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The Steps to Buying a House Everyone Should Take

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Blog by Mary Roy | August 18th, 2015

32915774_m.jpgBuying a home is a long and tedious process, and can frustrate even the most patient of home buyer. It’s important to remember that like many other significant purchases, that there are many steps and legalities that go into the finalized purchase of a home. If you’re buying a house on your own for the first time, it’s imperative that you know the true steps to buying a home. Instead of trying to maneuver the entire real estate industry on your own, consider these steps to buying a home, and which you aren’t current partaking in.

1. Hire a Real Estate Agent

Real estate agents are pivotal to successfully buying a house. Well educated and experienced home buyers may tell you that it’s possible to purchase a home on your own, but just because it’s possible does not mean it’s preferable or stress-free. Your real estate agent will send you properties that match your criteria, show you the homes you want to look at, help negotiate the cost, and walk you through the legal documents.

2. Budget

Once you’re approved for a mortgage, sit down and do a monthly budget of what you actually spend, vs what you actually make. Be honest with your budget, and even give yourself additional space for unforeseen expenses, like veterinary or mechanic bills. Just because a bank approves you for a certain mortgage amount doesn’t mean you can truly afford the payments, and you can easily go house poor by putting a roof over your head that’s far too expensive to keep.

3. Look at Multiple Homes

First time home buyers want to quickly jump on the first house they see, regardless of how well it matches your list of requirements in a property. Buying a home is not like renting a property, and it is very unlikely that you’ll miss the opportunity to put an offer on a property because you slept on it. Homes are a long term investment that come with long term responsibility. It’s important that you find a house that you’re confident in knowing you’ll be comfortable living in for years to come. Remember that neighborhoods change, and buying a property solely on its location popularity will not be beneficial.

4. Place an Offer

When you’ve found the property you want, make sure you don’t spend too long comparing it to others on the market. It will take more than a day or two for a property to disappear, but its not much longer. Draft up an offer with your real estate agent for the property, and make sure you get your name signed on the dotted line. Multiple offers on properties can come in on the same day, especially after open houses or group walk through.

5. Read the Paperwork

When you get a pile of paperwork placed in front of you, not reading it seems to be a natural reaction. But read the closing paperwork line by line, and know what you’re putting your name on. Your real estate agent and lawyer will help go through this with you, but make sure you’re fully aware of what you’re agreeing to do and pay for.

When you’re looking for a home, it’s important to remember all the steps of buying a home. Don’t attempt to find a home on your own, and don’t ignore the paperwork that you sign your name on. Buying a home is an exciting investment, but it is equally a lot of responsibility. For more information on the steps to buying a house, and to find a real estate agent that will keep your needs in mind, contact Mary Roy and Team. We’ll find you the property you’ve always been looking for, and walk you through the steps along the way.