Buy a House – Step by Step

If you are considering buying a home for the first time, the process can seem overwhelming, there are many things to consider. Knowing what to expect can make the whole process a little smoother and allow you to protect yourself every step of the way.

Are you ready

Before proceeding with the process, you should take the time to determine if you are financially ready to purchase a home. Do you have a consistent source of income, one that is likely to remain constant or increase in the future? Is this income high enough to ensure that you will be able to pay all of your bills, including a mortgage, every month? Do you have a good or at least fair credit score? If the answer to any of these questions is no, you may want to wait before taking the next step.

find a mortgage

The next step is to find out exactly what size mortgage you qualify for and which lender will offer you the best terms and interest rates. You want to make sure you have all this clear before you start looking for a house so you know what price range to look in.

find a home

Once you know how much money you’ll have to spend on your new home, go find it. Be sure to keep in mind that you will likely be living in this house for quite some time, so make sure it meets your present and future needs. Familiarize yourself with the areas you are looking for to ensure that you will feel comfortable there.

You have found the house of your dreams, now what?

If you have found the home that you are sure is right for you, the next thing you have to do is make an offer. This is as easy as it sounds. Simply contact the seller, or your real estate agent will do it for you, and tell them how much you’re willing to pay for your home. Remember that most sales prices are just a starting point, and in many cases it is possible to get the house for much less, especially if the house has been on the market for a while.

They have accepted your offer. Is it time to move?

Although you are getting closer, you have not yet reached the end. Before signing any document, you will need to inspect the house. This protects you from any hidden issues. You should also use this time to find homeowners insurance. You can often add the cost of this to your mortgage payments.

Now you can sign the papers and move in!

Once all those steps are complete, you can finally sign the papers and get the keys to your new home. The long ordeal is over and now you can relax in the comfort of your own home.