Few things in life compare with buying a house. For most this is the single largest transaction of their life. Therefore, most home buyers want to get it right the first time. To help you do that The EastSide Co. suggests five steps you should take to purchase a home.
Five Steps To Buying A House
Step 1: Research what you want long before you ever talk to a professional real estate agent or developer. Sit down and determine not only what type of new house you want, but also WHY do you want to buy a home?
This is important, because you need to have a clear idea of what type of house you want, and why it is important for you to live in this home.
Step 2: Start researching bankers and real estate agents. Make sure they have the experience to get the job done. Even more important, make sure they listen to what you need. The best way to do this is to ask them questions about their experience. Sometimes it might even make sense to find a good real estate agent or mortgage broker, then ask them who their favorite banker or realtor is. This way you will have a united team effort, because the broker and banker know how to work with each other to get the job done.
Step 3: Next, before you even start looking at your first home you need to get a pre-approval letter from the lender. Most realtors today will not even take you out until you have some type of finance letter. This letter simply informs realtors that you have the financial ability to buy a home.
Step 4: Go through the listings with your agent to find the right house for your needs. While you should have some clear ideas of what you want, consider the real estate agents advice as well. They are trained to look at how to buy a real estate property, which means they might catch that the boiler looks old. Something you might not pick up if you have never bought a home.
Step 5: Weed down the undesirable homes. A good real estate agent will ask you questions about what you liked and did not like about each property. That way, they can eliminate properties that do not fit your needs, and visit more of the properties you like.
Once you have a good home, this is where you put down a contract. For those who have never bid on a home, be aware the seller usually will not accept the first offer. This is normal. A back and forth negotiation will start, until both sides come to an agreement.
In the end, the steps we mention above are a guideline for you to buy your new home. They help you navigate through a process that can sometimes be confusing even for experience home buyers. This is why having the right team is important in selecting the right house.