Steps to Buy a House, buy a house with no money, buy a house with bad credit, buying a house checklist, buying a house calculator

10 Easy Steps to Buy a House with No Money

Are You Ready To Move Into Your New Home? Here are 10 easy steps helps you to buy a house. These steps are helpful in order to make the home buying process with no money or bad credit. Buying a house requires a lot of time and effort without ignoring of these basic steps. These steps are;

  • 01 – Research for home
  • 02 – Budget that can you afford
  • 03 – Pre-approval for credit (Mortgage)
  • 04 – Real estate agent
  • 05 – Make offer for Home Purchase
  • 06 – Final Home inspection
  • 07 – Select loan Option for Payment
  • 08 – Home Valued Analysis
  • 09 – Preparation of Legal Documentation
  • 10 – Move into your new home.

Home Research – 1st Steps to Buy a House

Start researching of new home. Research for home through reading websites, newspaper and magazines or can visit real estate agent office. Analyze that the home you actually require or interested is how long stay on market. See the prices and their variations. You may gain your experience before buying a house. This will also develop sense of housing trends.   

Affordable Budget – 2nd Steps to Buy a House

Almost majority of financial advisors recommend to buyers that the price of the home never increase five times of their annual household income. Plan accordingly with 20% down payment by managing their budget. Estimate of affordable budget is necessary in order to save you from financial crises in future. Use buying a house calculator in order to see how much house you can afford. House building plans are also offered by different bank for save your down payment.

Pre-approval for credit (Mortgage) – 3rd Steps to Buy a House

Prior to initiate buy a home process; take a review regarding how much you can actually spend.  Pre-qualified or pre-approval for a mortgage is one of the best procedure. A mortgage banker only requires information regarding your income, saving as well as investment in order to get pre-qualified. Next your lender will take a review on the base of your provided information. He further tells you about his offer / budget / loan.  

Thereafter, you may able to get preapproval for credit on  provisioning of legal financial documents such as statements, paycheck stubs, bank account statements, etc. Your lender will thus verify your financial status and credit in a legal way. On the grounds of all things, loan will be granted by lender soon after completion of necessary documentation.

Real Estate Agent – 4th Steps to Buy a House

We cannot ignore the role of “Real estate agents” while buying or selling a home. Helpful information i.e home, area, available facilities, neighborhoods are easily available with real estate agents. Real estate agents have also negotiating skills which will be helpful in order to buying a house.

Make Suitable Offer – 5th Steps to Buy a House

At very first step, you may gain your experience by visiting and analyzing home prices. Now you have to move one of these locations where you budget comes to settle. Note every visit details into your diary and keep in mind their prices. You might want to take pictures or video to help you remember each home. Here is the checklist for your ready reference;

  • Test Plumbing (Shower, water pressure, hot water)
  • Check Electric Switch Boards and their wiring conditions.
  • Open and close doors and windows and check if they work properly or not.
  • Area for car parking is available in home or in street or not.
  • Schools, shopping centers, restaurants, parks and public transportation are located nearby or far away from your home.  

There is no lack of time. Take as much you need and find a right home with all best of facilities. Thus meet with your local real estate agent and ask him to negotiate price offer as compare to other homes in same town / area. If you and seller agreed on a price, prepare legal documentation / agreement.

Final Home Inspection – 6th Steps to Buy a House

If agreed by both of parties, hire a final home inspector. Normally, real estate agent usually helps for arranging final home inspector to conduct inspection. Report of the same will be available by that inspector within a few days of your offer being accepted by the seller. This act will protect you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals material damage. You can add further in agreement on the report of inspector or fix anything else with the the approval of seller prior to closing the sale.

Select Loan Option – 7th Steps to Buy a House

Price of house will be clear after once the deal may final. Time comes to review loan programs.  As stated earlier, loan program shall not be affected your monthly household expenses. Bear as low as you can and manage the loan recovery in a affordable installment plan. Mortgage bankers have many options such as based on monthly installments or especially not increasing monthly packages. However, buyer should pay minimum 30% in order to bear low interest rate. Know how to bear lower interest rate.

Valued Analysis by Appraiser – 8th Steps to Buy a House

An appraiser is a person which is not directly involved or associate with the lender. However, lender will arrange for an appraiser. The appraiser will provide an estimated value of the house. It is the responsibility to appraiser that he will analyze correct value of house.

Preparation of Legal Documentation – 9th Steps to Buy a House

Report of house inspector as well as appraiser will inform you best price / value of house. Deal be gona done now. Prepare the legal documents and all the conditions should be clearly mentioned on judicial stamp papers. All the matters like payment method with its amount, handing over property documents will be mentioned on that legal paper. Sign of both buyer and seller are not enough on that paper. Also take signatures of house inspector, real estate agent as well as appraiser on that documents.  

Move into your New Home – 10th Steps to Buy a House

Signing of the legal documents and on conditions, we are now welcome to move into your new home. All the procedure is not difficult; however it requires some intention or good way. Once the payment delivered to the seller, you are ready to move into your new home.

Leave a Reply

Your email address will not be published. Required fields are marked *