house has big problems, you will have the possibility to negotiate the repairs with the seller before closing the deal or you can withdraw your offer legally.
8) Prepare to receive your new home
The closing day is the time when you legally take possession of the house. The corresponding payments are finalized, your lawyer makes sure that the house is in your name and, finally, you receive the property papers and the keys to the house.