Buying a home is an exciting investment, but many people aren’t aware of the process. It’s important to educate yourself, according to the legal team at PoindexterHill, P.C. in Waynesboro, Virginia, to avoid pitfalls that may complicate the process. Hiring a lawyer can be helpful for mortgage and purchase paperwork, as well as ensuring you take the proper steps to avoid costly mistakes.

5 Key Steps of Buying a Home

1. Check Your Finances

Before you buy, you have to know you can afford a home. Check your credit, as this is essential for securing loans and a mortgage. You’ll also want to assess your finances to see what you’re able to spend without getting in over your head. Crunching numbers will make a big difference when you begin to shop and will allow ample time to correct any errors with your credit.

2.  Hire a Realtor

Shopping for homes may seem easy enough, but to actually find a good deal, you’ll want to hire an agent. They can advise on the market, if it’s the right time to buy, and help you find a location that fulfills your needs. They can also guide you through the purchasing process to make sure you understand everything.

3. Negotiate and Commit

When you finally find your dream home, don’t settle at the asking price. Negotiations are part of the game, and making informed offers can save you thousands of dollars. Consult with a lawyer, as they can review fine print for any hidden conditions or fees. This can save you time and money down the road and ensure you’re getting a clean deal.

4. Get a Mortgage

When you’re ready to buy, it’s important to determine which mortgage is best for you. Adjustable rate, interest-only, and fixed-rate mortgages all have their pros and cons, and trying to figure it out on your own can be difficult. Consult with your mortgage broker, realtor, and even an attorney. They can all offer valuable advice, so you secure the right deal.

5. Close

The closing process isn’t a simple pass of the keys. There’s a lot of paperwork, fees, conditions, and dates to organize between you and the seller, and you’ll want to make sure everything goes smoothly. Have a lawyer look over each document, as it will ensure no snags are holding up the deal or surprises that may cost you later.

If you’re preparing to buy a home, contact a lawyer at PoindexterHill, P.C. They’ll work closely with you through each phase to ensure you’re covering all your bases and can help with estate planning services if you want to add your new home to your assets. Call (540) 943-1118 to schedule a consultation and visit their website to learn more about their services.