For many people, buying a home is the biggest purchase they will ever make. Naturally, a decision that large can be stressful, especially if you don't understand the steps or feel prepared. I believe the home buying process should be fun and exciting. These 7 steps will help you become more familiar with the buying process and understand exactly what you need to do to start your journey to your dream home.
1. Know what you are looking for
The very first step is to define your search criteria. Make sure you answer questions like: What location do we want to live in? How many beds and baths do we need? How many garage spaces would we like? What size yard? What is our budget? What age or style of home do we want?
Having the answers to all of these questions and understanding what criteria make up your dream home will make your home search much more clear. You won't waste time looking for houses that clearly don't fit your criteria because you will know exactly what you are looking for.
2. Find a real estate professional to represent you
Real estate professionals provide experience and expertise that you most likely don't have. They may know of houses or areas that you don't. Your realtor will be a valuable member of your team because they bring more resources to table and will negotiate on your behalf' they will make sure you get the best deal possible and don't get taken advantage of.
The best part is, it is completely free for you to hire a realtor to help walk you through the home buying process. Having someone to answer all your questions and provide guidance is sure to reduce your anxiety and stress levels, so why not hire a realtor?
3. Find a lender and get pre-qualified
It is essential to get pre-qualified before you can go see homes. Without a pre-qualification, you won’t be able to purchase a home, so make sure to take care of this step early. Knowing what you are pre-qualified for will also help you create a more clear search criteria because you will have a better idea of your budget.
If you don't know how to get pre-qualified don't worry! Your realtor will more than likely have a reputable lender to set you up with and can help walk you through the process!
4. Have your realtor set up a home search for you
Again, your realtor brings many resources to the table. One of those resources is access to the MLS (Multiple Listing Service). Your realtor can give you access to any homes on the market, which means they will likely be able to find more than you would be able to find on your own.
Have your realtor set you up with a home search matching your search criteria(bedrooms #, bathrooms #, price, area, etc). This search will help you help you avoid wasting time on homes that don't match your criteria when doing step 5, which is...
5. Go out and see some homes
The hardest part of the home search is going out to see the first home. As soon as you do, it becomes fun and exciting. You are done with the much less fun logistical tasks and number crunching (unless you find that sort of thing fun...) and now you get to picture what your life would look like inside of each of these homes. Take a moment and appreciate that at this step you’re right around the corner from home ownership!
6. Find a home you love, and have your realtor prepare an offer
You've found the perfect home. You can practically already smell the grill as you stand on the deck picturing the perfect summer night at this home. You can picture your family and friends gathered around the table in your formal dining room for a holiday meal. You walk into this house and you instantly get a warm, comfortable feeling: this is the home for you.
The next step to make all those visualizations a reality is to have your realtor put an offer in on the home. This step will set apart a good agent from a great agent. Allow your agent to negotiate on your behalf (this is what we are trained to do), and see if they can get you into the home of your dreams for $0 out of pocket. Regardless, your agent will work with you to find the best possible solution to get you into the home you want.
7. Congratulations, you’re under contract!
You and your realtor did it! Your offer was accepted and you are one step closer to locking down your dream home. The next step is to put your earnest money down (a $500 good faiths deposit) and let your realtor walk you through the rest!
With the right preparation and guidance buying a home can be a fun and enjoyable process. You will get to explore a variety of homes each with their own unique characteristics until you find the one that is perfect for you. I hope these 7 steps helped to mentally prepare you for the home buying process!
If you have any lingering questions about any of the 7 steps or any other questions related to real estate, please use the "Get In Touch" form on the right to leave me your question. I will respond as quickly as possible to make sure your questions are answered!
