Buying a home is one of the biggest decisions we make in our lives. However, despite the importance of the decision, most of us just stumble into the whole thing and try to figure it out as we go through each step of the process. This is like a massive leap of faith.
To make your home-buying endeavor smooth, seamless, and fruitful, it is important that you do some preparation beforehand. For your convenience, I have provided you a step-by-step overview of the process of buying a home in Atlanta.
Step 1: Getting Started
This is the first step of the process where you determine your housing needs, budget, and get your finances in order. This is the preparatory stage that requires a lot of time and thought process. Here are a few considerations that you should keep in mind when listing down your housing objectives:
- What neighborhood do you want to live in?
- Are you looking for a detached property or a condo?
- Is proximity to work, availability of schools, and public transportation important?
- How many bedrooms and bathrooms are you looking for?
This is a non-exhaustive process. You will be adding many more questions as you proceed further.
Step 2: Getting a Mortgage/Financing
This step is all about budgeting. It’s best to seek assistance from an experienced real estate agent who can conduct a market research and find out how much you should expect to pay for the home you are looking for.
In addition, you will also be required to consider all the costs associated with a real estate transaction and get arrangements to pay for them. These include the fee of your real estate agent, earnest money, closing costs, and down payment. Once you have done that, you are ready to get a mortgage from a reliable lender.
Step 3: The Fieldwork
Now that you have listed down your home-buying objectives and secured a mortgage loan, you are ready to get started with home search. Expect your real estate agent to show you at least one home every week. Once you have found the perfect home for your family, you will be required to complete the following steps:
- Negotiating and submitting an offer
- Signing the sales contract
- Securing a mortgage (if you do not have a pre-approved loan)
- Inspecting the property
The entire process takes one to two months, depending on whether or not you have a pre-approved loan.
I hope that found this quick review of the home-buying process useful. If you are interested in learning in detail, you may contact me on my website. To get more tips about home buying and selling, please visit my blogs on Luther Ragsdale.com and Platinum Real Estate.