Understanding the Process of Purchasing a Home as a First-Time Buyer
If you’re a first-time homebuyer, then you’re probably really excited right now. Then again, you also need to know how the process works, so you can get it all done right. Mortgage preapproval lets you know just how much home you can afford, so you don’t bite off more than you can chew. With that said, you need to find an experienced real estate agent that can help and guide you through the process. The right real estate agent at your side is usually going to be a necessity.
Decide Your Community
Figure out the general area you would like to live in. Do you have any kids? How far do you need to commute to your job? Is the community you’re looking at affordable? It’s important to ask yourself these questions, so you can determine the best living conditions for you and/or your family. More flexibility means more potential homes.
Review Listings
See what’s out there, and start discerning which ones appeal to you. Online photos won’t tell you how homes really look until viewed with your own eyes. When you see homes that look good on the outside, arrange to see them from the inside, too.
Make an Offer
Rely on your agent for advice about how high or low of an offer to make. Saving money is usually good, but turning people off isn’t. Unless your original offer is accepted automatically, be prepared for a counteroffer from the seller. You might even find yourself a part of a bidding war.
Have an Inspection Done
Rarely, should you buy a home from someone else without having an inspection done. If you decide to go for an auctioned foreclosure, you might not be able to do it. Most of the time, you do have a chance to have an inspector look over the property, and you should never pass this up.
Close the Deal
You should always listen to your agent throughout this whole process, but it’s especially crucial that you do it in this phase. Tiny details and technicalities might not seem important, but your agent knows the nuts and bolts involved in actually closing the deal.
Get Ready to Renovate
Once you get to move into your new home, you are no longer a buyer. Now, you’re an owner. Congratulations to you if you found a home that’s perfect for you as-is, but it’s more likely you’ll have a wish list you need to start organizing for home improvements to do.
In conclusion, there is a lot more to buying your first home than just this brief outline. However, it gives you a general idea of the steps involved and what order they come in.