What To Do When Buying Your First Home

For years you have been scrimping and saving, preparing for that day when you could purchase your first house

. Now, that day has arrived. However, now that it is here, it becomes evident that the process of home buying can be a little overwhelming for a first time buyer. Oh Noes! first of all, don't panic and rush out and put a down payment on the first house you see. Whenever confronted with these life decisions, you want to have ice running through your veins and your next moves as calculated as possible.

Get your credit sorted out. One of the best ways to facilitate this entire process is to ensure that any potential financial issues are ironed out first. Sure, you've got all that money ready for your down payment, but what's to do going forward? You want to have financing ready even before you start the process of house hunting, and this could make that part of the game much easier. This will allow you to make sure you have enough credit for a mortgage pre-approval, so you really would be better off arranging your financing beforehand.

Go for pre-approval. Pre-approval for a mortgage can be the key to eliminating any worries or qualms you may have and would give you a firm idea of how much you can afford when shopping for a house. One additional advantage of pre-approval would be the general notion among home sellers and real estate agents that as a customer, you are not here to play games - you want to buy that first home and see it as something not to be trifled with.

Be fastidious when shopping. This will likely be one of the more difficult steps. While buying a home shares a lot of affinity with looking for property to rent, there is a greater amount of emotions and sentiments at stake, not to mention stress. In your moments of trepidation, family and friends who own a home would be a good resource to turn to, or you can also ask your realtor for advice on the matter. Be honest and consider your needs and requirements in your home. What are your requirements in terms of rooms, location, amenities and other such aspects? You would want to write them down so you can create your own checklist.

Undergo home inspection. After finding the home that you can see yourself purchasing, have the home inspected. This is a huge step that must be observed. Most purchase contracts include a proviso stating that the home must pass muster first with home inspectors. In case you missed it the first time - THIS STEP IS NOT TO BE SKIPPED, NOT IN YOUR LIFE IT WON'T! There could one of many things wrong with the home you have chosen that the owner may not even know about. Inspections encompass not only the plumbing and electrical systems, but other areas of the home, such as the roof and the infrastructure will also be covered. Anything that is amiss can be utilized as a bargaining point in the sale of the home, or if severe enough; can simply be reason to walk away from that particular home.

Closing. Of course, if nothing awry has happened with regard to the above steps, the fifth and final stage would be the closing. But since the deal has been closed, then everything here on in would be a formality. Congratulations! You are now officially a homeowner!

by: Harold Perryman

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