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Guide for first time Home buyers – I want to buy a house where do I begin

Buyers

If you have decided to buy a house, let’s learn about real estate so you can make sound decisions. Buying a house is a good investment but only when you feel and you are really ready to do it. Below is a simple summary of how you can purchase a house.

When we talk about life the chapters are almost the same:

  • Getting good grades to get admission in a good university
  • Get a college degree with flying colors
  • Get a good salaried job
  • Get married
  • Eventually, plan and have kids
  • Have your own house

Life moves in the same flow and eventually, family and friends force you to have your own house despite its biggest decision you will ever make.

I want to buy a house where do I begin

If you have decided to buy a house, let’s learn about real estate so you can make sound decisions. Buying a house is a good investment but only when you feel and you are really ready to do it. Below is a simple summary of how you can purchase a house.

Follow the steps to buy a house from start to end –

  • Check your credit score and report
  • Finalize a budget for your House
  • Get Mortgage pre-approved
  • Find a real estate agent
  • Visit houses
  • Talk to a realtor about the offer
  • Have appraisals and inspection done on the house
  • Get Insurance
  • Read the documents and make a deal

Step 1: Check your credit score and report

Maximum people go for loan and you need to know your credit score and report to understand what budget you can think to invest for your house. I want to buy a house where do I begin – here is your first step. Understand what credit score and report is.

Credit Score - Credit Report are two different terminologies. Let’s talk about each.

Credit report – it contains all your credit history such as loan taken, Accounts opened and Loan payment history.

Credit Score – It’s a figure amount – that says whether it’s safe to have you as a customer or not. Your strong credit score makes lender to trust you and weak will lead to few more years of house rent.

Two buyers with different credit score will have different Interest rate and hence the price of the same house varies because of your credit score.

  • A: Credit Score – 650-700 – Average rate
  • B: Credit Score – 750-850 – 1/4th reduction in interest rate

Step 2: Finalize a budget for your House

When you have a thought of If I want to buy a house you need to determine budget, but how? Basic thumb rule when looking for the home price = two to three times your annual income. Such an approach will give a mortgage that one can afford. Clear all your debt so you have the only mortgage to pay in terms of monthly or what plan you prefer to select. Don’t fall in love with a house that you can’t afford or above your budget. Therefore its recommended first finalize the budget and then visit the realtor and visit the house.

Step 3: Get Mortgage pre-approved

Isn’t it fun to get a Mortgage and get pre-approval even before finalizing the house? Answer is NO, not at all. When you say ‘I want to buy a house what do I do’ after checking your Credit you need to know Mortgage and shop mortgage before deciding your house will be beneficial and let’s discuss how –

You can get an idea what budget you can look in for your house. Sometimes it happens you will love a house that is not in your budget and you will start to find a solution to cover Mortgage you can’t get. So finding Mortgage at first and then visiting house will be the best move.

Also knowing about down-payment you can afford and how much mortgage you need to pay can be calculated and you can get a general idea what amount you need to save without affecting your daily life.

Step 4: Find a real estate agent

First, provide the requirement and select the area where you wish to purchase your house. Being single is not an issue but when it comes to family you need to check shopping area, School, park and little things while selecting the location. Finding a good Real estate agent is most important – talk to three to four Realtor in your area and discuss the rate of the area as it varies from area to area.  Good realtor helps to negotiate and get a fair price for a property and also give idea about neighbors, surrounding and nearby places.

Step 5: Visit houses

Decide first what all featured you need to must have and fair to have. Make points like - Number of rooms, location, parking area, traffic around, security, etc. House is something which is LIFE long decision for a maximum of people so take your time and see as many houses you wish to see and then after comparison select as per your need.

When you visit houses, make a note, take pictures or make a video so you can know all the features and check to see again while comparing the different houses. Do check the nearby houses maintenance, parking availability for friends and family, etc.

Step 6: Talk to a realtor about the offer

Here comes the point – ‘so I want to buy a house’ and you have decided the house you loved and what is in your budget, let’s ahead discuss with the realtor and make the offer.

It’s important you do negotiation, don’t be too low that deal goes to another buyer. See how much boundary you can go up to and finalize what the rate of other property is nearby and see is it worth and then finalize the deal.

Step 7: Have appraisals and inspection done on the house

Inspect the house before signing the agreement – check everything the electric connection, plumbing, doors, etc. Provide all documents to realtor what he asks for and sign lots and lots of documents to make your House your loving Home. Get your home insured at the same time and Call your friends and family to have a party..!! Get ready to live in your dream home. Best Wishes..!!

Tabs

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SellAnyHome.com is the region's first and largest home buying sertnce. We offer a FREE and instant online home valuation. a FREE home on-site 100-point evaluation followed by a offer. It's that simple/ With sellanyhome.com sellers can get an offer in no time!




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