First time to buy a home? Probably, you feel the thrill, indecisive moments. Here’s a guide to the various stages you will experience to owning a real estate property. Good luck!
Stage 1: You can’t seem to find what you want
Maybe you and your partner can’t seem to agree on the same liking on the parts of the home, making it impossible for you to find the right home for you and your family. Here’s what you can do:
“Work together with your partner or spouse to develop a list of ‘needs’ and ‘wants’ in your home search,” explains Wendy Flynn, a Realtor® with Keller Williams in College Station, TX. “Put it down on paper to commit to it. Expect that list to evolve as you view different homes. When there is a disagreement between partners/spouses, refer to the list of objectives that everyone agreed to in advance.”
Stage 2: At long last, you find your dream house
At long last! Lucky for you that the home checks off nearly all the boxes on your list. It’s time to check all the measurement and sections to fit your decorations, furniture and appliances and you’re ready to move in.
Stage 3: You can’t stop talking about your dream house
Spending hours or even days checking out photos of your new home is a part of the excitement of finding your new dream home. Probably you’ve shared them to everyone in your friends list, and they’re really happy for you. Invites have been sent out for the housewarming party. Then suddenly, you’ve realized that you haven’t had the home inspection yet or approval for a mortgage.
Stage 4: You’re having panic attacks about the home inspection
Some of the things that have been bugging you about the home inspection are having termite damages in the home and you can’t sleep about it.
“Going through home inspections is a bit like a couple taking their first vacation together. You learn things. The clients discover all of the realities of the home, and realize that they are buying the house ‘for better or worse,’” Flynn says.
Checking all about the home inspection may become heartbreaking, but it’s always better to know everything there is before signing the dotted line.
Stage 5: You’re drowning in paperwork
Pressure and tensions are building up as you examine a stack of paperwork, crossing your fingers that the financing comes through. Hopefully, all goes well and moves forward to the next steps.
Stage 6: Holy crap, this is costing you a fortune
Get ready to payout! You may need extra cash on hand for the home inspection and survey costs, title, appraisal, and lender’s origination fees. Closing costs typically amount to 3% to 6% of the purchase price.
Stage 7: You’ve got cold feet about the closing
Getting cold feet before closing is normal. Go over your “wants and needs” list once again. Remind yourself why you fell in love with the house in the first place.
Stage 8: Did I just make the biggest mistake of my life?
It’s just natural to have some regret on buying a home especially when you’re laying out so much money on it. But, if you’ve been thorough, stuck to your list of non-negotiables, and battled getting caught up in the heat of the moment, chances are you will settle into your home just fine.
Source: Realtor.com, Trulia.com, emhomeloans.com, activerain.com, keeneview.com, tenxtimes.com, homebuying.about.com, tbsreg.com
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