There’s No Place Like Home: 7 Steps For Buying a House for the First Time
Did you know that there are more than 2 million realtors in the United States and most of them use Facebook to find new clients? Taking advantage of the expertise of a professional real estate agent is key when selling or buying a new home.
On top of that, you also need to know the steps for buying a house. Think about the fact that you’re probably going to make such a large transaction once or twice in your lifetime, so it’s a good idea to do your homework correctly. Here are a few tips and pieces of advice that will help you buy the house of your dreams.
- Start Your Research Early
There are many variables that go into the process of buying a house. The step by step process is complicated and to make life easier for you, it’s a good idea to start your research early. For example, you can start looking at a few house listings every day in different neighbourhoods in your town. Do a priority list and adjust it every week, depending on what preferences you have. Talk to family members and friends and see what pieces of advice they have as well. This will help you make a better decision when you actually buy the house.
- Have an Initial Budget
There are many houses for sale out there and they all have different price tags. Before looking at listings, it’s a good idea to have a pretty accurate estimate on your budget, so you know what houses to look for. Most real estate agents will also avoid you if you don’t set an initial budget because they don’t know from where to start the search for a new house.
- Check Your Savings Account
It’s always a good idea to have some money stashed in your savings account. As a good rule of thumb, you should start looking for houses when you already have about 3-6 months’ worth of living expenses in your savings account. This money will cover for any necessity or unplanned expenditure and it will make the buying process less stressful for you. If you don’t have a decent sum of money in your savings account, maybe it’s a good idea to postpone the buying process until your finances are suitable for this type of transaction.
Image Credit: Mark Moz via Flickr CC 2.0- Consider the Utility Bills at Your New Place
In most cases, people move from a rented apartment to a larger house. They’re accustomed to certain utility expenses and they’re slightly surprised when these expenses are much higher in a larger house. You should take this into account when calculating your budgets and living expenses after you relocate.
For example, a larger house will definitely produce a higher energy bill and the costs of heating and cooling throughout the year will be larger as well. You should set money aside to cover for these expenses or find ways to increase your income and cope up with your new lifestyle.
- Hire a Real Estate Agent
As mentioned earlier, it’s great to hire a mortgage broker or realtor to help you find the house of your dreams. These people are trained to make real estate transactions and they can save you a great deal of time and effort. A good realtor will also take into account your preferences and find a house that ticks most if not all your boxes such as many bathrooms, a two-car garage, a large yard, etc.
As a rule of thumb, remember that a good real estate agent is one who communicates with you often and doesn’t try to rush the sale. Stay in touch with your agent on a regular basis and don’t hesitate to ask questions if you have any. Experienced realtors are patient professionals and they can help clients find houses in a matter of weeks or even sooner.
- Check the Neighborhood
It’s important to be mindful of the neighborhood you’re planning to move in. There are several aspects you need to take into account such as the amenities nearby. Do you have easy access to banks, shops, malls, restaurants, and maybe a gym? Is there an auto repair shop around you in the case there’s a problem with your vehicle?
Also, you should look online to find crime statistics in your area. Are there many burglaries committed in your neighborhood? Is it safe to walk on the streets in the evening? Doing your homework related to these aspects will eventually make life safer and more comfortable for you and your family members.
- Undertake a Thorough Home Inspection
In some cases, people who sell houses do a home inspection by themselves and provide you with the results. If that doesn’t happen, it’s important to do a thorough home inspection by yourself. This is a complex service that usually involves thermal imaging to find structural flaws that might affect your quality of living in the future.
For example, a professional home inspector might use thermal imaging to detect leaks and cracks in the foundation of the house. He might also search for missing pipes, leakages in the plumbing system or deteriorated safety columns. Such problems are usually not visible with the naked eye, but they are very important for the structural integrity of the property.
If you do find flaws, you can re-negotiate with the seller and subtract the cost of fixing these issues from the original price of the house. If you don’t find any major problem, you will rest assured knowing that you have bought a safe home.
Now You Know the Steps for Buying a House
As you can see, the steps for buying a house are not difficult if you have a strategic approach and start early. Remember that you’re probably going to live in this house for a few decades or more, so it’s in your best interest to make a good decision right from the start.
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