There is nothing more fulfilling than making your dream home come true. Once you find the right property, you can start a family and create a life you envision for yourself. However, looking for and buying a house is never easy. You must take a few crucial steps to make your home-buying journey go as smoothly as possible.
Fret not, as we’ve rounded up some practical tips for your real estate journey. That said, here are eight steps to take when buying a property.
1. Start with a home vision in mind
In your real estate journey, everything starts with a home vision in mind. Chances are, you’ve been getting some home inspirations from Pinterest. Apart from checking for prospective properties online, you’ve been getting some recommendations from neighbors, friends, and colleagues. If you’ve done enough homework, sit down and think of what property to purchase. Be very specific with your house design details; however, be flexible.
2. Look for a real estate agent
Once you’ve decided on a particular property, you can go ahead and look for a realtor. A real estate agent is paramount in your home-buying journey. These licensed professionals know the ins and outs of the real estate industry. They have extensive knowledge, appropriate skills, and a high level of expertise in real estate. Not only will they help you find the right property, but they will also help you save time, money, and effort in your real estate journey.
3. Get a mortgage pre-approval
Before kicking off your house search, it’s a good idea to seek property funding from a mortgage lender. Start by shopping around for prospects and get pre-qualified for a mortgage. Know that a pre-approval is the process of getting approved for a home loan based on factors such as income, assets, credit standing, and employment. The good news is that the UK mortgage approvals have increased the highest in 13 years, even in the midst of a global pandemic. Hence, it’s a good idea to take the plunge.
4. Begin your house search
At this juncture, you can start to look for potential properties. Apart from getting some recommendations from your realtor, you can do your homework yourself. Either search online for active property listings or get some referrals from neighbors and friends. Once you have a few worthy prospects, visit the properties or attend open houses. From there, compare these potential homes, factor in your approved loan amount, and choose a property best suited for you, your personal preference, and your circumstances.
5. Decide and make an offer
Once decided on a property, you can now make an offer—it’s time to work with the home seller! For the most part, your real estate agent and that of the home seller will be negotiating with each other. Keep in mind that with a mortgage preapproval in place, you’ll have a greater chance of ensuring that the seller will accept your offer. If you’re fortunate enough, you can proceed with the next step.
6. Have a home inspection
Know that a home inspection will protect you. For the uninitiated, it is a thorough examination of the property’s overall condition. The property inspection includes everything, from roofing to plumbing down to the electrical system. The inspector will also cover issues such as mold infestation, structures requiring repairs or replacements, and a lot more. The home inspection report will help you decide if you’d like to continue with the home purchase.
7. Complete your paperwork
If there’s no problem with the property, you can now settle on the negotiation and complete your mortgage paperwork. First, simply put your money down, and if the seller accepts the offer, it becomes a contract. Second, inform your mortgage company about this contract and the closing date as well. From there, submit all your mortgage requirements, and once approved, your lender will step in to fund your property.
8. Close the deal
At this point, you’ve arrived at the most crucial stage of your real estate journey—closing. This is just a matter of sitting down at the final table, completing the final paperwork, and settling all finances. You’ll be signing many documents, including the title of the property that gets transferred into your name. Once both parties have signed the documents, you are now officially a house owner!
At this point, you now know what it takes to look for and buy a property. Be sure to follow the crucial steps outlined above for your home-buying journey. Most importantly, work with the expert by hiring a real estate agent. Ultimately, all these key steps will help you realize your property goals and make your dream home come true.