Are you ready to buy a home? When asked this question, people usually spend a couple of seconds thinking about the answer. What do you think, why?
Purchasing a property is never an easy task. It requires a lot of time, effort and patience. At the same time, it requires fast thinking, quick decision-making (but in a smart way) and moreover – it requires dedication, investments and a whole list of other necessities. Research shows that the majority of people find the process of purchasing a home exhausting and nerve-wracking for various reasons.
What are the most stressful aspects of purchasing a house or property of any kind? First of all is the fact that you can easily feel like you’re not in control of the very process because it’s such a complex process it’s consists of several steps and although you can estimate how long it will take, you can never be sure. It simply depends on so many things. People find this extremely frustrating since their home buying process can last anywhere between several weeks to even several years. A lengthy process like this is a big burden, especially for those who are renting and who decided that is finally time to invest in their future.
At the same time, the real estate market is constantly changing and you need to be up to date all the time if you don’t want to miss out on something and if you want to get the best deal possible. It’s easy to make a mistake during the process, especially if you’re on your own or in other words if you don’t have an experienced real estate professional by your side.
For example, letting your feelings decide for you, or overlooking certain flaws that properties has, not paying enough attention to your finances and your budget or forgetting to double check all the legal aspects of the very property. In this case, you may end up facing issues and problems that could cause you many headaches in the future. Isn’t this what we all wanna skip?
However, the more you know, the less helpless you will be. Although every individual needs to find the best strategy for themselves and although everyone has their own unique set of needs and requirements as well as preferences etc; there are still some general rules and information about the home buying process. Especially if you’re a first time homebuyer, you’ll find this very confusing and you’ll surely have some troubles determining what’s the first thing you need to do (and what are the other steps after this one).
This is why we’ve created a list of things you need to pay attention to if you want to understand the home buying process from start to finish. That will help you reach your goals in a faster and more efficient way, while reducing stress and desperation that usually occur. Let’s dive into it:
Research, Research, Research
If you want to find the house of your dreams, you first need to know what you’re looking for. This means doing a small research beforehand finding out what’s available on the market, what’s the price range of the houses you’re interested, what are the neighborhoods that you’d like to live in, what’s the size and the type of the property you like to purchase etc.
Having a clear understanding in a good vision of your dream house is extremely helpful and makes the process easier and faster. That being said, you can either use online resources or you can use all the resources that you can find: this includes newspapers and other traditional resources you can use for this matter, just to get a sense of current trends and your own goals and wishes.
Do Calculations
The second thing you should be doing is doing calculations and going through your finances. Although you might know what’s your budget, you should be specific about things and make sure that you know exactly what you can or can’t afford, and what financial tools you can use.
This means creating the best financial solution which can include elements such as mortgage, an estimated down payment amount, borrowing money and a lot of other options you can combine in order to create the most convenient outcome. That being said, you should also make sure to consult a professional, whether it’s a bank or a broker, who can help you understand what expenses you can expect (including taxes) and what to opt for. You can do this by yourself, or you can hire a real estate agent who can do this for you, and help you out during the process. This takes us to the next step on the list:
Have A Professional By Your Side
No one says you can’t buy a house on your own. However, research shows that people have more success with a real estate professional by their side. Real estate agents are experienced in every aspect of buying and selling a property, and they can help you you find the house of your dreams, in a short period of time. Check out West Virginia Real Estate & Homes For Sale for some great deals.
On the other hand, if you decide to do it all alone,vyou can expect a lot more weight on your shoulders. Also keep in mind that the other party (or in this case, the seller) will most likely have a real estate agent as well, so you might wanna be equal in the process: have someone who’s got your back and who can fight for your best interests. Click here to read more.
Make A Bid
This is one of the most trickiest parts of the process, especially if you are alone. You need to make an offer quickly and make sure that your offer is accepted before the seller accepted someone else’s offer. In this art of negotiation, having an experienced agent is also very helpful.
Don’t get carried away and don’t offer what you can’t afford. Staying calm and not letting your emotions get in the way of your logic is crucial. The home will get in escrow and you’ll make your deposit until the property goes through checks.
Legal Work And Home Inspections
If the seller accepts your offer, this means that there’s a lot of paperwork to be done! This is where your agent can help as well. While you’re determining what’s the best mortgage product (or other type of loan) you can use, schedule home inspections, even if you think that the home is perfect and that there’s nothing to be double checked. If everything is fine, make sure to visit a notary to sign the contract and close the sale. Include the notary fees in your expenses as well.
Finally, have a drink and start enjoying your new living space!
