Buying a home can be the most challenging part of life, especially if you have never bought one before. From start to finish you will come across terminology that you have never heard before and learn that there is much more to buying a home then just signing on the dotted lines. The following steps should help easy the process a little for you when you make the decision to buy!
For Buyers – IF YOU ARE BUYING A HOME
1. First things first; if you want to buy a home you need to know yourself. You need to look at all of your finances, all of the money coming in and all of the money going out. Where are you spending money at? How much are you spending? Where can you cut back and save up money for your nest egg? How much money are you truly making each month? How much to do you owe in credit based debt?
These are all questions that need to be answered before you go any further. You can not buy a home if you do not have your finances under control!
2. How much of a home can you afford? So you looked at your finances and decided that you have them under control but now you want to know how much of a home you can afford. This is generally where you would want to talk to a lender. This can seem to be a little challenging because as a first time home buyer you generally want to make sure you are getting the best loan possible for the best price. Look around before you make a decision, see what types of fees there are and what the rates are. Once you have made an informed decision then you should feel better about who you choose.
3. Find a Real Estate agent! It is in my opinion that you are going to throw away money if you do not use a Real Estate agent. They are licensed to sell homes and know what they are doing. I see a lot of people try to buy a home for sale by owner, now I’m not telling you that this is a bad idea, I’m just saying that if you want to make sure everything is being done correctly then Real Estate agents are there to help you. The beautiful thing about Realtors is that as long as you buy a home that has been listed by any agent, not necessarily the one you are using, you do not have to pay for the Realtor services, the seller does! So why not use a Realtor if it is free?
4. Find that home and make an offer! This is where you need your Realtor and your Lender to work together. Your lender should have given you a pre-approval letter stating that you are approved to purchase a home in such and such price range. Once you have this and you find a home you want to make an offer and make it a good one for you and the seller!
5. Communicate! This is one of the most important steps in the process. If you do not communicate with everyone that is working on the home purchase for you then you are not going to get anything done in a timely manor.
6. Sign your paper work! That’s the home buying process in a nut shell. Sadly I do not have enough space to type out everything I want to say. If you would like read the complete step-by-step process and be able to ask questions and have them answered accurately and quickly then visit my web page for more free information!