Looking to buy a house and don't know where to start?
Here is a quick guide to help you start the journey!
1: Pre qualify
Before looking at homes on MLS or going to open houses, the most important step is to know what your affordability is. You can easily find this out by going to a mortgage broker or your bank to see what you're pre-approved for. Keep in mind that there are closing costs, which are one time costs to close the deal and obtain the key. You can add about 1.5% of the purchase price for closing costs, this goes on top of the money for downpayment.
2: Determine your needs and wants
Sometimes you can't have everything you want on your list as a first time buyer. Determine what is most important and what you can live without. A good way to see a great market snapshot is to sit with a Realtor for little while and let them weed out all the options that just will not work for you in your budget. This makes searching for homes a lot easier and you can be more specific when determining what area you can afford to purchase in and what you get for the amount your spending.
3: Go out and look!
Once you have chosen the right Realtor who knows exactly what you want and knows what areas to look in, and you have been preapproved, designate a few days a week to look at some properties. It doesn't always help to just scroll through MLS. Use the agent you hired to do the search for you. His search parameters are a lot more specific than anyone elses. He can find exactly what you are looking for within a few clicks.
4: Put in an offer
Don't be scared to put a conditional offer on any home you like. A conditional offer just means its sold pending you complete certain conditions such as obtaining a mortgage and doing a home inspection. If you still have cold feet at this point you are more than welcome to back out of the deal no matter what anyone else tells you. Putting a conditional offer is a great way to keep you favorite listing in your pocket so no one else can scoop it up!
5: Once the offer is accepted whats next?
Well asides from obtaining the mortgage and doing a home inpection, you need a lawyer to complete any deal. So once you have done your part just sit back and relax and a good lawyer will get you the key with little to no problems.
Any home purchase is a BIG deal! Make sure you hire a team of mortgage specialists, a Realtor, a good home inspector and a lawyer you feel comfortable with. They should make you feel confident in your purchase and assist you step by step until you have the keys! Hope this helps you and your family on your journey to buying the right home!