Home buying can be a challenging thing to do especially if you are new to the home buying process. Most first time home buyers end up buying a home that they aren’t satisfied with. This is usually because home buyers aren’t guided properly about the home buying process. Most first time home buyers make the mistake of rushing into buying a home without doing proper research and analysis.
Here is a guide to help you through the home buying process.
Buying a Home Fast Without Hassle
When buying a home, make sure you have all the research done. The most important thing to consider is your affordability. Here is a brief guide on buying a home fast.
How Much Can You Afford?
It is important for a home buyer to access their affordability. Knowing how much you can afford will help you narrow down your search options. Access your affordability by checking your credit report and access your expenses. A lot of first time home buyers buy a home that they cannot afford. This eventually leads them to financial problems. By accessing your affordability, it makes it easy for the real estate agent to help you find a home that matches your requirements.
Requirement Gathering Is Important
When buying a home, make sure you know what your requirements are. It is important for a home buyer to list down their requirements for a home. Home buyers end up buying a home they aren’t satisfied with because they don’t have a list of requirements. When listing down the things you want in a home, it is important to have them set in an order of priority. Home buyers need to know that no home is perfect, and they will need to make some compromise on the home.
Hire a Professional Real Estate Agent
When buying a home, consider hiring a professional realtor. Real estate agents are experienced and well networked. They can find a home for you fast without hassle. All you need to do is tell them the kind of home you want. Although, it is difficult to find a reliable real estate agent. Think of a real estate agent as sales person, they are paid on commission basis and not all of them would want to find you a home at an affordable rate. It’s important to interview multiple real estate agents to find one that is reliable. Note that a real estate agent is there to advice and not make decisions for you. Test the negotiation skills of the realtor and get an idea on the number of successful deals he or she has secured.
Get a Pre-Approved Loan
Getting a pre-approval can help you secure a home deal fast. When buying a home on mortgage, it gives you an upper hand over other buyers if you have a preapproval ready. This gives the seller a guarantee that they will receive a payment. When getting a mortgage, you should consider doing a lot of research. Research on various mortgage interest rates, you might find other schemes that give out home loans at a low mark up.
Save for Closing Costs
Closing costs can sum up to about 4-6% of the value of the home. Closing costs include the realtor’s fee and ownership verification and transfer. A real estate agent usually charges a commission of about 2%. While the paperwork and verification can cost up to about 4% of the price of the home. Hence when buying a home, make sure you have enough money to cover these costs.