• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Financial Wellness

You are here: Home / Own a Home / Buying a Home in 10 Steps [Infographic]

Buying a Home in 10 Steps [Infographic]

July 12, 2017 by Katie Bentley

Buying a home is a big leap and achievement in your adult life. Following the steps to buying a house will help you in the process. Plus, it makes the purchasing experience enjoyable rather than stressful.

Before you start your home buying process, make sure you look at these ten basic steps.

Buying a Home in 10 Steps | Home Ownership Guide

Click here to enlarge image

1.  Are you ready?

A post shared by Tameka McDaniel (@orlandopropertymgr) on Jul 3, 2017 at 12:47pm PDT


Americans stay in their homes for seven years.

Maintenance on a home cost 1-4% of the original price of the home.

Before taking this big step in your adult life, financial stability is a must.

You should be able to pay for your mortgage, yearly maintenance costs, and other possible future repairs in your home without having to stretch your finances to its limits.

2. Become the Best Candidate

Examine your credit score and work toward a goal of 750.

Your credit score matters a lot in getting your home loan approved.

A good credit score also gives you better payment options and favorable interest rates.

3. Become Pre-approved

Make sure you have a pre-approval letter because it gives you buying power and helps you decide on a budget.

Getting pre-approved simply means that you are financially eligible to secure a loan for your home purchase.

4. Come Up With a Budget


Assess your income and expenses to decide on a budget for your home purchase.

Buying a house does not only include the actual price of the property.

You will also need to set aside money for possible renovations, maintenance, and future repairs.

5. Pick a Real Estate Agent

Around 89% of home buyers hire a real estate agent.

They help throughout the entire buying process and make buying a home less stressful.

7 tips for picking a great real estate agent.
By: @Bankrate https://t.co/SdLkxwNVhZ#Pierrerealty #Realestateagent pic.twitter.com/ZHlsJOI9hx

— Pierre Realty (@pierrerealtypa) June 20, 2017

6. Find Your Property

buying a home

Set up appointments to visit different properties within your budget.

Home buyers often visit 12 homes before putting in an offer, do not settle for a single property when considering buying a house.

It would be advisable to have 2-3 options to choose from.

Knowing what’s currently available for you in the market ensures that you are getting the best value possible from your purchase.

Know the signs that scream to avoid buying a home. #housing #realestate https://t.co/bQluNjLCcV pic.twitter.com/Qe8iwiq7BY

— Ronnie Tosoni (@ronniet50) June 5, 2017

7. Put in an Offer

buying a home

Refer to your budget and the condition of the home when making an offer.

Consider areas that would need repairs in the future.

You can use this to your advantage as you seek for discounts on your purchase.

8. Get a Home Inspection

Before signing an agreement, get a home inspection.

This helps identify any issues with the home that are advantageous for negotiations.

Hiring a professional to do the house inspection also ensures that every area is covered.

The structural stability of the home you intend to purchase will be expertly scrutinized by a professional home inspector.

9. Sign the Agreement

The agreement outlines the transaction for the home purchase.

Read the fine print and know the clauses included in your purchase.

10. Close on the House

Once you’re set on the house and the purchase agreement, funds are transferred.

A post shared by Utah Real Estate Photography (@urep.photos) on Jul 3, 2017 at 12:42pm PDT

Watch this video for the basic steps in buying a home!

Bought a property recently? How was the experience? We would love to hear from you in our comments section.

Which is the best loan for you? An FHA loan or a conventional home loan? Know the difference via this article on FHA vs Conventional Loan: Which is Your Best Option? 

Filed Under: Own a Home

Previous article: Buying A Home In LA Is Like Buying An Entire Connecticut Town
Next Post: CU Student Loans Consumer Review

Primary Sidebar

Follow Us







RECENT ARTICLES

  • What is Chapter 11 Bankruptcy and How it May Protect BusinessesWhat is Chapter 11 Bankruptcy and How May It Protect Businesses?
    Chapter 11 bankruptcy isn’t uncommon, yet many fail to see its purpose. Most people have heard of Chapter 11 vs Chapter 7 liquidation, or even [...]
  • Personal Loans After Bankruptcy Discharge: Is This Possible?Personal Loans After Bankruptcy Discharge: Is This Possible?
    Applying for personal loans after a bankruptcy discharge? Getting approved may not be easy, but it still is possible. It will definitely require [...]
  • How to Stop A Student Loan Wage GarnishmentHow to Stop A Student Loan Wage Garnishment
    Student loan wage garnishment is the last thing you want to experience while paying student debts. Monthly wage deductions could ruin your spending [...]
  • Don’t Miss These Posts On Financial Wellness..
    Here’s what happened on Financial Wellness 1. How to Start Investing in Stocks Even With Debt If you’re in debt, then you might be afraid [...]
  • Credit Repair Credit Cards: Learn to Rebuild Your CreditCredit Repair Credit Cards: Learn to Rebuild Your Credit
    Trashing your credit score is so much easier than building a solid credit rating. It’s no wonder so many people seek out credit repair credit [...]
Instagram did not return a 200.

Connect With Us On Instagram!

Footer

Financial Wellness

© 2021
FinancialWellness.org
All rights reserved

  • Privacy Policy
  • Terms and Conditions
  • Contact Us

This Copyrighted Material may not be republished without express permission. The information presented here is for general educational purposes only. Material Connection Disclosure: You should assume that this website has an affiliate relationship and/or another material connection to the persons or businesses mentioned in or linked to/from this page and may receive commissions from purchases you make on subsequent websites. You should not rely solely on information contained on this page to evaluate the product or service being endorsed. Always exercise due diligence before purchasing any product or service. This website contains advertisements.

FOLLOW US

  • Facebook
  • Twitter
  • Instagram