Buying a house is stressful. Sometimes, it is just scary. We probably don’t need to tell you why. Usually, you cannot afford the luxury of traveling around open houses for hours. You cannot go see the surroundings at midnight. And you most likely have no idea how much hellish daily trip actually is. But with the right people on your team (and a bit of luck) you can make a purchase without regrets.
Buying a house – step by step
Buying a house is a huge step for you and your family, so you better make sure you are absolutely prepared for this action. Consider it as one of the most important purchases you will ever make, so think twice before making the final decision.
Once it was very difficult to buy a new house in the US, due to the very expensive and repressive mortgage loan terms and conditions, and most people were actually renters. Later there were some changes in the US legislation, which encouraged a lot of people to buy their own houses.
There are ten important steps to buying a house:
1. Set the budget
First of all, establish your budget. Otherwise, you may get disappointed when you realize that you cannot actually afford a spacious and cozy house you’ve been fascinated with for a long time. Determine your average monthly income and expenditure and what you will have left after paying mortgage, taxes, insurance, bills and other everyday household expenses. If possible, make some slight lifestyle changes in order to save money.
Moving and purchasing a house on a budget requires some compromises from your end. Not having doubts about your needs and wishes could make the procedure much easier. So, make a checklist of your requirements and expectations. Furthermore, when choosing a house take into consideration proximity to some important institutions and relevant areas, possible storage units Brooklyn, commute, schooling, neighborhood,…So, make a list of priorities and act accordingly. Take notes about every house you have visited because sometimes details can be crucial for your final decision. And when it comes to getting the finances, there are some things you need to know:
- If you are looking into mortgage options, depending on your personal situation, you can choose between a fixed-rate mortgage and an adjustable-rate mortgage. There are also different loan programs for a house purchase, so gather a few offers from different banks and choose the best deal for you.
- Being a first-time homebuyer has its perks, so banks or governmental organizations may offer special terms for buying a house like lower interest rate loans or low down payment solutions.
- Landers are usually performing strict checks when you are requesting a mortgage, whether you are able to make the payments in case of a changed personal situation or in case of rising interest rates.
2. Do your research
You should always do a lot of research before buying a home, no matter how far it is. Of course, you will have an agent to help you find the right home. But do not count on it too much. Be your own lawyer, launch Google and see what you can find out. And devote as much time as possible to research. The sooner you start with this process, the less stress you will have.
3. Find a real estate agent
Due to the lack of experience, first-time homebuyers should consult with professionals when buying a house. There are a lot of free seminars where you can learn plenty of helpful tips for purchasing a house and arranging it afterward.
A real estate agent is your connection to the industry of home purchasing, and it is absolutely recommended to have one by your side when choosing a house. A good real estate agent will understand your needs and demands and provide you with a quality solution and advice. A friend or relative who has had a similar experience recently can provide you with some references. This could be a tricky situation if you are moving to a totally new city without any acquaintances. In that case, moving companies Long Island can offer some names, according to the area and type of property you need.
Negotiation is inevitable while discussing the offer with a property seller. Think about the reasonable offer for the house you have chosen and about the highest amount you can offer given the area in which it is located and the general condition of the house.
Signing a contract means that the negotiation is coming to an end and that it is just a matter of moments when you will finally get the keys to your new home. Due to a huge excitement, you may not be able to concentrate to the terms of the contract, and bear in mind that it is also your right to request a copy of any legal document before the closing date. It is not unusual to hire a legal representative during the signing process in order to get further clarification of the case.
4. Be picky when choosing an agent
When you leave, you need to rely on your agent to be your eyes and ears. Therefore, it is imperative to find someone you trust in order to have your interests at heart. The relationship between the buyer and the realtor is the most important thing. You should know that your agent is listening, that he understands your specific needs. That’s why you need to pick the perfect realtor.
To find the right agent: start with personal referrals and then check out everyone you are considering. Contact CRS (Certified Resident Specialist) or CRP (Certified Relocation Professional). These designations indicate that someone has completed an additional level of training. You can use the real estate website to learn more about how long these agents have been doing this, about their sales, the areas in which they specialize, and customer reviews.
5. Consider a relocation specialist for buying a house
If you cannot find an agent with the CRP designation, you can consult your interstate relocation specialists. Relocation specialists are not only for large companies. A specialist can help you in almost all aspects of your move (with the exception of real negotiations on the purchase of your home). They can connect you with the right agent to start your home search, or connect you with reputable NYC movers, a trusted title company, or an expert in your local school system.
6. Be careful with scammers
Unfortunately, buying a home gives scammers the opportunity to trick you. You must be sure that the person is real, that the house is real. It’s so easy to fake something on the Internet.
One common scam worth paying attention to: a fraudster will create an ad for a house that is not really for sale. He will then post the stolen photos and set a price that is too good to be true. After the fraudster contacts you, a fake “betting war” occurs. When you invest serious money to protect your offer, the scammer takes off with your money. Avoid these situations by working with a trusted agent.
7. Ask “stupid” questions
If something is confusing, feel free to ask questions, even if they seem silly. Regardless of whether you bought and sold real estate earlier, the process is likely to be completely different.
For example, a deposit can vary from a few hundred dollars to 10% of the purchase price of a house. Some states conduct inspections before entering into a contract, and some after. Some closings occur a few weeks after the conclusion of the contract, and some a few months later. If something seems suspicious, this may be the standard process, or you may discover a potential problem with your purchase.
8. Get a second opinion if you can
Ideally, you can take a short trip to your new city and personally see the most promising houses. If not? Your agent can always use the video app and take you on a tour. But there is much that you cannot feel from video apps. Smells, sounds, and this complex, but important, intuitive feeling that can best be described as “vibrations”. If you have friends or relatives in the area, ask them to come and see the finalists on your list.
9. Try to be there for inspection.
It goes without saying that you have to inspect every corner of the house carefully in order to avoid any unpleasant surprise after signing a contract. If you can only travel for inspection or closure, you should choose an inspection. The photos in the audit report are excellent. But if you can be there in person, you can really understand the problems. In addition, most inspectors are happy to teach new homeowners the regular maintenance and home improvement they need to do. And show them the little things that will not affect this sale, but must be fixed. Also, they can teach you what you do not know about your home.
10. It is not so important to attend the closing
So, you cannot be there personally to sign a bunch of documents. Nothing special – in our time, remote closure is becoming more common. One tip: work with a title company that has a national network, so you can be sure that it works both in your current state and in your new state.
When you have the keys in your hand and buying a house is completed, the most interesting part begins: moving. With us, you can get the best specialists for this task. Once the moving day is set, hire a professional moving company to ensure safe transport of your belongings and you are one step closer to the end of one of the most important missions of your life.