18 Feb 5 key steps to buying a home
I’d like to provide you with what I believe will be very helpful for anyone planning on purchasing a home. Here is a Step by Step guide to homebuying.
Step 1: Is Homeownership right for you?
Take a moment to think through the advantages and disadvanatages of both owning and renting. Spend the time to educate yourself about the process of home buying and the responsibilities of homeownership.
Step 2: Are you financially ready?
Before you begin shopping for a home, know how much you can afford to spend. Start by working with a capable Mortgage Broker. This process is called a “Pre-approval”. A Broker will be able to tell you how much you can afford and the maximum price of a home that you should be considering.
Step 3: Which home is right for you?
Once you have a good understanding of your finances, think about the type of home you would like to buy, and the location. Consider your current and future housing needs and what is important to you. You will want to assemble your team of professionals (Mortgage Broker, Realtor and Financial Advisor) who will assist with the buying process, answer your questions and provide you with reliable information.
Step 4: The buying process
Begin the search for a home by seeking the help of a realtor, searching online, reviewing newspaper ads or real estate magazines and/or spreading your intentions through word-of-mouth. After you find a home you wish to buy, you will need to submit an Offer to Purchase. A realtor can guide you through the negotiation process. Then, finalize your mortgage, prepare for closing day and arrange to move.
Step 5: Now that you’re a homeowner
As a responsible homeowner, ensure that you make mortgage, property tax and insurance payments on time, while setting aside an emergency fund for unexpected expenses. Prepare a monthly budget and account for maintenance and renovations, which are a narmal part of owenrship.
If you have any more questions for me in regard to this write-up, please feel free to reach out.