I Want to Buy a House, Where Do I Start?
Here are 8 steps that are important in starting the process:
1. You decide to buy.
Making the decision to buy one of your biggest life investments can be nerve wracking. When is a good time to buy? It's always the right time to buy — the key is finding the right home for you!
2. Hire your agent.
When looking for a professional real estate agent to help you achieve your dream, a good agent will put you first. A great real estate agent will educate you about current market conditions, analyze your wants and needs, help coordinate the transaction throughout the process, lead you to homes that fit your budget and criteria, negotiate for you to get you the best deal possible, check, double check and triple check paperwork and deadlines. Lastly, they will bring up any problems that may arise and suggest solutions.
3. Secure the proper financing.
If you haven't done any research on mortgage loans, your agent will be happy to provide you with a few preferred lenders they work with. The lender will review your current financial situation, provide you with available options, negotiate on your behalf for the best interest rates and loan approval. Most of all, keep you informed and updated of the process and status.
4. Find your home.
Now you've spoken with your trusted advisors, and you're ready to start your search. Where do you start? Your real estate agent will help guide you to homes that fit your criteria. The right home will meet most of your needs and some of your wants.
Some questions you might ask yourself include:
Some questions you might ask yourself include:
- What amenities are crucial for you and your family?
- How much space do you need and why?
- Which is more critical: location or size?
- Would you be interested in a fixer-upper?
- How important is home value appreciation?
- Is neighborhood stability a priority?
- Is accessibility to main routes a priority?
- What features are not negotiable in your new property?
5. Make an offer.
When you've found a home you can see yourself in, the next step is deciding on a price. Your agent will do research on the neighborhood and other properties to help you make an informed decision. Three things to consider are the list price, a market analysis your agent will do for you, and improvements on the home.
6. Perform due diligence.
When your offer is accepted your agent will provide you with any improvements and challenges of your future home. Knowing what you are getting into before the close of escrow is crucial. Improvements can increase the value of a home and damages can hurt your pocket. Most often problems can seem big, however they can be repaired with little effort and not such a big budget. Your focus should be structural damage that can happen from water, poor construction or the ground shifting, since those would be the expensive projects or very difficult to remedy.
7. Close of escrow.
You're reaching the finish line. In order to not risk your home purchase, you have some responsibilities that you need to keep in mind:
- Stay in control of your credit and finances: Do not make any large purchases during this time. It's important to keep your financials steady throughout the buying process. Talk to your financial consultant for guidance.
- Keeping in touch with your agent and financial consultant: It's important to stay in constant communication with your Keller Williams agent and financial guide during this process. Be sure to return all phone calls and complete paperwork promptly. Also, don't be afraid to ask questions. Your team is there to help you!
8. Protect your investment.
Congratulations, and welcome home! The home-buying process is complete, which means it's time for your maintenance plan! It's now your responsibility, and in your best financial interest, to protect your investment for years to come. Performing routine maintenance on your home's systems is always more affordable than having to fix big problems later. Be sure to watch for signs of leaks, damage and wear.
And remember, just because the sale is complete, your relationship with your agent doesn't need to end! After you buy, your agent can still help you by providing information on the real estate market, finding contractors and repair services, and even tracking your home's current value.
by Victor H. Lopez
Victor Lopez is a Buyer Specialist in the Shay Hasselmann Group at Keller Williams Realty Las Vegas. Victor comes from an Executive Management background as a former Executive Sous Chef for high volume restaurants on the Las Vegas Strip and Beverly Hills, CA. for over ten years.
Victor is on Shay Hasselmann’s team, and just like Shay, Victor also values communication as one of the keys to his success. Victor likes to push technology to the limit using Telephone, Email, Text and all social media to communicate with his clients.
Victor enjoys crossfit, indoor soccer, cooking, and watching football.
The Shay Hasselmann Group is a team of real estate professionals who have collectively garnered top awards in production and sales in the Keller Williams organization in the Southwest Region. They are driven by a need to serve the Las Vegas, Summerlin, and Henderson Real Estate community with excellence and professionalism whether selling, buying, or renting homes. Information and searches may be found at www.shaylasvegashomes.com.
Shay Hasselmann Group
Las Vegas Real Estate Specialists
Summerlin Real Estate Specialists
Henderson Real Estate Specialists
Keller Williams Realty Las Vegas
3090 S. Durango Dr. Suite 100, Las Vegas, NV 89117