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Purchasing a home is a significant milestone for anyone, but it can be scary if you are unfamiliar with the process. The decision to buy a home may feel even more onerous and pressing in these uncertain times of rising home prices and low loan rates.
We’ve outlined the key phases in the home-buying process in this article to help you prepare for what can (and should) be a very exciting time in your life.
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Buy a house in Delaware: what you’ll need
Even before you begin your search for the ideal property, you must make certain that you have:
1. A good credit rating
2. Money set aside for a deposit and closing charges
3. A mortgage preapproval letter stating that you have been approved for a loan.
4. A fantastic real estate agent
How To Buy A House In Delaware: 10 Easy Steps:
Step 1: Figure out how much you can spend to buy a house.
Step 2: Look for a loan and get pre-approved.
Step 3: Research the average selling price of homes in your area.
Step 4: Get a great agent.
Step 5: Find a place you love.
Step 6: Make a proposal.
Step 7: Have an inspection done.
Step 8: Go over your contract.
Step 9: Get your mortgage approved in writing.
Step 10: Finish and pay
1. Figure out how much you can spend to buy a house
Determine how much you can afford in monthly mortgage payments as well as how much you can put down as a down payment.
Keep in mind that closing charges, fees, homeowners insurance, and taxes will all contribute to the total cost. Check your credit score, and remember that just because you don’t have a 20% down payment doesn’t mean you won’t be able to buy a property.
2. Look for a loan and get pre-approved
Finding a reputable lender and determining the type of loan you qualify for will assist you as you plan to buy a house. Before making a decision, get referrals and talk to at least three or four lenders. One of which will get you pre-approved and grant you a loan.
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3. Research the average selling price of homes in your area
If you have a favorite location or community, find out the actual selling price of homes in that region – not just the listing price – to make sure you can afford to buy a house there.
4. Get a great agent
Your realtor should be someone you know you can trust, a real estate expert in your area and neighborhood, and a pro at working with buyers with similar backgrounds to you.
Check out this post: Home Appraisal VS Home Inspection
5. Find a place you love
This is the exciting stage when you get to go to open houses, tour properties, take notes, and narrow down your search to your ideal dream home. Keep comprehensive records of the properties you see, including what you liked and didn’t like, as well as positives and negatives. Taking photos can also help you remember things as you plan to buy a house.
6. Make a proposal
As you plan to buy a house, when you find the right one, work with your realtor to come up with a competitive but appropriate offer price.
You’ll want to pick a figure that fits comfortably within your price range while also being competitive enough to prevent the seller from rejecting your offer right away.
7. Have an inspection done
Nothing is set in stone yet, so double-check that you’re getting your money’s worth! Request that your Realtor recommends a reputable home inspector to walk through the property and inspect it for any potential faults or issues. You can ask the seller to fix any problems you see if necessary. Don’t buy a house you’d regret paying for.
8. Go over your contract
Before you sign anything, make sure you read the document thoroughly with your agent or lawyer to make sure there are no contingencies—that is, you aren’t committed to buying a house even if your mortgage falls through.
9. Get your mortgage approved in writing
Submit your mortgage application, examine estimated closing costs, and have your house appraised with your chosen lender. Attorney expenses, title insurance, appraisal fees, house inspection fees, courier fees, government recording fees, and taxes are all common closing charges when you want to buy a house.
10. Finish & pay
It’s time to call it a day! To finalize the paperwork, sign your contracts, and pay your down payment and closing costs, meet with your agent, lender, and seller. The keys to your new home are finally in your hands! Congratulations, you bought a house.
If you want to buy a house in Delaware, book a call with Ashley Lyon to find out more details. We can answer all of your buying questions, and we can help you connect with the resources you need to make an informed decision, ensuring that you find your dream home at the appropriate price.