Buying a house is the first step toward independence and this can be done from an early age, as you don’t have to grow old and with white hair until you can afford to buy one.
However, a house or any other real estate property is a big responsibility, but it’s also a wonderful thing because it will be your own house, and you won’t be living with your parents anymore or paying rent.
When you buy a real estate property, there are a few steps that you have to follow. You can’t go and buy the first one that you see, but you also have to be careful about some other things.
Here’s how you can buy the perfect house in just a few steps.
Know Your Budget
When you decide to buy a house, the first thing that you should do is check your budget and see where you can fit. Just a few people can afford to buy a house with cash money, so if you’re not one of them, you should be going to a bank or a financial institution that offers loans.
The credit will be given to you according to your income and your monthly expenses. If you have other credits going on, like a credit card or a credit for the car, it’s better to close them up first and then see how much you can take for buying a house.
Contact a Realtor
Once you know how much money you can take from the bank, it’s time to contact a realtor and ask him or her to show you a real estate property that you would like. It can be a house with two or three bedrooms, with a bigger or a smaller yard, downtown or farther away from the noise of the city.
The realtor will definitely have at least a few properties to show you; some will fit your budgets, while others won’t, but it’s important to see all of them and make an idea about what it’s available on the market.
Talk to a Lawyer
When you think about getting a house, it’s better if you could also talk to a lawyer about the whole process. The real estate law is has a wide and complicated legislation, and there are certain rules and regulations that you have to comply to. A lawyer knows the best practices that are to be applied when you want to buy a house.
Apart from this, the papers must all be legal, as you will take the contract and the ownership papers to the bank or the financial institution.
Ask for a House Inspection
This is a process that results in a written report from a house inspector. Before you decide to make an offer for the real estate property that you like, ask for a house inspection. This will tell you everything you need to know about the property – how big it is, what it’s made from, how many room it has, the types of materials used for building it and so on. If there are any improvements from the original plan, you will definitely know from that report.
Apart from this, you will also know if there is needed any repair – this will cost you more money apart from the price of the property, so if you find a house that needs extensive repairs, make sure you choose something else.
Sign the Papers
The last step of the process is to sign the papers. If your offer has been accepted by the seller, you will sign the selling contract and you will become the new owner of the house.
Now you can do some updates if you really want to, or you can just take all your belongings and move immediately.