The Down and Dirty Home Buyers Guide

If you are looking to buy a new home for the first time, then you must be having a lot of questions on how to go about the entire process. It is a good idea to do some research or consult an expert before you take the plunge. From choosing the right location and neighborhood to finding an affordable mortgage, there are important decisions to be taken. Don’t get overwhelmed, take a step-by-step approach and you can soon be the proud owner of a home.

If your credit score is weak, you will not be offered a good interest rate when you apply for a loan; it is best to wait and build up your score before you take any action. Get your credit report first to find out your current score. Once that is sorted, it’s time to figure out the sources from which you want to gather the required capital.

You can choose a middleman such as a mortgage broker who can get you in contact with suitable lenders or commercial banks. Besides, you’ll also need to decide on how much down payment you can make. If you can afford to make a substantial down payment, then your month on month mortgage liability will be lesser.

You must hire an experienced real estate agent and remember that most agents work for a commission, and not a regular salary. Make sure your agent clearly understands your requirement and ensure that he keeps giving you information on a regular basis. You must also prioritize features that you are looking for depending on your family size and other factors. Don’t get swayed away by beautiful pictures e-mailed to you by your agent – stick to your specifications and involve every member of your family in the process.

Once you zero in on the perfect home, the negotiations with the seller will begin. Try to connect with them and make a realistic offer. Sit with your agent and write the offer and double check it for discrepancies. Also keep in mind that there can be counter-offers submitted by your seller.

Get a home inspection done by an inspector. This is done to ensure that the house is in good shape, that is, the foundation is strong, plumbing and electrical circuiting is efficient, ventilation is adequate and drainage system is good.

If your offer is accepted, then you can close the deal within a month or two. After you have cleared all hurdles and finally own a home, don’t forget to buy a home insurance to protect your house.

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