Step by Step Guide to Buying your First House

Published - April 11th 2016 3 minute read.

If you are looking to feel more confident and secure about purchase your first house this step by step guide takes you through the complete process and shows you that you are only eleven steps away from owning your first home.

Step 1. Get your Finances in Order

Your credit assessment will show you how you've been able to cope with your finances. You should know precisely what your credit report says about your financial history prior to you applying for a loan, because the report is going to play a vital role in the loan approval procedure and in defining the interest rate and other terms that a moneylender will offer you.

If you have not checked your credit reports, you may be amazed at their contents, because most times there could be errors.

Step 2. Familiarize yourself with the Mortgage Industry

You need to get the right moneylender and loan because it is crucial to your success in purchasing a home. It is up to you to decide which moneylender best suit your needs, and it is always a good idea to do some research about the loan procedure prior to talking to a moneylender. Bear in mind that because of the total volume of deals that we have done, we can get our customers better rates than their own banks. Contact an agent for a number today — it may save you hundreds of dollars yearly.

Step 3. Get yourself Pre-Approved for a Loan

Do you know the kind of house you can manage to pay for? Maybe not, unless you have spoken with a moneylender.

Pre-approval assists you in so many other ways. Ponder on this. A home merchant gets two related offers. One is escorted by a note from the customer's bank stating that they pre-approved for a loan in the sum of the offer. The other client has no supportive document. Which of the two offers do you think the vendor will reflect on first!

Step 4. Determine your Needs and Wants

Let's say you are looking to buy in an area like Collingwood — it does not matter if you are short on funds, the truth is that the procedure is going to go a lot smoother if you are acquainted with the Collingwood real estate market thus narrowing down your needs and wants before you begin to look at houses for sale in that area.

Step 5. Learn to Work with your Real Estate Agent

The job of a real estate agent is to represent sellers, buyers or both — and in most cases they can act as unbiased facilitators for whichever party. It is vital to comprehend agent loyalties and duties before you contact them.

Step 6. Start looking at Homes For Sale

Your real estate agent will provide listings for sale by email so you can study all the homes presently available. You can even strategize afternoon drives to check out the neighbourhoods and listings. These are excellent ways to see all that is available.

Step 7. Handle Pre-Offer Tasks

In deciding to buy or not to buy a house comprises looking at its features and structure, but there are so many other topics that are important to your purchase. Get a home inspector, lawyer etc. and ensure that they are ready when you require them.

Step 8. Make an Offer

This is easy to understand. If you have a REALTOR® that is working for you. They will negotiate and write up the offer, protecting your interests and ensuring that you get a great deal. That is if you have a BUYER'S Agent!

Step 9. Other Tests and Home Inspections

Home Assessments occur after an offer has been finalized. Chat with your real estate agent to see if extra type of testing are imperative for the particular area you are buying in.

Step 10. Correcting and Avoiding Last Minute Difficulties

As your final date approaches, be alert so that you will know straightaway if there is a problem that should be dealt with and taken care of.

Step 11. You are on the Way to Concluding your first real estate deal

Contact your attorney, who will transfer possession of the property to you. Get the keys and move in.

Conclusion

Never hesitate to ask your REALTOR® questions. Asking the right questions is necessary to help you during the entire home buying process.

Remember, you are about to make a long term commitment and we are here to help you stay informed and understand what is happening every step of the way.

For more information on the home buying process for first time buyers or to get started contacting on of our agents today.

Have questions about buying real estate and don't know where to begin? Connect with the best real estate agents to guide you.

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