10 simple steps to buying your first home

For many, buying their first home seems more than far-fetched. But, it should not be like that, especially today, when buying a home can be done easily. Nowadays, there are many lenders that offer different kinds of loans that you can pay off each month. And, more or less, it will be the same amount of money you would spend on your monthly rent. So, if you want to fulfill the American dream, and buy your own home, you are in the right place. Keep on reading to find out about the 10 simple steps to buying your first home.

1. Start Your Research Ahead of Time

As soon as you decide that the time for buying your own first home has come, you need to explore your options. You can do that by checking different real estate listings on different websites or in the newspaper. Check out different neighborhoods, the asking prices of the homes and how long they stay on the market. You can also discuss all of these housing trends with your real estate agent too.

2. Determine What You Can Afford

Well, yes, buying a home comes with a hefty price tag! This is why you need to think about your budget first. Most lenders claim that you should buy a home that is three to four times your annual income. Anything more than that can be a struggle. So, based on your and your family's income and financial situation, decide on how much you can afford for buying a home.

3. Get Pre-Approved for the Mortgage

One of the best ways to actually know how much money you can work with is to consult your mortgage agent or a banker. You just need to provide certain information such as your income and your savings. Based on these, your mortgage agent will tell you how big of a loan you can get, and you will know the exact price range of the homes you should look at.

4. Find a Real Estate Agent

The best way to buy your new home is with the help of a real estate agent. In most cases, their help is crucial in both selling and buying a home. So, if you, for example, plan on moving out of Ohio for good, find a proper real estate agent first. Real estate agents will know how to work with your budget and get you the best possible home on the market that will suit your needs. They will show you the best houses in your preferred neighborhoods and negotiate the price once you pick your future home.

5. Go House Shopping

The next step is to go exploring different houses in your preferred neighborhood and in your price range. Bear in mind that you will probably see a lot of houses, so it would be a good idea to take pictures or videos of each house and take notes as well. Moreover, while viewing different houses, besides trying to imagine your life there, make sure to also check every little detail of the house. Buying a home is a big decision; do not hesitate to take all the time you need when evaluating the home and the neighborhood.

6. Make an Offer

Once you find your dream home that suits both your needs and your budget, you should make an offer. Do not wait long as houses tend to sell quickly. Just talk to the owner, the real estate agent and lender, and make an offer. Be sure that an offer does not only include the amount of money you are willing to pay for the house, but also terms. These terms can actually cost a lot. So, make sure to discuss them with your real estate agent and the owner as well.

7. Ask For a Home Inspection

After your offer is accepted, you will need to get your future home inspected. Ask your real estate agent to help you arrange this home inspection. Yes, this costs extra, but it is necessary if you want to make sure that the house does not have any damages or anything major that needs to be fixed. If by any chance there is something wrong, you can withdraw your offer without being affected by any penalty. Moreover, you can also renegotiate your offer with the seller by asking him or her to fix something before closing the sale.

8. Have the Home Appraised

Another thing that must be done before closing the sale is having your future home appraised by the experienced appraiser. An appraiser is actually a third party who works neither for you nor for the lender. He or she will give you an independent estimate, that is the proper price of the home you are planning to buy.

9. Prepare All the Paperwork

One thing is for sure, buying a home involves a lot of paperwork. And that is not something that you can prepare and acquire overnight. That is why you must deal with all the paperwork in time. Your real estate agent can help you with this step and tell you exactly what you need to prepare. Then, in the end, all you have to do is coordinate all the paperwork with the seller and hopefully, sign them.

10. Find a Moving Company and Move In

Congratulations! Now you are a homeowner. The only thing left to do is to hire movers and relocate. Make sure to prepare for this step ahead of time too. You can actually save money when hiring movers if you do it on time. And with all the costs of buying a house, you will want to save money somewhere. So, after you have had all your belongings relocated and finally settled in, we will help you throw a house warming party.