You’ve done the research, you’ve browsed homes, and now you finally made the decision to purchase a home.
The home-buying experience can be challenging for home-buyers because of the detailed process and the involvement of so many outside parties. Do you know if you’re truly ready to purchase a home? Realtor.com shares 10 Steps to Home Ownership.
1. Decide what you want, and if you are ready. Whether you are a first-time home buyer or entering the marketplace as a repeat buyer, you need to ask why you want to buy.
2. Get a Realtor. Buying and selling real estate is a complex matter. In this maze of forms, financing, inspections, marketing, pricing and negotiating, it makes sense to work with professionals who know the community and much more. Those professionals are the local REALTORS® who serve your area.
3. Get Pre-approved for a Loan. Contact your local Bay Equity loan officer and pre-qualify for a loan today!
4.. Look at Homes. Millions of new and existing homes are sold each year. There’s no shortage of housing options, but with so many choices the challenge becomes finding the property which best meets your needs.
5. Choose a Home. There’s no doubt that choosing a home is a big decision and you want to do it right.
6. Get Funding. Often the cost of real estate financing is routinely greater than the original purchase price of a home (after including interest and closing costs). Because financing is so important, buyers should have as much information as possible regarding mortgage options and costs.
7. Make an Offer. This is where your Realtor comes in handy. While much attention is spent on offering prices, a proposal to buy includes both the price and terms. In some cases, terms can represent thousands of dollars in additional value for buyers — or additional costs. Terms are extremely important and should be carefully reviewed.
8. Get Insurance. The essential idea behind various forms of real estate insurance is to protect owners in the event of catastrophe. If something goes wrong, insurance can be the bargain of a lifetime.
9. Close the Loan. Closing is a brief process where all of the necessary paperwork needed to complete the transaction is signed. Closing is typically held in an office setting, sometimes with both buyer and seller at the same table, sometimes with each party completing their papers separately.
10. What’s Next? Move in, make your house your own, and enjoy your new purchase!
use your own, and enjoy your new purchase!