If you’re looking to buy a new home, there’s a whole lot to know. Everybody dreams of owning a house at one point in time. But possessing a house is no joke! It requires careful consideration and planning to make such a heavy investment. There are several things that need to be kept in mind before buying any property.
Having an experienced part-time real estate agent is an important factor that can make your home buying process very easy, as well as getting the perfect and ideal house for you. There are different types of properties you can buy which, in each case, you are responsible for making the mortgage payments and paying other bills. Below is a list of several housing types.
- Detached House
- Semi-detached House
The real estate market, most of the time, depending on your location, can be a competitive property market for buyers, as there might be quite a large number of buyers chasing few homes. But by getting the right realtor, this is not a difficult process if you’re extremely motivated to buy a home.
Get Pre-Qualified for a Mortgage
The first step to buying a house is finding out how much your bank is willing to lend you. You should be pre-approved for a mortgage before you start house hunting. A lot of buyers get prequalification letters which is quite distinct from being approved for a mortgage. While being pre-qualified for a mortgage only confirms your income & credit profile which determines the amount a bank may lend you, getting pre-approved means your credit has been examined by your lender and has determined what you can afford in terms of mortgage.
Choose a Part-Time Realtor
Your realtor will play a vital role in your home buying experience, most especially for first-time home buyers. Your part-time real estate agent will give you an inspection of different homes according to your criteria, help you through the whole home buying process, negotiate the best & possible price for your home and deliver your closing documentation.
Once you have been pre-qualified for a mortgage and have gotten a part-time real estate agent to work with, it is time you start taking a look at the houses you wish to buy and the listings. Your part-time real estate agent will send you custom listings that match your criteria.
Make the Offer and Meet Conditions
Your part-time real estate agent presents the offer to the seller. All the documents will comprise of the price of the home, conditions met, deposit made and date of closing. After making the offer, you are required to meet the conditions within the Agreement of purchase.
Close the Deal
You’re almost a homeowner! This is the day you legally get possession of the house. The paperwork is going to be completed, payments of the necessary things finalized, and then you are ready to move in to your new home.