The Ultimate Guide To Buying House And Land For The First Time

 

 

 

Buying a house and lot for the first time can leave you frozen in fear if you don’t know what you’re doing. This is natural because it’s no laughing matter if you make a mistake in any of the steps leading to your purchase.

There are many things to consider like budget, the whole idea of choosing which to buy, and what to do next after making a choice. You can make the buying process a lot easier by considering the following steps:

 

1. Check How Much You Can Borrow

If you need a mortgage loan when buying your property, you need to know how much you can borrow. You need a realistic budget to guide you to what properties to look for. Having a budget will keep you from spending time looking at properties that you may not afford in the end.

Start by asking different lenders to help you get a quick idea of interest rates. Borrowing with a high interest rate may not be in your best interest as it would cost you more. You can also ask mortgage brokers as they can find good deals that would suit your finances.

Most sites have home loan calculators that could help you weigh your loan capabilities. You may use the result to check on the properties that they offer. Similar to what this site offers, you can even find a home and land package within your budget and preference, especially when you decide to build a house on your chosen lot.

 

2. Work With A Real Estate Agent

If you’re too busy to attend to the requirements of the home buying process personally, you may want to consider working with a real estate agent. They can help you find the best home inspection professionals, real estate attorneys, and mortgage brokers as experienced ones have a vast network. Find an agent who’ll understand and listen to your preferences.

However, you need to ensure that you’re hiring a good agent by asking these questions:

• - Can you tell me about your references?
• - Have you worked with first-time homebuyers?
• - How well do you know the neighbourhoods?
• - How many years have you been working in the industry?
• - How many clients do you have right now?

An agent can help you with all the paperwork that comes with buying properties. You’ll also need help with real estate policies, especially those that involve taxes. Hence, you need to find an agent you can truly trust.

3. Learn The Hunting Process

House hunting can be exciting because you’ll be visiting your potential home, but it could also be tiring. You may want to consider these house-hunting tips to keep you focused, organised, and on track while exploring your options:

• - Your walk-through would give you a first impression of the property. Enjoy this opportunity while taking note of your impressions.  
• - Don’t buy a property you’ve only seen once. Take the time to take another trip to the property if you feel it’s among your options. Compare how you felt the first time. For instance, you may notice that the atmosphere and lighting are slightly different when you come back at a different time of the day.
• - Ensure that your preferred or existing furniture pieces will fit in the house. For instance, the master bedroom should be spacious enough for your king-size bed if that’s what you have. Or the living area should have ample space for your furniture collection without overcrowding the room.
• - You may also have to take videos and photos as they can help remind you of the house's features. Instead of relying on memory, it’s best if you can see them in photos.

 

4. Conduct Home Inspection

A home inspection is a vital part of the home buying process as it’ll ensure that it’s safe and healthy to live on the property. This step will also ensure that the property's overall quality is excellent and that there are no hidden flaws.

Some sellers may not disclose serious defects, so you shouldn’t skip a home inspection. Depending on the inspection result, you can either rescind the offer or negotiate with the seller for a discount.

 

Conclusion

Now that you have a guide on buying a house and land, you can now do it without committing too many mistakes. You can also save time from the hassle that may occur if you don’t do the buying process right from the start. All you need to do now is to take the first step in owning your first property.