Buying a house for the first time can be a daunting undertaking. Even if you've purchased a home before, it's still not something most consider easy. After all,
there are so many things involved, such as hunting for your dream house, inspections, and mortgages. It can be intimidating! Still, if you anticipate these issues from the very beginning, buying a new house doesn't have to be a horror story.
With that in mind, here's a house buying checklist for beginners that we believe will help you step-by-step through the entire process.
Below is a roadmap that takes you from the moment you first think of buying a new home to the moment you sign,
and the deal is closed.
Related: Buying A Second Home: How To Finance
After you decide that you want to buy a new house, the very next thing you must consider is how much you're willing to spend. What's your budget?
Remember that things can get complicated, and you don't want to waste your time looking at houses beyond your price range.
Ensuring that you're operating on a realistic budget is crucial if you're to securing a home that you'll be satisfied with in the end.
That means you must firmly understand the range of prices you're willing to consider.
Now, you may not have even settled on a house yet. However, it's not too early to begin shopping around for mortgage lenders.
Sellers want to be assured that you'll be able to purchase their property if you make an offer.
One of the best ways to give the seller that confidence is to get pre-approval on a mortgage.
One easy and straightforward way to try and get pre-approval and find a lender is through Mares Mortgage.
Remember that your offer can be strengthened through pre-approval. Mares Mortgage can check your credit report and tentatively decide on a pre-approval amount. Our team can then help you decide on the type of loan, which is right for you and your situation.
Now it's time to start pounding the pavement. Well, maybe not.
Some people find searching for a new property to be just a little too much.
If that's you, you may wish to consider bringing in a real estate agent early in the process.
A real estate agent is a professional and can offer expert advice on issues about which you haven't thought. For example, the agent will know whether a house happens to have been on the market for a lengthy time and whether it's in the right school district or not.
Finding a house that's perfect for you can take time. Don't put all your eggs in one basket by relying on a real estate agent alone.
You can do that by going online and checking out listings.
Expose yourself to a wide variety of options.
Once you see something that piques your interest, visit those properties, and see if they suit your needs and tastes.
Narrow down your search.
Ask your real estate agent to provide you with results from a multiple listing service.
Once you've found a place you absolutely love, and you're committed to buying it, it's time to work out a smart purchase offer.
This is the time to talk seriously with your real estate agent.
He or she will have the expertise you need when deciding just how much you should offer the seller.
You'll need to have money set aside to pay for a home inspection.
A home inspection is a crucial step because you'll definitely want to protect yourself from hidden liabilities and costs. It’s essential then to find a good home inspector.
Most properties have minor issues that a home inspection uncovers. They're good to know about, but these are almost always fixable, and they aren't something to lose sleep over.
Related: Benefits of Buying a Home
Are you looking for pre-approval on a mortgage?
Mares Mortgage has a solid reputation of honesty and solid financing knowledge. Get in touch and let us help you decide on the type of loan that's best for your situation!
After the home inspection, you'll want to ensure that everything is in order because it'll soon be time to close the deal.
Be smart and don't create financial charges or make purchases that could negatively impact your credit score.
If the appraisal shows the property's value is lower than the agreed sale price,
you can ask the seller to lower the price or cover some closing costs.
Before closing, use this time to seek out homeowners' insurance—you’ll need proof at closing.
You'll also want to plan out any renovations and schedule contractors in advance.
This is the big day! Be ready to sign a lot of paperwork.
Your mortgage lender and your real estate agent should provide you with a comprehensive list of documents.
This includes proof of insurance, cashier checks for closing costs, and valid ID.
Why does it take so long to close?
Most of the time, the wait doesn't have much to do with you or the seller. It's just a fact that the legal and financing processes take time.
Even after you sign the contract, it could be a month or more before you finally get the keys.
But once you do—congratulations! You're stepping into a home that’s truly yours.
Related: How to Rent Out Your House and Buy Another
Looking to buy your first home but don't know if you'll qualify for a mortgage?
Talk to one of our team members at Mares Mortgage and let us walk you through the process.
