Home Buying Guide: Steps to Finding and Owning Your Dream Property

Published on June 15, 2023 – Last Updated on February 28, 2024

Buying your first home is an important life milestone that cannot be surpassed by any other purchase. But finding the perfect home is difficult by itself. When you try to make it yours on the first try, it only adds to the challenge.

With that being said, the task is still achievable. The following home-buying guide can help you understand how to find your dream property, put in a suitable offer, and build your life in your new home.

Put Together Your Budget

Before you launch your home-buying adventure, it is important that you take a look at your finances and see how much you can afford to spend on your housing. Similar to figuring out financial goals for every stage of life, this requires you to take a look at your savings, debt, and monthly expenses. From there, you can put away a sum for your down payment, moving costs, and potential renovation expenditure.

Check For Additional Financing

After you have a clearer picture of your funds, you can turn to lenders such as banks and credit unions to get a home loan. But before you apply for a mortgage, you need to bear in mind that their assessment process does a hard inquiry on your credit report that can impact your credit score. This is a little different from tenant screening reports that check your credit score without affecting it.

Start Looking At Properties

You can start looking for properties before you get your home loan approved by the bank. But when you have a mortgage pre-approval in hand, real estate agents and sellers take your offers more seriously. Besides traditional lenders, you can also use a mortgage app to complete this process before starting your home search online. You can pick a few listings that appeal to you the most.

It might be useful to delve into additional resources for more in-depth details on the home-buying process. For example, this eXp piece offers a comprehensive guide to buying a home, covering many topics, from preparing your finances to making an offer. It can serve as a helpful supplement to the information provided here, giving you a wider understanding of what you’re stepping into.

Talk to a Local Real Estate Agent

Before you can follow ways to fall asleep at your new home, you need to find the perfect abode. In addition to discovering home listings all by yourself, you should also reach out to local real estate agents to speed up the search process. Through a real estate agent, you can access listings that might not immediately pop out during your online search while also gaining the ability to discuss your smallest requirements with a professional.

Keep an Open Mind

Pandemic-related changes can improve your life in different ways, one of them being the motivation to buy your own home. While you may want your first home to be picture-perfect, you need to keep an open mind while looking at properties. For instance, if a home does not have the kind of color scheme that you want but fulfills your other needs, you shouldn’t let it go because of something that you can easily change after your purchase.

Get an Appraisal Before Your Offer

Similar to getting a mortgage pre-approval before starting your home search, you should get an appraisal before making an offer. This allows you to discover any underlying issues in the home that need your attention while also strengthening your choice to buy it. This allows you to adjust your offer according to objective findings. You can find a home appraiser through a local service app or via your real estate agent.

Be Ready to Make Changes

Once you finalize your home purchase, it is time to remind yourself that your work is far from over. Depending upon the findings in your home inspection as well as your personal preferences, you may need to make a few changes around the home. Whether you want to hire online decorators or do it all by yourself, you should set a timeline for completing the project so you can start your life in your new home without further delays.

By following these practices, you can own your home without running into unnecessary hurdles. But if you face any issues, you can talk to a reliable real estate agent who can guide you.