9 MAJOR STEPS IN THE HOME BUYING PROCESS.
9 major steps everyone should know while buying home. Click here to know what steps you need to follow while buying your home in detail.
What is home for us? Home is where you live. Home is a heartbeat. Home is being able to dance around without any worries. Home is happiness. Home is an investment. Home is your lifetime earning.
So as we know, a home plays an important role in our life because we spend our life savings to spend rest of life with joy. Therefore before buying a home, we should spend lots of time and efforts on it. So let us know what 10 major steps are important in every home buying process.
Step 1: Early Research & Study
Firstly you should know how many real estate homes or apartments are listed in your city. For that purpose, you can take the help of websites, newspapers, Advertisements or Magazines. Then make a list of those projects where you’re interested in. After making a list you can study more about those project such as what is a convenient location, what amenities that project is providing, what is the price of a particular project.
This will gives you a list of projects you are interested in, with the knowledge of housing trends and prices of your region or city.
Step 2: Recognize your Budget
Firstly your income must have minimum 30k then only you can apply for a home loan. If you don’t have such income then you can also joint your loan application with another earning member of your family. After paying down payment, the rest amount will be payable by bank and bank will deduct your EMI as per scheme you have selected for the deduction.
You can also use online home calculator to recognize your budget.
Step 3: Get Prequalified for credit of your home loan
Before finding right home you should know how much actually you can pay. To get prequalified, you just need to provide some financial information to bankers, such as your income and savings & investments you have. Your lender will review this information and tell you how much they can lend you. This will tell you the price range of your dream home. After that, you can get pre-approved for credit that involves providing your financial documents such as W-2 statements, paycheck stubs, bank account statements, and more so your lender can verify your financial status and lend you.
Step 4: Know Right Real Estate Agent
Real Estate Agents are important co-partners in the home buying process. They have knowledge of all projects and the best neighbourhood for you. They serve you the best home suitable to your pocket budget along with benefits. And the best part is all these things are free! They charge money directly to the sellers.
Step 5: Home Tour & End with Fix Offer
While starting the home tour you have to check everything in detail. like testing the plumbing, try electrical systems, check windows and doors for safety purpose after all these its also important to evaluate the neighbourhood, whether it is convenient or not. That includes the amount of traffic the street get, enough space for parking for you & your guest, schools near you, shopping centre, restaurants and malls near you, public transportations near you etc.
After checking all these, you and your real estate agent can negotiate the best offer for you from the same neighbourhood of selected homes.
Step 6: Home Inspection Before Close Sale
A home inspection is necessary as it includes the final home tour and to recognize whether you want your seller to fix anything in the home before closing the sale. Before closing the sale, you can get a walk-through your home to confirm, if anything left to repair in the home.
Step 7: Bank to Select Your Loan
You can select your Home Loan Scheme as per your requirement. Some of select such scheme which includes monthly EMI and some includes the amount of EMI to complete their loan quickly. You can select as per your salary and monthly expenses.
Step 8: Final Paperwork
Home Buying process includes lots of paper works. Mostly your seller and your real estate agent help you with all the paper works. Make sure before payment that the seller is the rightful owner of the house you’re buying.
Step 9: Close the Sale
At the end you will sign all the paperwork required to complete the buying process including you loan documents too. Normally it takes couple of days to fund your loan to the seller. Once check is delivered to the seller of the property, then you’re ready to move!
Phew, Now finally you can live in your dream home after a long effort.
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