It isn’t unusual for first-time home buyers to get lost in the process of purchasing their first home, especially once you consider the numerous documents they have to handle and the several steps they have to take. Hence, if you’re planning to finally get that dream home, it’s best to familiarize yourself with the home buying basics and consider getting a professional who can be your guide to buying your first home.
Below are the steps that home buyers generally follow when securing their first property. There could be variations, of course, and these will largely depend on the real estate agent you choose to work with.
6-Step Guide to Buying Your First Home
Home Buying Wish List
The first step is sitting down with your real estate agent and listing all the things you’d require for your future home. How many rooms do you need? Do you want a spacious garage? How about a pool? Also, where would you like your new home to be? Your agent will use this “wish list” to review properties up for sale and come up with recommendations later on, so make sure you put much thought into it.
Financing
If you decide to finance your home with a mortgage, your agent will set you up with a trusted lender. You can, of course, go look for a lender yourself, but having a broker assist you cuts a lot of time. Brokers and lenders often have partnership deals that automatically pre-approve home buying clients, so if you go with the lender your agent recommended, chances are your loan is as good as approved.
Home Search
Your wish list is the crucial part of the home search. Based on your requirements, your agent will look for homes that best fit your needs and present them to you for review. Take note that there’s a huge possibility that you won’t find a home that ticks all the boxes, so you’ll just have to prioritize some features over the others.
Property Visit
Once you have narrowed down the options and selected the properties you’re interested in, it’s time to visit them and see if they do fit the bill. This is important because a home may look quite differently from the pictures. Also, a property visit will let you check if the location is great. Is it near a grocery store? How long does it take to commute to and from work. No matter how great a home is, you might find it a little difficult to live in if it’s in the middle of nowhere.
Offer
When you’re finally sure of your choice, your agent will then try to create a great offer for the seller. Real estate brokers look for comparable home sales in the same area to come up with a reasonable price point.
Escrow Phase
Once the offer has been accepted, you’ll then have to process the funding and sign all the necessary documents. This is the stage when down payment is settled and loan proceeds are forwarded to the seller. Take note that your agent should guide you through the escrow phase, which could take 30 to 45 days.
Looking for a way to make the home buying process a lot easier? Call or send us a message here at Las Vegas Real Estate (LVRE). Our expert team of real estate agents is experienced in the Las Vegas housing market, so you can leave the bulk of the work with us and rest easy that your dream home will soon be yours.