Buying a house for the first time is a dream for most people. The feeling of finally settling down and starting a new life is often followed by buying the right home. For buying the perfect home, there is plenty of work that needs to be done. You may browse online or hire a real estate agent to search for your perfect home.
Here is a checklist from Argan Design that will help you choose your perfect home. So keep reading on to get all the details.
First Of All, Do Your Financial Check Up
An average home in the USA costs around 0.3 million dollars, and with such a heavy investment, most people need to apply for a mortgage (which is another word for a home loan). Before you even apply for a home loan, your prospective financier will do all types of background checks and verification on you. They will go through the process to ensure that you will be capable of repaying the entire mortgage in the given period.
An average home loan lasts up to 20-30 years and that is why financial institutes go through the hefty process of scrutinizing you. It can be very disheartening when you select a home and then apply for a home loan only to discover that you don’t qualify for the amount. That is why most financial advisors suggest their clients do a thorough check of their finances before they go house hunting. Knowing your finances and spending capacity well allows you to search for the right home within your budget. It thus helps in saving time as well in the future.
Assign a Budget for Your Entire House Project
Once you know your finances well, you can then proceed toward the next step, which is budgeting. Buying a house is not limited to buying just a house. There are many steps to it. You will need to do some repair work in case you buy an old property, and then you will have to furnish your home. Whether you buy a new home or an old one, furnishing is an important step.
Depending upon your finances, you can assign a budget for each task, such as a specific amount for buying the house, a budget for repair work or upgrades, and then the most important part, furnishing your house. At Argan Design, we can help you pick the right furniture for your house and make it look outstanding, well within your budget.
Find a Real Estate Agent
Hiring a real estate agent can be very helpful, especially if this is the first home you are buying. In most cases, the seller pays for the fees of realtors or agents for both parties, so financially it doesn’t increase your burden.
A good real estate agent knows how things work and can help you at every step of your home purchase. An agent can give vital market information; pull comparable sales to help you understand if a home is worth the asking price and has been lying unsold for a while; assist you in preparing your offer and counteroffers, and work through any sticking points that may arise. If you’re new to the region, he or she may also recommend available properties in the finest areas or school districts. The agent may even have access to homes that haven’t yet been posted publicly.
Before making a decision, speak with several agents and seek advice from friends or reliable web sources. The appropriate agent might be the difference between a pleasant search and purchase experience and an unpleasant one.
Compile All the Documents That You Will Need
People usually get frustrated by the amount of paperwork and documentation they have to go through for simple and little things. But all this paperwork comes in handy when you apply for a mortgage. Your income proof, your spending habits, your savings, and other assets are all considered when you apply for a home loan. Thus, having documentary proof of each and everything is vital for you when you buy a new house.
That is why all the necessary documents should be compiled into one folder, and that folder should be kept handy at all times during your entire home purchasing phase. And remember, always give the documents the financier asks for, never give additional documents, and even during the process of negotiating, keep everything on paper, don’t rely on oral words.
Consider Hiring a Lawyer (Only If it’s Mandatory)
Some states in the USA require that an attorney represent you during your home buying process, but this step isn’t mandatory in all states. Your real estate agent can guide you on whether you need to hire an attorney or not. If your transaction is simple, you will probably be alright without the added expenditure of engaging an attorney. The majority of transactions and closings are done using standardized documentation, and professional real estate brokers are skilled at ensuring that these move smoothly.
However, if your state needs it, if you’re not comfortable committing to such a large purchase without an attorney, or if there are any complex issues with the transaction, such as tax liens, short sales, or unanticipated title problems, you should hire a qualified real estate lawyer. Interview a few candidates and then hire an experienced lawyer. With a house purchase being a major investment, you should not go for the cheapest available lawyer. The attorney you hire must be well experienced and must have all the knowledge related to different aspects of title and property issues.
Make an Offer and Negotiate
Various aspects are involved in buying the right property; negotiating is one of them. Depending upon the market scenario and the demand and supply ratio, you can negotiate the price of the house you are about to purchase. If you feel pressured that you are not good at negotiating, then don’t worry because this is a very common practice in most parts of the country. A good real estate agent always helps his clients with negotiating prices and gets the best offer on board without any additional expenses.
These are the few steps that will prove to be very helpful to you in buying your new property. For any further assistance, you can always contact Argan Design. We will be happy to assist you in every aspect of home furnishing and decorating.
