It is a fear that most of us have. No, it’s not a creepy-crawly running up your arm or a trip to the dentist but something much more permanent−buying a house. The thought of home ownership, especially for first-time buyers can be daunting; spending more money than you’ve ever spent before and treading into unfamiliar territory can be anxiety inducing. However, the buying a home can be an enjoyable experience if you know what to expect.
Whether you’re a first time buyer or a multi-home owner, it is important to familiarize yourself with the process of buying a house and have a solid plan. Consider these 9-steps to home ownership before house hunting and to prevent buyer’s remorse.
If you don’t have a set budget in mind, you may be putting yourself at risk of eating beans to make your monthly mortgage payments. Be realistic about what you can afford so you can stick to looking at houses that meet your price range. Things to consider are:
• Your Income,
• Credit Rating,
• Current Monthly Expenses
• Down Payment and Interest Rate.
Remember, your monthly expenses play a big factor here. Be honest with yourself− this is key to avoiding a poor purchasing decision and long-term misery. How much do you spend on eating out on a monthly basis? What about clothes? These variable expenses should be anything that you simply can’t do without.
Figuring out Finances.
Before taking the leap into home ownership, your financial house should be in order.
• Down payment: You’ve worked hard to save up for a healthy down payment on your mortgage, but is it enough? Most mortgage brokers ask for a minimum of 20% down payment, but if you don’t have enough, you may not have to wave your dreams of home ownership good bye. Do your research. Find the right broker and rate that is the best decision for you.
• Credit Score: In order for your bank to deem you a responsible borrower, they’re going to want to take a look at your credit history. It’s a good idea to take a peek at your credit score to ensure an error-free report and avoid nasty surprises. Make sure to correct any mistakes with the credit bureaus.
Gather Those Documents!
This is a step that most wish they had been better prepared for. Things to collect:
• Pay stubs
• Bank account statements
• W-2s, tax returns for the last two years
• Existing loans and credit line statements
Get Pre-Qualified or Pre-Approved
This is another area where thorough research comes in handy. Consider your local bank or credit union as lenders. Talk to us at Doyle Properties, we can offer a guiding hand when making such touch decisions.
Start Your Search (this is the fun part).
Find a trusted agent with the right experience to help you find homes that fit your individual criteria. Look at homes that meet your budget and don’t be afraid to compare houses, features, locations and prices. Have a look at our wide-ranging properties that feature something for everyone.
Make An Offer!
You’ve found the right home and are prepared to buy. Now, it’s time to make an offer. Your trusted agent will work on your behalf to submit your offer and get you the best deal possible. Remember to look over all the terms and conditions of an offer and don’t be shy, negotiate!
This is a must before you sign along the dotted line. You should always be aware of any damage, updating and dangers before you buy a house. Have a professional inspection done in order to avoid expensive repairs in the future…and have a peace of mind!
It’s Closing Time!
Once you’ve double-checked and confirmed your financing, prepare for any closing costs and all things related such as a property insurance policy. Ask your agent for all the facts and figures and make sure you understand your contract before signing− leave no stone unturned. Once you’re satisfied with your contract, your agent will schedule a closing day where you will sign all purchasing documents.
There you have it! At the palm of your hand lay the keys to your new home. Make sure you go for one last walkthrough to ensure all is in place and there are no outstanding issues−if things check-out, breathe out a sigh of relief because you’ve officially bought a house!
Packing boxes, tape and garage sales may be on your mind but take a minute to relax and enjoy your new purchase
This may seem like a lot of steps to keep in mind so make sure you have a handy checklist ready. Have we missed any steps? Let us know!
When searching for luxury real estate in La Quinta, trust a dedicated real estate agent to guide you through the process. Call Scott and Patty Doyle at Doyle properties (760-600-5080) and they will help you find the perfect La Quinta dream home and luxury lifestyle features for you.