Preparations for a Home Investment
It is equally important that you take time to prepare for every aspect in the process of acquiring your first home knowing that this kind of investment will be one of the biggest financial steps that you will ever make in your life and one important decision that you have ever made.
Determine first if you are ready to buy a home by weighing down your financial preparedness in this big project of yours through this steps: find out first why you think it is time to buy a home, such that if the reason is a valid one, the next step is to know the expenses which you will be incurring when you own a home, rather than just renting one, such as cost for repairs, utility costs, house taxes, insurance and, finally, check on your financial status, like check on your savings, emergency fund, whether you still have debts to pay, know your credit score status, so you can apply for a mortgage loan.
Make inquiry for a house loan
It is essential that you take time to do research for a house loan and try to get in touch with a mortgage broker who can help you recommend on lending institutions or your local bank to suggest the process of a house loan or a credit union to know your credit score status; in this manner, you are able to know first if you can qualify for a house loan, how much loan can you secure, which include the terms of payment that you have to be pay monthly, so that all these will help you to determine the price range of the house that you can afford to buy.
Find a competent real estate realtor
When you have determined the amount of loan that you can secure to buy a home, your next step is to look for a competent realtor, who can offer you house options based on your specifications and can help you through the entire process of looking for the right home, including the procedures in owning a home; therefore, inquire from friends, search online for local realtors, come up with a listing and call them up, until you can conclude on a realtor who you are comfortable with.
Hire a home inspector
When you have narrowed down your choice for the kind of home that you like in your realtor’s list of options, hire a home inspector to conduct proper appraisal of your chosen home, so he can check on any existing problems, such as presence of pests, molds, kinds of repairs to do, foundation problems so that when you are provided with the appraisal report, you can negotiate for a lower price to the home owner.
To protect the buyer, seller, and the lender, an escrow procedure is requested and in this process, the escrow holder makes it a point to ascertain that all documents, money and other pertinent information are all handed over before closing the house deal, therefore, take time and wait until the escrow procedure is done.