Having a house of our own is pretty much everyone’s dream. But are you worried thinking about the process of buying a house? Let me tell you, we are here to make things easier and your thoughts disappear. Here are a few crucial steps that will help you as a first time home buyer take this one of the most important decisions of life. So how long is the process of buying a house? Unlike other processes, this one doesn’t have a complicated process.
Step 1: Make an estimation
It is one of the most important steps, and thus while taking this, you need to be very careful. You could invest 3-4 weeks into researching what type of house fits in your budget, and when you find the type of house that you think is the one, you can follow up the rest process given below. Having a budget will not only help you keep the peace of mind but also make sure that you don’t spend more than what is required. As in most cases, people spend a lot more than they are capable of and end up in trouble later in their life, due to high debt.
It is advisable to buy a house that it doesn’t value more than five times your salary or income if you plan on making 20% down payment and have negligible or a moderate amount of loan that will be cleared in a span of two to three years.
Step 2: Get in touch with the right real estate agent
Real estate agents are gems when you have to either buy or sell a house. Gems because, they will tell you the right information regarding the neighborhood, facilities and much more. They are known for their negotiating skills, and those skills are boon to people buying budget homes. And guess the best part, in most cases, you don’t have to pay the agent, the seller has to pay the agent. So why take risks or increase your workload, when the real estate agent can do it all for free? All of this would take nearly a month when you hire a real estate agent, but if you don’t, then it could take even a year or two.
Step 3: Buy your dream home and seize the deal
Once you find the real estate agent, it won’t be long that you would have already started seeing various houses. Here there is a tiny problem; you will see a lot of houses, and thus will get confused. Thus, it is better to take a picture or make a list of pros and cons to help you better. You can check a few of these important details in the houses you visit:
- Check if the main door is strong enough and opens and closes with ease.
- Check for proper ventilation and that there is enough sunlight in the house.
- Try and check if the electrical switches work properly and check the taps too.
- Interact with the people living in the locality and find how the neighborhood is, are the daily needs accessible easily, etc.
- Check if the locality is well protected.
Take as much time as you want to find the right house and then once you decide to talk to your real estate agent, negotiate the price a little. When you feel the deal is perfect for you, seize the deal. Still thinking how long is the process of buying a house? Well, you are just three steps away.
Step 4: Get a loan
Buying your dream house can sometimes need you to get a loan from the bank. Different banks across the country offer various types of loan programs, with varying loan interest rates and the quality of customer service. But for the fact, let me tell you getting a home loan aren’t that easy as it sounds. You are going to be asked a lot of questions; I would suggest you should have a little preparation so that your loan doesn’t get rejected.
While getting a loan, you can keep the monthly pays as low as possible, or you can keep an amount so that your monthly pays do not increase. Those who are buying another house in a few years can keep a reasonable higher amount, so that loan gets off fast.
Step 5: Inspection is necessary
So now that you know which house your potential house could be, you must go ahead with inspecting the house. While inspecting you can look out for any damages that could be present in the windows or doors, or anything that needs to be fixed. If required you can even get a helping hand from your real estate agent. It will help you save money as if found after you have moved in, will need you to pay for fixing the damage.
Once that you are done, you can give the list of damaged things to the seller via the real estate agent. After fixing is made, you can have a walk around your house to check if all the fixings are done properly. It will make sure that your potential house is ready to move in.
Step 6: Finish the paperwork
Once both you and the house seller have agreed upon the price of the house, then you can proceed with the paperwork. The buyer will make all the arrangements, and he will take care that you are the owner of the house by all means.
Step 7: Move in.
And once you are done with the above steps, you can close the sale. Once all the paperwork and the cheque pass, you are ready to move into your dream house.
So, hope we satisfied you to answer on “how long is the process of buying a house?” lasts.
It doesn’t take more than a year or so if you find the right real estate agent. So, go and find the right one today to buy your dream house!