The Keys to Buying a home – as told by long time homeowners

Homeowners are in the best position to give you the right and timely advice on the keys to buying a home. To learn more about how to move from rentals to a home owner, check out this simple and precise steps laid out for you.

Decide to buy a house

As simple as it sounds, this is the first and major step a potential homeowner like you have got to take. You have to decide within yourself and between you and your spouse, if you have one to take this bold step. You have got to understand the impact of this step on your finance

Develop criteria and budget/do your homework

Research online. Start looking for listings and housing information online. check out the house types that fit your proposed budget and see if it is what you want or not. if not, you know now you need to add to your budget.This is your next step in your quest to on using the keys to buying a home

Select an agent

Your relationship with your agent determines and affects to a great extent the success rate of your house search. Your agent is the first expert you will meet on your journey, and you will have to rely on him/her the most.

Choose a lender

Your agent can recommend at least 3 lenders that you can meet. Choosing a lender is a huge step as they determine how much ease you will have in accessing a loan.

Select a loan

Once you have chosen a lender, you then have to decide the type of mortgage to take by working with your loan agent. If all goes well, you will get an approval on the loan you have requested for.

Visit homes

Having overcome the first two giant steps of getting an agent that knows your housing preferences and securing a loan, the next step is to visit as many homes as you can before deciding on which one to pick. Your agent will find listings you may like based on the parameters you have given him/ her (location, price range, features). Your agent will also assist you to look for quality listings you find online. Once you have made selections, you can now inspect them! Open houses and private showings helps you evaluate properties in a way you can’t online.

Make an offer

Once you finally get the home you want to buy, you will have to work with your agent to establish an offer that specifies the price you’re willing to pay and also meets the proposed settlement date and contingencies – other conditions that must be agreed upon by both parties. Such that it gives room for home inspection and also request repairs.

Get the home inspected

Once an agreement has been reached on the offer, the next thing to do is get a professional to inspect the home. Most sales contract include a home inspection contingency- this means you hire a certified or licensed home inspector to inspect the home for needed repairs, and then ask the seller to pay for the repairs made. This step prevents you from facing the risk of buying a house with major cracks on the walls or foundation.

Get the home appraised

By offering to buy a home, your lender is entitled to inspect and appraise the house you have chosen. This is to make sure the property value is enough to cover the mortgage. If the home appraises close to the agreed upon purchase price, you are one step closer to reaching a settlement.

Close the deal.

This is the final stage of your home buying process. At this point, all necessary documents are signed. You sign the final ownership and insurance paperwork to make the whole process official. Do ensure that you go through this process with your legal adviser to avoid making any foolish mistake. Once this is done, voila! You have the keys to your new home!

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