The 8-Steps in Purchasing a Home.

The goal of owning a home is something many people aim to do one day, but the process can sometimes be overwhelming. Here are the eight key steps to buying a home.

1 - Pre-Approval: The first step is to get pre-approved. Before you start to look for a home, you’ll need to get pre-approved for a home loan. This will give you an estimate of how much you can borrow and let potential sellers know you are in a good financial situation. During the pre-approval process, you’ll provide proof of income, credit score and other important documents.

2 - Shopping, & Analysis: The second step is to shop for a home. This is the fun part! You’ll need to decide the type of home you want, the neighborhood, and the price range. Look for properties within your price range and make a list of homes to view. Have your real estate agent show you the best homes for your needs and preferences.

3 - The Offer: The third step is to make an offer. When you find the home you want, your real estate agent will help you make an offer. This offer should include the purchase price and any other conditions, such as a home inspection. If the seller accepts your offer, you’ll need to sign a purchase agreement.

4 - The Attorney Review / Inspection: The fourth step is to review the accepted contract with an attorney and to hire a home inspector. You will want to hire a qualified home inspector to make sure you are getting a home that is structurally sound and up to code. They will check the property inside and out and make identify areas or items of concern.

5 - Secure the Loan: The fifth step is to line up financing. Once you have a purchase agreement in place, it’s time to line up the financing for your new home. You’ll need to get a loan from a lender and make sure the interest rate is still within your budget. Your real estate agent can help you navigate this process.

6 - Purchase Home Insurance: The sixth step is to get insurance. Before closing on your home, you’ll need to get insurance to protect your investment. This can be either homeowners insurance, or if you are getting a loan, you may need to purchase mortgage insurance. Speak to your agent or lender about their requirements.

7 - Prepare for Closing: The seventh step is to close on the home. On your closing day, there are two main events. The first, the final walk-through, which allows the confirmation of property condition prior to closing. Second, you’ll sign all the papers and pay any final fees or deposits that are required. Once all the paperwork is signed and the money is transferred, you are officially the owner of the home.

8 - Moving: The eighth step is to move into your new home. Once you close, you can move your things into your new home and start to make it your own. This can be an exciting time and a great way to start a new chapter in your life.

The process of buying a home can seem complex and intimidating, but by following these eight steps, you can feel confident that you are on the right path of purchasing a home. Of course, there are many more nuances to each of these steps. Working with a qualified realtor® can be a huge benefit. With their knowledge and guidance, homebuyers can feel confident that every step of the process is fully considered.

To see how Team Sobiko’s Realtors® may assist you, please visit our underwriting, commercial or residential service pages.

This publication was created with the help of artificial intelligence software, which was then reviewed and edited for accuracy by a Team Sobiko staff member.