The 10Step Guide To Buying A House

Dated: 09/29/2015

Views: 140

FirstTimeHomebuyers-wideBuying a house may be the most complicated financial process of your entire life. Luckily, we’ve broken it down into 10 straightforward steps:

1. Are you ready to become a homeowner?
Whether you’re becoming a homeowner for the first time or you’re a repeat buyer, buying a house is a financial and emotional decision that requires the experience and support of a team of reliable professionals.

2. Get a Realtor®
In the maze of forms, financing, inspections, marketing, pricing, and negotiating, it makes sense to work with professionals who know the community and much more. Those professionals are the local Realtors who serve your area.

3. Get a mortgage pre-approval
Most first-time buyers need to finance their home purchase, and a consultation with a mortgage lender is a crucial step in the process. Find out how much you can afford before you begin your home search.

4. Look at homes
A quick search on our site will bring up thousands of homes for sale.  Educating yourself on your local market and working with an experienced Realtor can help you narrow your priorities and make an informed decision about which home to choose.

5. Choose a home
While no one can know for sure what will happen to housing values, if you choose to buy a home that meets your needs and priorities, you’ll be happy living in it for years to come.

6. Get funding
The cost of financing your home purchase is usually greater than the price of the home itself (after interest, closing costs, and taxes are added). Get as much information as possible regarding your mortgage options and other costs.

7. Make an offer
While much attention is paid to the asking price of a home, a proposal to buy includes both the price and terms. In some cases, terms can represent thousands of dollars in additional value—or additional costs—for buyers.

8. Get insurance
No sensible car owner would drive without insurance, so it figures that no homeowner should be without insurance, either. Real estate insurance protects owners in the event of catastrophe. If something goes wrong, insurance can be the bargain of a lifetime.

9. Closing
Team
 The closing process, which in different parts of the country is also known as “settlement” or “escrow,” is increasingly computerized and automated. In practice, closings bring together a variety of parties who are part of the real estate transaction.

10. What’s next?
You’ve done it. You’ve looked at properties, made an offer, obtained financing, and gone to closing. The home is yours. Is there any more to the home-buying process? Whether you’re a first-time buyer or a repeat buyer, you’ll want to take several more steps.

Realtor.com Team

Want to Advertise on this Site?

Latest Blog Posts

10 Worst First Time Home Buyer Mistakes

ByAmy FontinelleAre you gearing up to buy your first place? Shopping for a home is exciting, exhausting and a little bit scary. In the end, your aim is to end up with a home you love at a

Read More

Things To Look For In Buying A Home

Buying a house is a bit like planning for your wedding day — there are months packed with excitement, stress, planning, and then, finally, the big payoff. I know because I have 2 exceedingly

Read More

11 Things You Need To Do To Prepare Your Home For Fall

by Jana RandallImage: Getty ImagesPrintIt's officially fall — use this handy checklist to make sure your house is ready for the seasonShareTweetPinWith cooler temperatures knocking, now is

Read More

Prepare Your Home For Fall And Winter

BY READER'S DIGEST EDITORS794SHARES© Comstock/ThinkstockWith summer a fading memory, now’s the time to ready your home for fall and winter’s cooler temps and unpredictable weather

Read More