Buying a house does not have to be difficult and painful process. With the right planning and the right attitude the process can go quite smoothly. It can be difficult deciding whether or not to purchase property. It is a huge expense and being emotionally prepared to make such a big purchase is critical. Buying a house is not something that should be done on a whim. When you are finally ready to buy, the entire process can seem daunting and intimidating, so it helps to know what to expect.
The first step is to find a realtor that you like and trust. This is someone with whom you will be spending a fair amount of time. The realtor will have the all the connections you need to get started. They will most likely first advice you to get a prequalification. The realtor will know brokers who can help with this, but if you have a good relationship with your bank, they can also work with you on getting the letter. Be very honest with their questions. You don’t want to get over head and buy a house that you can’t afford. You are basically looking at spending 25-30% of your post-tax income on your mortgage. Any other debt you have will also be factored into how much home you are qualified to purchase.
Once you know how much you can spend, then you can start looking at property. The more you know about where you want to live the better. If you want a three bedroom home that is within twenty miles of your job, in a home no more than ten years old, and with no known pedophiles in the area, be sure to tell your realtor. They have search engines that can limit the search so that you are not wasting your time looking at properties that aren’t for you. Know your timelines as well. If you need to move in right away, be sure to look for something that is turn-key and not a short-sale.
When you have found the property that you want, don’t be afraid to haggle the price a little bit; unless the home was listed firm. You will also want to hire a home inspector with your own money. Don’t trust the seller’s inspector. Your dream house could actually be your nightmare house. And, even if you have made an offer and set up your earnest money, and faults that the inspector found will most likely put an end to the offer on the table.
They key to making home buying easy find a good balance between what you want and what you can afford. Be realistic and pragmatic and try to not fall in love with any one property. Be patient and vigilant and you will eventually find a place that you can call home.