Purchasing your first home: step by step guide

Posted on 16. Dec, 2017 by in Agents Realtors

It can be scary to purchase your first home. Especially, when you don’t know what to do or what to consider. There are so many things that you should think about, before you can even start looking for a home, that many people are making the same type of mistakes. They don’t follow these steps, and they don’t make sure that they know as much as possible about house purchasing before they start looking for their home. These are the step by step guide to follow:

Make sure that you can afford the home

The first step is that you should look at your financial statements and make sure that purchasing a home is something that you really can afford. Purchasing a home isn’t cheap and you are going to repay the loan for a long time. Making your calculations and preparing for the large payments is essential before purchasing a home.

Hiring the best realtor that you can find

Now that you know that you can afford to purchase a home, you can hire a realtor that will assist with the purchase. Realtors have the experience to assist new home buyers through the process and help them to find the best possible property. However, you need to make sure that you are using the best realtor available, and not just the first and best one you can find.

Getting an approved mortgage loan

While you are searching for your home, you can start applying for an approved mortgage loan. Having one approved before you are even finding a home, is going to speed up the process and making sure that you know your budget for purchasing the home. This is a step that many don’t consider, and they end up with a home that they want to have, but can’t get the approved loan.

Having a down payment ready

This isn’t necessary to have a down payment on the home ready, but if you have a large amount of money as a down payment you will have a much better chance of getting a home loan approved. There isn’t a specific amount of money that you need to have for a down payment, but the larger the amount, the better your chances of getting an approved mortgage loan.

Purchasing the home that you can afford

It is so easy to fall in love with a home that you can’t afford. This ends up badly, because you might purchase the home knowing that you can’t afford the home, or you are going to struggle to find another home, that aren’t as spectacular as the home you have fallen for. Don’t look at houses that you can’t afford.

With this step by step guide, you will be able to find the best home for you, and you will know for sure that you are going to be able to repay the home each and every month. There are many people that are purchasing homes, but that can’t afford the repayments. Then, they are losing the home and the money that they have spent already.