A Step-by-Step Guide to Buying a Home
Buying a house is an investment of a lifetime. Hence, it's crucial that you make an informed decision. Here's a step-by-step guide to help you with the process of buying your new home.
Step 1: Do Your Research
Familiarize yourself with the real estate industry and the process of buying a house in the area you are interested in. The most common sources of information available to home buyers are
- The Internet
- Libraries & Bookstores
- Real Estate Agents
Step 2: Consult With Your Agent
It's extremely important that you have a one-on-one chat with your real estate agent and communicate exactly what it is that you are looking for in your new home. This will help the agent understand your requirements and show properties accordingly.
Step 3: Consider Your Financing Options
It is always best to first take a good look at your current financial standing and determine the most suitable financing option available to you. Three main sources of financing for home buyers are
- Traditional Bank Loans
- Mortgage Brokers
- Other Finance Lenders
Step 4: Start Searching
With all the basics sorted, you can now start looking at properties. Ask your real estate agent to notify you whenever a new property, enters the market. You can then go and take a look at the house and see if it suits you.
Step 5: Write An Offer
When you find a house you like, put in your bid. Pay attention to the following aspects while writing your offer
- Property Research
- Terms & Conditions
- The Deposit Amount
- The Final Selling Price
- Offer Presentation & Acceptance Procedure
Step 6: Fulfill the Conditions
If your bid is accepted, you must satisfy your conditions, such as performing property inspection, providing all the necessary personal and property information to lenders, etc. Once the information has been verified, a decision is made and the conditions are removed to confirm the sale.
Step 7: Prepare for Possession
While possession generally takes a month or two, it may happen sooner. Get following things in order as quickly as possible to avoid last minute hassles.
- Hire a lawyer to handle the transaction.
- Keep the down payment ready and easily obtainable.
- Make arrangements with the movers.
- Get the insurance part sorted.
- Change the residential address for your utilities.
- Get your mailing address changed for all your subscriptions, bills, bank statements, etc.
Step 8: Take Possession
Meet your agent, at least half an hour prior to the handover time and take a walk through the house. Ensure that everything is as agreed upon in the contract. Check for damage to property or any other appliances before the keys change hands.
Step 9: Be Ready For Follow-Up
You will have certain doubts or questions even after the transaction is complete and you have taken possession of the house. Jot down these questions and ask them when your real estate agent makes the follow-up call to ensure if everything is fine.