Want to Buy a Home? Here’s a Step-by-Step Look at How It’s Done

Owning your own home has been part of the American Dream ever since the ‘shot heard round the world’ set off the American Revolution. To help make that dream a reality in 2013, Realtor.com has provided 10 resolutions to help in a successful quest.

  • Decide What You Want—Given the commitment of buying a home, the first step is to decide on EXACTLY what you are looking for in terms of location, price, and what kind of home you need.
  • Get Your Financial House in Order—This means to figure how much you will have available for a down payment and what your monthly budget would allow for a mortgage payment.
  • Get Your Pre-Approval Before House Hunting—Meet with a loan officer and get a pre-approval letter that states your financial records have been reviewed and you can readily qualify for a given loan amount.
  • Find Your Realtor—Given the complexity of purchasing a home, it is highly-recommended a real estate professional is hired to help guide you through the buying process.
  • Find Your New Home—You can go through online listing of homes for sale that match your exact specifications, and/or you can use a realtor to provide a list of suggested homes that match your criteria
  • Understand Your Mortgage Options—Buyers should learn as much as they can about the various mortgage options available, which will determine the ultimate cost of a home
  • Make An Offer—You have three options at this step, according to Realtor.com. They are accepting the listed price and drawing up a contract; make a counter-offer with different terms; or reject it and not make an offer
  • Protect Yourself with Insurance—Title insurance, which protects you in case it is later found the title of a property is actually invalid; and homeowners insurance, which protects against fire, theft and other liability
  • Close on your New Home—With advances in technology, this has become a more streamlined process, according to Realtor.com. In this step, you get one final chance to walk through the home to make sure there have been no changes in its condition since the sales agreement was signed
  • Tie Up Loose Ends—This step includes determining all of the utilities you will need to run the home. Additionally, be sure and hold on to all the paperwork of the sale as these can be used for tax purposes.

We hope this helps in your house search and that 2013 is the year you purchase your own home. Happy hunting.

About Gary Gold

Executive Vice President Hilton & Hyland Gary Gold is a marquee name in Los Angeles luxury real estate and one its most successful technology marketers. He’s an internationally recognized marketing and luxury real estate expert as well as the #1 marketer on Zillow in the Beverly Hills real estate.