Buying a house is once in a lifetime experience for the majority of the people. As excited as you can be at the time of purchase, you can easily get overwhelmed, too. It definitely isn’t a simple process and demands you to be careful about several details.
We’ve worked on a pre-purchase checklist that can help you make a better and well-informed decision. If you keep these things in accordance while carrying out the home purchasing process you are likely to negotiate better and avoid problems that can later give you major financial setbacks.
Let’s have a look at what this checklist includes.
1.Analyze Your Budget
Budget is the first thing you need to work on. You have to know what exact resources you have and how much you’re willing to spend on the house purchase. This is immensely necessary because it will help you develop a targeted plan in which you clearly define your limit and then follow accordingly.
When working on the budget, you need to keep in mind a couple of things including the closing costs and ongoing costs. The closing costs include appraisal, inspection, and brokerage fees to name a few, whereas the ongoing costs include mortgage payments, rates, and utilities.
You won’t know the complete cost of a few things such as the mortgage payment until you actually buy the property but it will help you plan better to know what costs you have to look up to. When you have a budget planned, it helps you make a smarter decision. This should be the first thing on your checklist before you pursue the purchase.
2.Organize Your Finances
The second thing on the checklist is the organizing of the finances. Once you’ve worked on the budget, you need to organize your financial resources and determine how exactly you are going to cover the expenses. If you are able to cover the cost without borrowing, you have to accumulate your existing funds and assets you plan to use for the purchase.
If you plan to borrow money, you’ll have to apply for a mortgage and have to visit different lenders to know how much money they’re willing to lend and how much amount you have to arrange on your own. In either case, it requires substantial planning and this is something you need to do before going forward with the purchase.
3.Get in Contact with a Real Estate Agent in Myrtle Beach
Once you have your budget in place and have decided how you’re going to pay for the house, the third thing on the list is finding professional help. You need to get in touch with a realtor in Myrtle Beach to help you find a suitable property.
You can buy a house through a private sale or an auction, too, but going with a real estate agent in Myrtle Beach is beneficial. The agent will help you look through different houses as per your needs, preference, and budget.
They have a better experience of understanding and executing deals. So, you can trust them to give you the best options to choose from.
4.Make a Good Search
Before buying a house, you must do a good research and have a look at many prospective houses. You may feel inclined towards buying the first house you see but it’s beneficial to visit other places too so that you have a variety of options to choose from.
Realtors in Myrtle Beach can help you develop a shortlist of houses that meet your budget and preferences. You need to analyze their offerings, benefits, and shortcomings and then make the decision.
5.State Your Demands Clearly
This is an important part of the checklist before you buy a house. You should state your demands and questions clearly before the seller. You need to be upfront about things whether or not you’ll be getting fixtures with the house, and an upgrade that you think the house requires prior to the deal.
If the seller doesn’t agree on upgrading the house or not providing fixtures, you must add this in your price negotiation. If the seller agrees about the changes, make sure to have a clause added in the legal contract so that you don’t have to face any last minute back outs.
6. Have the Property Surveyed
Once you’ve chosen the property you’d like to buy, make sure to have it surveyed by professionals. Your mortgage lender, for instance, will require an appraisal of the property to guarantee the value is acceptable. A qualified inspector can look at your prospective property to carry out an inspection and see the exact condition of the property and the problems that may not be visible. You will receive this report in advance to know if anything’s wrong.
Checking the sustainability of the property, the system of sewage and overall plumbing, and the surrounding analysis can help you understand the potential shortcomings of your prospective house and allow you to better negotiation.
7. Legally Bind the Sale
Once you have decided on the property and have agreed on a price, you must exchange contracts to buy the property to legally bind the sale. You and the seller will be asked to sign a contract in which you agree to the terms of the sale.
Make sure to thoroughly double check the contract and have it cross-checked by a real estate agent in Myrtle Beach to ensure all aspects discussed in the negotiation are added in the contract.
Purchasing a home doesn’t happen overnight. It can take one to three months to close a deal. In the meantime, you have to ensure that the entire process takes place smoothly and nothing is left open-ended. Knowing your finances and payment method, stating your demands clearly, and having the property inspected beforehand will make this process smoother. Having professionals help you in the purchase can save you from tremendous stress.
Briggs works as a broker-in-charge with Sands Realty Group, Inc – a prominent amongst the realtors in Myrtle Beach.A native of this area, he was born and raised in Conway, SC and graduated from Conway High School in 1993. Currently, he works with Sands Realty, a prominent name when it comes to looking for properties for sale in Myrtle Beach. His work experience includes managing a Myrtle Beach landmark for the past 17 years – Peaches Corner. He also has his General Brokerage license since 1999. His knowledge in real estate, business, marketing and management, as well as expertise in this rea gives him the upper hand in handling all of your real estate needs.