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Step by Step Process of Purchasing a Home

August 23rd, 2009

buying-house-step-by-step.jpgPurchasing a home can be one of the most difficult decisions that anyone will ever have to make in life. With that being said, it is important to do your homework before jumping blindly into a purchase that you will live to regret. Here are a few factors that should be considered before making that all important decision on buying a house.

Prequalification:

While it is important to have a good idea about where you would like your next residence to be, it is even more important to know how much money you qualify to borrow for that home. After all, there is no point in falling in love with a house only to realize that the monthly payments will exceed your budget. Before doing anything else, you should meet with your realtor and have them run your credit report so you can determine what kind of house you will be able to afford.

Assess Current Living Situation:

Once you determine just what kind of house you will be able to purchase from a price standpoint, it is time to decide on a couple of different things. First of all, take some inventory on your current living space. If you are single, then you are probably safe with purchasing a home with no more than two bedrooms and a single bathroom. However, if you have a large family household, then buying a bigger home would probably be the best option.

Another factor to consider is time. Interested home buyers should probably begin looking for their homes at least six months before they want to move because finding the perfect home does not happen overnight. Time is also a major factor depending on what your current living situation may be. If you are renting, then it will be a little easier to move from an apartment to a house as long as you give the landlord thirty days notice prior to your move out date. If you currently own your home, then you have to be able to make sure you can find your new home and sell your current home within the same time period because if you move into your new home without having found a buyer for your current residence, you will be responsible for the mortgage payments on both properties.

Location:

One of the biggest factors in determining where you want to live is location. The first consideration should be the appearance and condition of the other houses in the neighborhood. Are the residents keeping up the houses well? Location also comes into play when trying to figure out the distance between your new home and your job and whether or not public transportation is easily accessible from where you will be living. Another consideration pertaining to location is the distance between your house and the nearest grocery stores, convenience stores, schools, parks, and other places of interest that you might want to visit on a regular basis.

House Features:

Once you determine where you would like to live and that it is affordable, it is now time to determine what to look for inside as well as outside. First of all, in looking through the house, look for any stains or tears in the carpet as it may need to be replaced. When you walk through the kitchen, be sure that the floor plan design flows in a way that is to your liking. Also, make sure that you know what appliances will be included and which ones you may have to purchase (washer, dryer, refrigerator, etc). Also, pay close attention to the dining area to see if you will have sufficient space for entertaining guests.

Next, it’s time to check out the bedrooms to see if they will be large enough to hold all of your items. Look at the closet space as well to make sure that the space is large enough for your wardrobe. Also, if you or other family members like to work from home, it would be important to make sure there is enough space where an office can be set up. Don’t forget to inspect the bathrooms also to make sure that the decor is to your preference.

After going through all the rooms on the inside it’s now time to view the outside. The best way to assess the backyard is to ask yourself the following questions: 1) Does it provide the level of privacy that you desire? 2) Is the area large enough for children or pets to play in? 3) Is the area set up to allow for the entertainment of guests?

Making An Offer:

If you have arrived at the conclusion that you have found your dream house, it is now time to consider making an offer on the property. Before doing so however, you may want to see how flexible the sellers may be regarding their asking price. Also, find out how long the property has been on the market for and the values of similar homes within the area. If you are the only suitor, you may want to think about offering a couple of thousand lower than the asking price depending on your budget. Be careful that the offer is not too low as they may not only reject your offer but also decide not to do business with you altogether. On the flip side of the coin, if there are other parties involved, you may want to consider making an offer around the asking price and possibly exceeding it slightly if you’re really interested. If the offer is accepted and the house passes inspection, you are now ready to move into your new home.

As stated in the opening stanza, purchasing a home can be an arduous process and one that you should not take lightly. While the above information may not cover all of the things to consider in your house hunting, they are definitely factors that should be considered before moving into your next home.


Constant Content user “JT3″ has produced 12 articles and 3 sales.


One Response to “Step by Step Process of Purchasing a Home”

  1. comment number 1 by: Ireland5

    Would also suggest you check to make sure the house has copper rather than aluminum wiring if you are looking at older homes.

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