The house buying process step by step

The house buying process step by step

The House Buying Process Step By Step

When considering buying a home, many new homebuyers believe that the home buying process is difficult to understand or so confusing that they get overwhelmed. Yes, the home buying process does include a lot of steps to find the right home, finance the home and move in, but it doesn’t have to be complicated.  This is where our guide The House Buying Process Step By Step comes in…

Zevizo Properties is going to explain the house buying process step by step in way that will make it easy to understand and give potential home buyers the information they need to decide if buying a home is right for them.


Step 1: Check Your Credit Report & Score

Before getting a mortgage or any kind of loan, you should always check your credit. The better your credit is, the better loan rate you will get and that could mean more home for your money.  If your looking for a good site to check your credit report we recommend Noodle.

Step 2: Figure out How Much You Can Afford

You want to decide how much home you can afford. Be reasonable with your budget so you don’t get in over your head. You will need to know how much you want to use as a down payment and how much you can afford for your monthly payments. Don’t forget to factor in money you’ll need for closing costs, fees (such as fees for an attorney, appraisal, inspection, etc.) and the costs of remodeling or furniture.

Step 3: Find the Right Lender and Estate Agent

Shop around to find the best lender and the best estate agent. Many home buyers will select the first estate agent they find and that may not be the one best suited for their needs.  If you need to sell contact us at Zevizo Properties we can also lead you to a lender that will get you pre-approved and ready for the next step.

Step 4: Look for the Right Home

Make a list of the things you’ll need to have in the house. Decide how many bedrooms you need and how many bathrooms. What does your ideal home look like and how much space do you need? Make a list of must-haves and included neighbourhoods, schools and other conveniences that you would like to live near.  Some good resources to find the right home are Rightmove, Zoopla and Zevizo Properties

So far in the house buying process step by step guide we’ve looked at deciding how much house you can afford and what to look for in a home. Now we are going to take the next steps and make and offer and choose a mortgage that is right for you.

Whats the value of your home? Found out here

Step 5: Make an Offer on the Home

Now that you’ve found the home you want, you have to make an offer. Most sellers price their homes high so don’t be afraid to haggle on the price a bit. Your estate agent will tell you how much the home is worth and what you should offer. The seller may make a counter-offer to which you can also counter-offer but avoid going back and forth too much. Try to meet in the middle and come to an agreement on price. Once you have settled on a price, you will need to decide what type of mortgage you will need.

Step 6: Get the Right Mortgage for Your Situation

There are many different types of mortgage programs available and you should be aware of the three basics: adjustable rate, fixed rate and interest-only.

Adjustable rate mortgages (ARMs) are short-term mortgages that offer an interest rate that is fixed for a short period of time, usually between one to seven years. After that, the interest rate can adjust every year up or down, depending on the market.

Fixed-rate mortgages are more traditional and offer a fixed interest rate (and thus a fixed monthly payment) for a longer period of time, usually 15 or 30 years, though they’re available in 20 or 25 year terms.

Both fixed and adjustable rate mortgages can have an interest-only payment. What this means is that for a certain amount of time during the loan term, you’re allowed to pay only enough to cover the interest portion of your payment.

Be sure to ask your mortgage lender any questions you might have to be sure that you are getting the mortgage loan that is right for you. Each mortgage program is designed for specific needs and your lender will explain those to you and help you select a loan to match those needs.

So in this guide “The House Buying Process Step By Step” we’ve looked at we looked at how to find a home, make and offer and choose a mortgage. In our final part, we will talk about closing on your home and moving in.

Are you looking for a FREE property valuation? Click Here

Step 7: Close on Your Home

Before closing on your new home, be sure to get a home inspection. A home inspection will tell you if there are any problems with the home and could save you money on repairs. Once you have your home inspection, you will set a closing date that works for you and the homeowner. There are many factors that could decide on the date and if should be something that you both agree on.

Ask your lender to explain the closing costs to you so you know what you will be required to spend at closing. Closing costs include (but are not limited to) your down payment, title fees, appraisal fees, attorney fees, inspection fees and points you may have bought to buy down your interest rate.

Step 8: Move In!

Now that you have purchased your new home, it is time to move in. You need to decide if you will hire a moving company or if you will do it yourself and decide on the date for move-in. That’s it; you have taken all of the steps to finding your home, financing it and closing on it. Now that you are moved in, you can sit back and relax a bit.

Buying a home doesn’t have to be a difficult or confusing process and choosing the right estate agent will make it even easier. Find an estate agent that is experienced and that will work with you to ensure your needs are met and that you find the home you are looking for.

We hope you’ve found this article “The House Buying Process Step By Step” helpful.  Buying a property can be confusing at times and so this guide breaks down the process into small manageable chunks.

Do you take any other steps?  Are you a seasoned home buyer?  Please leave a comment below and share your home buying experiences with us.