ArticlesREAL ESTATE ADVICE

HOME BUYING PROCESS

Imagine you become tired of paying rent and you have decided to buy a house but you have doubts.It is much better to come into the home buying process fortified with as much information as possible.The reality is purchasing a house requires a lot of time and effort, but the steps below will help guide you through the home buying process.

Research

You can begin your research by going through websites, newspapers, flyers, notice boards and magazines that have real estate listings. Get a note and put down any specific homes you are interested in and see how long they stay on the market.I will recommend you to start with a reputable real estate agency 

Budget

I will recommend that you should only look for homes that cost not more than three to five times your annual household income(after tax) so you don’t run into debt in the nearest future.

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Employ a real estate agent

Real estate agents are important partners when you’re buying a home because they can provide you with useful information on homes and neighbourhoods that isn’t easily accessible to the public. Their knowledge of the home buying process, negotiating skills, and familiarity with the area you want to live in can be extremely valuable as they are experts in properties.

Inspect the House of interest

Start inspecting homes in your budget range. It might be helpful to take notes on all the homes you visit because you will see a lot of houses and may forget. Ensure to check out the little details like:

Test the plumbing by running the shower and flushing the toilet just to verify the facilities are working

Try the electrical system by turning switches on and off to see if they are in good working condition

Open and close the windows and doors to see if they work properly

Is it conveniently located near places of interest to you: schools, work, shopping centres, restaurants, parks, and public transportation?

Take as much time as you need to find the right home you want. Then work with your real estate agent to negotiate a fair offer based on the value of other homes in the same neighbourhood of the house you are interested in.

Negotiation

During offer negotiation,  try to share personal information about your family to give the seller a reason to care about you especially if there are other offers, you will want to put your best foot forward and have your offer in the mind of the seller on a personal level. Contrary to popular opinion, home sales are sometimes emotional and personal.

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Contract

As you can imagine, there is a lot of paperwork involved in buying a house. I will recommend you let your lawyer and agent assist you with the contract. Ensure, you allow Lawyer and agents review the contract just to avoid misunderstanding about the offer to buy the property.At this stage, you and the seller are committed to the sale.

Close the Deal

At closing, you will sign all of the paperwork required to complete the purchase and once the money is delivered to the seller, you are ready to move into your new home!

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