If you are thinking of buying a property, here is a quick look at the things that you need to do when buying a house from start to finish:
- Determine how much money you have
Assess your financial capacity to buy a house. Weigh-in all your financial resources and determine if it can cover the down payment, mortgage payment, sales commission for the agent, maintenance expenses, repair expenses, property tax, and insurance. Experts suggest that you need to settle for houses that are two to three times your annual income. This is to make sure that you can afford to pay your mortgage commitment.
- Apply for mortgage and get pre-approved
Look for a reputable mortgage lender who can help you determine the best terms for you. Since you have many questions about mortgage qualification, choose a lender that can answer them all satisfactorily. The lender must also explain to you the different mortgage options and suggest the best term that fits your need.
- Decide what features of the house you need
The truth is it is very uncommon for a buyer to find a perfect home within his budget. Because of this, you have to decide what features of the home are must-haves and nice-to-haves. Must-have features include the measurement of the entire interior area, the number of bedrooms and bathrooms, the property’s proximity to the school, commuting time, etc. On the other hand, nice-to-haves are the features that you can live without. This includes a manicured garden, high-end appliances, great looking wall decors, etc.
- Look for a real estate agent
Hire a real estate agent who has an extensive knowledge of the entire buying and selling process. Look into the applicant’s list of satisfied clients, his annual sales average, and his affiliations. It is important that your realtor is trustworthy, promotes open communication and cares about your best interest.
- Do House-Hunting; Make an Offer
Start searching online with keywords “Calabasas homes for sale”, or scan the classified ads section in your local newspaper. Once you find the perfect house, make a schedule to view the property. During your house visit, assess the value of the property in relation to its size, age, amenities, furniture, lawn area, etc. Check for any damage or leaks that might need repair. Finally, study what is the current housing market condition and how it will affect the value of the property that you are about to buy. After taking into account all these details, work with your realtor to determine the best offer.
- Prepare the closing documents
When the seller accepts your offer, start processing the contracts and mortgage application. Read the contract carefully and consult a lawyer if needed just to make sure everything is clear to you before you sign it. After signing the papers, make sure that you have the money to be transferred to the seller’s account.
Once you’ve reviewed and signed all the required documents, you can just wait for all the paperwork to be processed. If there is no problem with the legal documents, you’ll be handed with the keys. Welcome to your new home!