Kwee Huset's Blog
Buying a house is one of the biggest decisions you will make in your life, both financially and otherwise. Just like retirement funds, buying a home and paying off your mortgage can be a significant long term investment.
It will take time to prepare for buying a home. You’ll need to build credit, save for a downpayment, and find a degree of financial stability to ensure you can pay your mortgage each month.
This article is catered towards homebuyers who have already met those prerequisites and are ready to jump in and start hunting for houses. For those of you curious about exactly how long it will take from the time you view your first house until you close the deal on your new home, read on.
Home buying by the numbers
On average, buyers can spend 30-60 days looking at homes and anywhere between 15 and 60 days longer to close on a home. Of course, these numbers depend on a lot of things such as how eager you are to buy, how effectively you’re able to work with agents and sellers, and on just sheer luck.
How can I speed up the process?
Preparation is the number one thing to focus on when it comes to buying a home. First, double check your finances. This means taking time to run a credit report and challenging any errors that may be lowering your credit.
Next, take time to sit down and discuss with your family (if applicable) your moving goals. Are you trying to move closer to someone’s place of business or to a particular school district? Having these discussions will make it easier to eliminate houses and to narrow your search, saving you time in the long run.
Before you start looking at homes, it’s a good idea to being the process of getting preapproved for a loan. This can take weeks, so you want to get this step done early to know where you stand when it comes time to start house hunting.
Next you’ll want to meet with a real estate agent who has extensive knowledge of your area. They’ll send you listings that meet your criteria, stylistically and financially.
The offer and closing
Now that you’ve found the right home, you’ll have to enter the next part of the process: making an offer and closing. This step isn’t entirely within your control. Some sellers will delay in accepting, others will reject, and others will give a counter offer. The best way to save time on this step is to give a reasonable offer from the start, showing the seller that you are serious and worth negotiating with.
Once your offer has been accepted, your work is still far from over. There will be a lot of paperwork to fill out, but you’ll also have to schedule a home inspection to ensure there are no problems with the home that you haven’t already been made aware of.
Once all of these steps are complete, you will have purchased a new home.
In the quest to find a new home that you love, there are two fundamental things you must know: how much you can realistically afford to spend and what you need to be happy.
Qualifying for a mortgage is one of the first hurdles on the road to home ownership, but loan approval doesn't necessarily mean you can comfortably afford a house you have your eye on.
There are other expenses to factor into the equation, such as closing costs, the down payment, school and property taxes, possible HOA fees, and maintenance costs.
If a house you're considering needs a lot of repairs, updating, and decorating, for instance, those projects could take a big bite out of your bank account and household budget. First-time home buyers and growing families moving into larger homes often have to consider the cost of furniture, new window treatments, and painting supplies. People moving from an apartment or condo to a house may also need to buy a lawnmower, tools, and property maintenance machinery (weed whackers, leaf blowers, snow blowers, etc.)
Once you've determined that you can absorb all those costs without being "house poor," the next step is creating a list of requirements, preferences, and lifestyle goals. For example, if privacy is important to you, you'll need to narrow your search to homes that have a sufficient amount of frontage and space between neighbors and streets. Fences, privacy hedges, and mature trees could also help provide you with the kind of living environment you're looking for.
While the emotional appeal of a house is an important aspect of home-buying decisions, the location of a property and the amount of living space it provides will play a central role in your level of satisfaction. In addition to having enough bedrooms, bathrooms, and storage space, you may also want to consider things like the home's architectural style and whether the floorplan is to your liking.
Many families prioritize the quality of the school district, the look and feel of the neighborhood, and the distance from shopping centers, recreation, and needed services. Also highly desirable is a daily commute to work that isn't too grueling or time consuming!
Since everyone has different goals and needs when it comes to finding the ideal home, there's no one-size-fits-all strategy for zeroing in on the house of your dreams. Although there are a lot of websites that provide great ideas on everything from flooring and countertops to cabinetry and room color, having your real estate agent show you houses that match your specifications is the most productive thing you can do.
Getting out there and physically viewing and walking through houses in your price range will eventually lead you to the home that's just right for you and your family. It's a process in which you need to immerse yourself, but with a little persistence and a clear idea of what you want, you're sure to find the home that checks off most (if not all) of the boxes on your priority and wish lists!
An open house can be a life-changing event for a homebuyer. If you plan ahead for an open house, you should have no trouble determining whether a residence matches or exceeds your expectations. And if the answer is "Yes," you can proceed quickly to submit a competitive offer to acquire a house.
What does it take to prep for an open house? Here are three open house preparation tips that every homebuyer needs to know.
1. Understand Your Budget
Before you attend an open house, you should find out how much money is at your disposal. Thus, you may want to meet with banks and credit unions to see if you can get pre-approved for a mortgage. That way, you can kick off your home search with a budget in hand.
Although you know that you have only a certain amount of money to spend on a residence, it may be worthwhile to consider attending open houses for residences with initial asking prices that are above your price range. Because in some instances, a home seller may be willing to accept an offer that falls below his or her initial asking price.
2. Create a List of Questions
A home is one of the biggest purchases that a person can make, and as such, it pays to be diligent. If you craft a list of questions before an open house, you can get immediate responses from the showing agent. Then, you can determine the best course of action.
When it comes to an open house, there is no such thing as a "bad" question. As a homebuyer, it is paramount to get as much information as possible about a residence to determine whether a house is right for you. Therefore, if you create a list of questions in advance, you can improve your chances of getting the most out of an open house.
3. Consult with a Real Estate Agent
If you're uncertain about how to approach an open house, you're not alone. Fortunately, real estate agents are available nationwide who are happy to teach you the ins and outs of the real estate market. By doing so, these housing market professionals will make it easy to take an informed approach to any open house, at any time.
A real estate agent will always keep you up to date about new residences as they become available. Also, if you are interested in homes in a particular city or town, a real estate agent will notify you about open houses in this area. And if you need extra help prepping for an open house, a real estate agent is happy to assist you in any way possible.
Let's not forget about the support that a real estate agent provides throughout the homebuying journey, either. A real estate agent will help you submit an offer on a house, negotiate with a seller's agent on your behalf and much more.
Be diligent as you get ready for an open house – use the aforementioned tips, and you can fully prepare for an open house.
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