Did you know that first-time buyers account for more than 38% of all home buyers? That’s a figure that has dropped considerably over the last couple of decades.
Buying your first home can be both exciting and daunting. It may seem like there are lots of hoops that you need to jump through when taking your first steps to home buying.
So, what do you need on your real estate checklist when you’re a first-time buyer?
In this article, we’ll look at the home buying process
Your Real Estate Checklist
If you’re a first-time buyer, the buying process will be completely new to you. Here is a home buying checklist in brief.
- Determine your budget
- Get pre-approved for a mortgage
- Find a real estate agent
- Visit houses
- Put in an offer
- Get an inspection
- Get an appraisal
- Close the sale
Let’s take a look at how to buy a home in more depth.
Determine Your Budget and Get Pre-approved for a Mortgage
Before you can even start looking for a home, you’ll need to determine your budget. It makes no sense to start house hunting until you’ve got an idea of what you can afford.
The best way of doing this is by speaking to a mortgage company and getting pre-approved for a home loan.
The lender will review your income and your credit score. They will then agree on a set amount of money that you can borrow. Once you have an in-principle mortgage agreement, you can start to find your perfect home.
Find a Real Estate Agent
Once you know how much you can spend, start speaking to real estate agents. Give them your budget and any requirements that you have from your home. Your real estate agent will then give you some suggestions for homes that suit your needs.
Visit Houses and Put In an Offer
Your real estate agent will then take you on tours of the homes that suit your needs. It can often be helpful if you take a tape measure with you when you view a home so you can see whether your furniture will fit.
It can be easy to become emotionally attached to a property that you view. If you’re 100% sure you like a property, put in an offer on it.
If you know you want to buy a home, submit an offer as soon as you can. It may get sold if you wait.
Get an Inspection and Appraisal
Getting your potential new home appraised and inspected is vital. The appraisal will confirm the property’s value for your lender, and the inspection will let you know whether there are any concerns about the structure or integrity of the property.
Once you’ve had these carried out, you may want to renegotiate your offer if the surveys flag up any issues.
Close the Sale
Once you’ve ticked off every box on your real estate checklist and the deal is going ahead, it’s time to close the deal. That means signing the papers and exchanging funds.
For more help understanding how to buy a home, speak to our team of experts today.