House Buying Guide For Beginners

Here are some important tips to make the first-time homebuying process since it will be the biggest purchase of your life.

Image Source: https://artesiantitle.com/

Hire an Agent

Because I am an agent, I believe in hiring a buyer’s agent first. But you don’t have to if you prefer to go to open houses and look through a mumbo jumbo of homes online. Mostly, an agent will save you time.

An agent can send you listings directly from MLS that fit your parameters, and you won’t waste time looking at active short contingent listings that are under contract.
 Agents often know of new listings coming up that are not yet on the market.
 You can waste the agent’s gas and not your own when you tour homes.
 Some agents will preview homes for you.
 An agent can generally spot overpriced listings and advise you accordingly.

Source: https://www.thebalance.com/tips-for-buying-your-first-home-1798337

Making an offer

Through dangers untold and hardships unnumbered you’ve finally picked the house you want. Now you need to buy it.

Savings account for a house
If you want to boil it down to the basic steps, here’s what you need to do:

1. Ring up the estate agent.
2. Say you want the house.
3. Say the price you want to pay.
4. If they accept, you’re good to go!
5. If they tell you to jog on, repeat step 3 but with a different number.

Don’t be afraid to start with a lower offer — haggling is part of the fun. Just keep in mind how much you’ve agreed with your mortgage lender so you don’t overspend.

Through dangers untold and hardships unnumbered you’ve finally picked the house you want. Now you need to buy it.

If you want to boil it down to the basic steps, here’s what you need to do:

1. Ring up the estate agent.
2. Say you want the house.
3. Say the price you want to pay.
4. If they accept, you’re good to go!
5. If they tell you to jog on, repeat step 3 but with a different number.

Don’t be afraid to start with a lower offer — haggling is part of the fun. Just keep in mind how much you’ve agreed with your mortgage lender so you don’t overspend.

Source: https://www.confused.com/home-insurance/guides/buying-your-first-house/step-7-making-an-offer

Close or move on.

If you’re able to work out a deal with the seller, or better yet, if the inspection didn’t reveal any significant problems, you should be ready to close. Closing basically involves signing a ton of paperwork in a very short time period, while praying that nothing falls through at the last minute.

Things you’ll be dealing with and paying for in the final stages of your purchase may include having the home appraised (mortgage companies require this to protect their interest in the house), doing a title search to make sure that no one other than the seller has a claim to the property, obtaining private mortgage insurance or a piggyback loan if your down payment is less than 20%, and completing mortgage paperwork.

Source: https://www.investopedia.com/articles/mortgages-real-estate/08/first-time-homebuyer-guide.asp#ixzz5RP4NZnGQ

Make your property inspections count

If you are serious about a property for sale, you will need to organise a professional building inspection to check for structural defects, pest infestations, damp, asbestos and issues with the plumbing or wiring. But before you get to this stage, you will undertake your own property inspection. And while your emotional response to the home is important, you need to think carefully about its potential problems. There are key ways to spot a lemon, such as:

Search high and low for damp and mould. Look out for fresh patches of paint that could be hiding the problem and check skirting boards and ceilings.
 Look for structural issues like sagging ceilings, uneven door or window frames and buckling in walls.
 Test all the taps and see how long it takes for the hot water to come through, and check out the hot water heater.
 Ask yourself: is this an energy efficient home? We all know how costly bills can be.
 Don’t underestimate council rates and strata fees. Find out what these are before you proceed.

Source: https://www.domain.com.au/advice/5-house-buying-tips-need-know/