A house is not only accommodation but a place of love, happiness, care. One of the most desired wishes of many people is to one day buy and own a house. Buying a house is never easy as there are several things to consider and then take the right decision. The first time homebuyers feel the most stress and difficulty as they are not familiar with the complete home buying process. Traditionally, buying a house was quite complicated, but today technological advancements have improved the process and made it easy.
The wishful homebuyers can not only get information about a wide range of houses on the internet but also book services of an experienced real estate agent or realtor. Previously homebuyers had to physically go to countless houses before selecting the right house, but today through internet they can focus their search and get complete virtual tours of the house instead of physically visiting the house. A person also has the option of either employ services of a real estate company or a freelance realtor. The real estate agent companies charge more fees for helping you to buy a house and usually do not offer any he rebate while the freelance tries to help you in best possible way and also offer certain amount as home rebate to increase their value, so more homebuyers acquire their services.
Home rebate is an amount that a homebuyer gets at closing while buying a house. Home rebate is also known as commission rebate and a fraction of the amount that is given as commission by the house seller to the agents involved in the sale of the house. The home rebate is one of the best ways of saving a good amount of money that can be used while making down payment, paying the closing costs, paying the moving costs, and buying new things for the house. Like every other field of life, now houses have also got modern touches and features that enhance its comfort, practicality, and luxury. Today, a person has the option of buying a fully lavished and extravagant house which was seldom few decades ago. He steps you should take while thinking to buy a house are
- Know your requirements and research on your own
You should know whether you want a house for yourself or a complete family. The house for a family is big and require careful planning. You should check online listings, newspapers, and magazines for potential house for sale. You should see the prices of the house and how long they will be on the market.
- Determine your financial situation
Buying a house is all about having a considerable amount of money. You should, therefore, check your financial position which includes your credit score, debt to income ratio, and monthly income. Your financial situation plays a huge part in acceptance of your loan application as many banks and private lenders have stringent rules and do not give loans on low or bad credit score, a high debt ratio, and moderate income.
- Employ services of an experienced realtor
The second most important step for you is to hire a realtor who can help you find the ideal house you are looking for. The realtors are usually seeking a certain amount of commission for their services, so you need to interview several realtors and also take help from a referral network before selecting a realtor. You also need to see if a particular realtor agrees to pay you a feasible home rebate when you purchase a house
- Visit houses and make an offer
The realtor will first ask you about your needs, requirements, amount of money you are willing to spend. The realtor will also ask you the size of the house and the neighborhood where you want to buy a house. The realtors are familiar with the buying process and have contacts that can help a person buy a house in a particular developed and luxurious neighborhood. The realtor will accompany you to potential houses, and you can make an offer if a house interest you
- Ask the realtor to negotiate on the purchase price
The house seller will look for a profitable deal, and you would look for getting the house at an affordable price, this is where the realtor will play is part in negotiating between you and the house seller. The realtor will try to find a middle ground where both and homebuyer agrees.
- Get mortgage approved by a lender
The next step after finalizing the house is getting the loan application approved. There are a few options when it comes to home loans. You need to have a good credit score and high monthly income to be eligible to qualify for mortgage loans offered by banks and private lenders. If you have moderate income and fail to qualify for mortgage loans due to low credit score then you can seek financial assistance from government backed home loans. You have the right to choose the loan plan considering your credit score, monthly income, and how you manage the household expenses.
- Get home inspection
Once you have selected the house, got the mortgage on the house, then the next step is to arrange an inspection of the house which can determine the structural integrity of the house and find any damages that need proper repair. Both you and the house seller will get the inspection report, and it can give you a chance to ask the seller to fix the problems of the house before the closing of the sale. You also can get the home appraised and know whether you are paying a fair price of the house or not.
- Sign the paperwork and close the sale
The realtor will take of all the necessary property documents and legal paperwork involved in buying a house. At the closing date, you will sign the paperwork, including the loan documents. It takes few days for the loan to be funded and once the check is delivered to the house seller, you are ready to move in to the house.
Michelle Palmer writes for an online magazine for various topics and provides valuable information to the readers. She recently covered luxurious neighborhood for living which included MacDonald Highlands which is a series of expensive houses in Henderson, Nevada.