Very few individuals will move into the position of purchasing a first home without fear and trembling. A house is one of the most expensive purchases made in the span of a lifetime. Purchasing a new home isn’t similar to purchasing shoes that are too tight. There is no return policy attached to the purchase of a new house. If the buyer decides he/she has made a mistake, they will have to live with it, at least until enough equity has accrued to place the home on the market, and receive a return on their money. That’s all the scary stuff. But, there are a number of steps you can take to ensure a good outcome. Obviously, hiring a professional, certified realtor is at the top of the list, but there is more.
- Affordability is key. Before darkening the door of your first open house stop and think about how much you can afford to pay down, and monthly on a new home. Make a list of your assets, what you owe, and know your credit rating. Go forward with this information in hand. You will need it to secure a loan.
- Seek pre-approval for a loan. This will give you a distinct advantage over buyers who may be looking at the same home, but haven’t been pre-approved. Sellers will be more apt to accept a bid from a prospective buyer who already has the money in hand.
- Begin your search for a new home. Your professional realtor will assist you in this process. She will streamline the procedure by finding and following leads that fit the description of your dream home. A good realtor will take the time to learn exactly what that dream is.
- You’ve made the final choice, and now it’s time to make an offer on what you hope will be your new home. Your realtor will act as your liaison. You’re almost home. Your real estate agent has your best interest at heart, and will ask that the home undergo an inspection. This is done prior to signing papers.
- Closing day has finally arrived and after the terms are explained and papers are signed, you will exit the broker’s office or the bank with the keys to your new house in your hands.