We congratulate you on your decision to buy a home. It’s such a huge deal and most exciting news, but you need to bear in mind that there are few challenges you need to conquer before being actually able to call one place your new nest. Here is a home buying guide divided into the most important steps you need to follow.
Step 1: Do the research
Open up newspapers, themed magazines and web sites like oglasi.rs where you can find current real estate offers. Pay attention to asking prices and how long the properties you find to be interesting stay in the market. Then make a list of all homes you believe are suitable to your needs.
Step 2: Determine your limitations
Based on your own financial situation, you have to make a plan and establish the limitations you will be able to reach. The real estate experts suggest you find a house or apartments that cost only three to five times more than your annual income if you plan on having an affordable amount of dept and a 20 percent down payment.
Step 3: Get preapproved for credit
The easiest way to get preapproved for credit is to get prequalified for a mortgage. In order to do that, you will have to provide your banker with your financial information like your income report, your investments, and your savings. That way, you will find out how much money you can get, which will limit your search and help you move forward.
Step 4: Find the real estate agent
Real estate agents are in a position to offer you information about specific homes and neighbourhoods that are not on public disposal. Also, they will be very useful when it comes to negotiating terms of the purchase and buying process.
Step 5: Find the right home and make an offer
When choosing a home, you should pay attention to things like plumbing and water pressure, electrical system, wall construction, and the quality of doors and windows. Also, see what the neighbourhood looks like, is there enough parking space, are their schools and market places nearby, how other homes look like, etc. When you find the right place, let your real estate agent make an offer you find to be adequate.
Step 6: Bring home inspection
Home inspection agents will check if there are some structural damages in the property, and they will estimate how much money you will have to invest in fixing procedures. That information can help you maybe renegotiate the price of the home or to withdraw the offer without legal consequences.
Step 7: Select your loan
There is a wide range of loan programs you can choose from, and lenders have a different reputation regarding customer service. You need to pick wisely while consulting with a professional. Some of you will want to have the lowest possible monthly payments, while others will want to make sure their regular payments will never increase.
Step 8: Close the deal
This step includes a lot of paperwork. You will probably have to wait for a couple of days for your loan to get approved and funded, after which you can sign all of the documents and start packing your bags. Congratulations, you did it!