Buying a home can be overwhelming: all the paperwork, research, and unknown could deter even the most excited homebuyer! From beginning to end, it’s important to have a helpful, informative real estate agent who jives with you. This will make your home buying process as smooth as can be. But nothing can prepare you like knowing what lies ahead. When it comes to what will likely be one of the most important investments in your life, knowledge is power. These steps to buying a house will help you on your way.
1.Do your research
Before you officially begin your search, begin your steps to buying a house by scouring the web for local articles reviewing your local market. You’ll want to know about neighborhoods that appeal to you and whether you’re open to attached housing or if you’re after a single-family dwelling. Most importantly, you’ll want a sense of local real estate trends and market statistics. To download our Denver Market Trends Infographic Booklet, click HERE.
2.Find the right Real Estate Agent
Real Estate Agents take all sorts of approaches to finding you your perfect home. Some take the reins, allowing you to come along for ride, while others allow you to guide the process. Some agents offer a boisterous personality, while others compliment your dynamic with a soft-spoken demeanor. Consider what type of experience you’d like to have before meeting with agents and seek that out. Above all, be sure you have a chance to meet with your agent one-on-one before selecting them – this person will become an integral part of your home purchase process.
3.Set your budget
Schedule a meeting with a lender early in your home search. Your real estate agent will be able to suggest someone they trust but it doesn’t hurt to meet with several lenders until you find the right fit. What’s most important is that you trust your lender. At your initial meeting, you should be able to discuss how much of a loan you’ll be able to acquire and what you can afford as a monthly payment. Don’t forget to consider HOA fees! Lenders typically suggest spending between three to five times your annual combined household income on a home.
4.Secure mortgage pre approval
Once you have selected a lender, secure mortgage loan pre approval. You’ll provide your financial information in exchange for a concrete idea of the loan you’ll receive. You’ll head into house hunting armed with budget parameters and saving requirements.
5.Go house hunting
Now you’re ready! Your real estate agent will take you house hunting, utilizing everything she/he has come to know about you, your budget, and your preferences. Keep notes and take a lot of pics! That way, you can compare specifics after a long day of tromping from house to house. Be patient… your place may not pop up on the first day but your agent will keep at it until you find what you’re looking for.
6.Make an offer
Your carefully selected real estate agent will help you make a competitive offer for the home you have your heart set on. It’s their job to negotiate a fair price for you. This step in the process can be stressful, but is an exciting hurdle in home ownership!
7.Get a home inspection
Once your offer is accepted, you’ll want to schedule a home inspection. A home inspection allows you to renegotiate if anything comes to light after the inspection and protects your home investment. Your real estate agent will help you select the type of home inspection to plan and will spearhead any renegotiations that may need to occur.
8.Have the home appraised
Arranged by a lender, the appraisal will confirm that your purchase price is fair.
9.Close the sale
You’ll have paperwork to sign and your official loan to wait for, but within a few days, you’ll be the proud owner of a new home! By following these 9 simple steps to buying a house, you’ll be sure nothing went incomplete.