Niagara Real Estate Blog

What is the home buying process? Part 1

Posted by Terence Davids on Jun 13, 2017 11:55:03 AM
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We make reference often to the "home buying process", but what exactly does that mean? Facing this can seem a little intimidating to first time home buyers who are unsure of what this process will include. We'll be breaking the process of buying a home down into the main steps so that you can approach first time house buying with more confidence.

Are you really ready to buy?

The first step of this equation is to decide if buying a home is actually for you. Weigh the pros and cons of renting versus buying, and assess your finances. Don't approach the transaction if buying a home is not feasible at this point in time - instead, wait until you are absolutely certain that you are ready.

Determine your finances

If you're sure that now is the time to buy a home, build an effective budget. This will determine the price of home which you can afford, and how much money you can set aside fro a down payment and additional costs of the home. Team Davids offers worksheets you can use to help determine what the home purchase cost might be, and what your monthly ownership of the home costs will be, which can help you shape your budget. These worksheets can be downloaded in our Home Buyer's Guide.

Once you have a budget set, get yourself preapproved for a mortgage. Doing this will help you seem like a more appealing buyer to sellers, but it will also ensure that you know what your exact budget is, so you don't overbudget and risk not being approved.

Find an experienced Niagara realtor

Choosing the right real estate agent is a crucial step in the home buying process. The right realtor will be able to advise you on what to look for in a home, guide you to the right homes, and be an expert negotiator to get you the best price for your home.

Look for your dream home

Put together a wish list of things you're looking for in a home. Next, determine what can be considered a wish, and what is a need. This way you can understand what you can compromise on, and what you need to be looking for in a home you move into. Don't forget to incorporate not just the actual house, but the surroundings: neighborhood, amenities, and yard size may be things that impact how much you love the house.

Make an offer

Once you've found the home you love, it's time to make an offer. This will be facilitated through your realtor, who will present the offer to the listing agent for the home. The seller will either accept, reject, or counter the offer. If the seller accepts the offer, you can continue in the home buying process.

If you're looking for more resources to help you be confident when approaching the market to buy your first home, try our free Real Estate Glossary. This glossary will break down the language used by realtors throughout the real estate transaction, so everyone is on the same page.

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Topics: Insider, Buying A Home, First Time Home Buyer

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