Buying a house for the first time is unlike any other life experience. As exciting as it is to fulfill your dreams of homeownership, the process of finalizing a real estate transaction is often overwhelming. Knowing what to expect can help make the journey more enjoyable and a little less daunting. Here are the steps you’ll follow to successfully complete your investment. 

A Guide to Buying Your First Home 

1. Get Your Finances Together 

Before searching for a home, it’s important to have your finances in order. Create a budget, set a down payment goal, and check your credit score to ensure you’re able to receive a low interest rate on your mortgage loan. Next, explore your mortgage options and get pre-approved. Pre-approval will help decide what price range you look in and show sellers that you’re a serious buyer. 

2. Determine What You’re Looking For 

Once you’re ready to begin house hunting, make a list of all your needs and wants. This will help narrow down your options and make it easier to sift through available listings. Take this list with you when attending open houses so you can compare each property you look at. Also, consider location, school district, and proximity to amenities such as shopping centers and restaurants. 

3. Make an Offer 

After you find the right home, check comparable sales to see what other properties in the area have recently sold for so you can come up with a reasonable offer. The seller will either accept your offer and move into the next phase of the real estate transaction or counteroffer to start negotiations. When a deal has been reached, a purchase and sales agreement will be drafted.

4. Schedule an Inspection 

Purchase offers are generally contingent on a home inspection. This will ensure you’re aware of any major problems that need to be fixed. Depending on the inspector’s findings, you may renegotiate your offer or walk away from the deal without penalty. 

5. Get an Appraisal 

Lenders typically require a home appraisal before providing the final loan amount. This is an independent estimate of the property’s value that lets everyone know a fair price is being paid for the listing. If the appraisal is lower than your offer, you may need to renegotiate or withdraw it.

6. Start the Closing Process 

Finally, you can hire a lawyer and begin the closing process. They’ll go over all the paperwork necessary to complete your real estate transaction and make sure you understand your rights and responsibilities. After everything is signed and the closing costs are paid, you’ll receive the keys.

Once you’ve found the home of your dreams, turn to Bernardini Law P.C. for help closing your real estate transaction smoothly. Their legal team is well versed in real estate law and committed to protecting the interests of homebuyers throughout Essex County, MA. For nearly a decade, they’ve provided clients with valuable advice and representation during the largest investment of their lives. Call (978) 794-5525 to schedule a consultation or visit them online for more information about their services.