7 Easy Steps to Purchasing a Home by Lisa Getson
A home is one of the largest, if not the largest, purchases that a person will make and therefore a very important decision. The home buying process can be very overwhelming, especially for a first time homebuyer. However, it is really not so frustrating when broken down into 7 easy steps.
Step 1: Determining a Price Range: The first key element in purchasing a home is to establish a price range in which you feel comfortable spending. Many people take a mortgage when purchasing a home. I recommend speaking with a Mortgage Consultant who will help in setting a price in which to search.
Step 2: Choosing a Neighborhood: Picking the “perfect” neighborhood is extremely important when buying a home. After all, where someone lives greatly impacts their life. Start your search by driving through various neighborhoods in your price range to help get a sense of what neighborhood is a good fit. Review with your realtor all of the positives and negatives of each neighborhood, while taking into account house specific requirements that homes in certain areas may or may not have. Also when searching, it is important to remember that any house can be upgraded in terms of renovations and/or decorating, but the location of a house can never be moved. Once you have identified a neighborhood(s) in which you want to live, simply zero in on a home.
Step 3: Zeroing in on that “Perfect” Home in that “Perfect” Neighborhood: Most homes for sale are listed in the Multiple Listing Service. When and if that “perfect” home comes up for sale, your realtor should communicate it to you immediately. It is still true that no matter what type of real estate market, any home could be sold at any time. Therefore, if a home comes up for sale that meets your criteria and is in the neighborhood of your choice, it is imperative that you know about it and go to see it before it is too late.
Step 4: Purchasing the Home: Writing an Agreement of Sale can be very overwhelming with all of the legalese involved. Of course, it is the buyers prerogative to hire an attorney to review all of the paperwork, but really not necessary as most realtors use the standard Agreement of Sale. A knowledgeable realtor will be able to review and explain the Agreement of Sale and any and all accompanying documentation. Furthermore, they will be able to aid the buyer in making informed decisions as to mortgage and home inspection contingencies.
Step 5: Negotiating: As your buyer’s agent, your realtor will negotiate with the seller’s realtor on your behalf. The more knowledgeable your realtor, the easier time they will have understanding and negotiating any issues that may arise. In addition a more friendly and popular realtor will maintain amicable relations with the other realtor involved in the transaction, thus making for much smoother negotiations.
Step 6: Settlement: The day of settlement on your new home should be a joyous one. After all, finding and purchasing the home of your dreams is a wonderful occasion to celebrate. A good realtor will have worked out any and all nuances ahead of time so that the settlement runs smoothly.
Step 7: Moving into your New Home: This step is the best part. Nothing left to do but move-in and unpack. Moving into the home of your dreams is one of the most exciting experiences.