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Home Buying Made Easy

By Guest Author | July 28, 2015

Buying a home in today's economy is almost impossible. If you ever get the opportunity, you'd want to make sure everything is perfect, from the last piece of floorboard to the final contract signing. After all, you don't want to be carrying the monthly mortgage payments for a property you don't really like or need.


While there is no overnight coursework or home-buying bootcamp to teach you how to buy a home, this article will lay out the most fundamental parts of the process.


Well, there is no shock here. Budget is the first and foremost category to check off on your list. How much money you have in hand and how much money you can borrow will determine the possibilities. A general rule of thumb is to only entertain home prices that are two or three times your yearly salary. This helps ensure you don't default on your mortgage when unforeseen financial events occur.


This is perhaps trickier to figure out than the actual property itself. Where do you want to live? Do you wish to stay in your current suburban neighborhood? Or do you want to move into the city? Location is king when it comes to buying property. It greatly influences the price of the home hence careful consideration is vital. If you are buying a new home for your family, make sure you involve them in deciding the location.


If you are like most home buyers, you're probably going for a home loan. Consultation with a bank representative is a vital step in the mortgage cycle. How much you are eligible to borrow will be estimated by the representative. Having said this, you should check this off your list before searching for houses.

The Need For Warranty

Home warranties are often mistaken as the same thing as homeowners insurance. However, a home warranty only covers specific parts of the house rather than cover major problems like earthquakes, flooding, or fires. It is a contract that provides discounted repair and replacement work for HVAC systems, electrical lines, and plumbing. Depending on the current condition of the property you are looking to purchase, you may or may not need the product.

Property Features

Probably the most enjoyable part in the home-buying process is identifying the property features and amenities. If you have a tight budget, a regular bungalow house might be the smart and frugal option. Decide first which features are must-haves then look for properties that feature the amenities you identified as must-haves. If you see any margin between that property's price and your budget, then it's time to add some nice extras. Must-have features include bedrooms and bathrooms while non-essentials include a private tennis court or an indoor swimming pool.

Real Estate Agent

Browse property listings online like Trulia. They display available properties within your neighborhood, and its free of charge. Decide whether or not you need to work with a realtor. While it's not a requirement to do so, there are many benefits to working with a realtor. For example, a professional realtor has access to a wider range of home choices. In addition, since home-buying can be an emotional transaction, a realtor can serve as the middleman between the two parties involved.

It will take time to cross everything off your list. But when it comes to buying a home worth hundreds of thousands of dollars, it pays to be 100 percent sure of your purchase. After all, it will take longer to resell a property if you end up not liking it plus you give up a large chunk of the property's valuation.

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