The Home-Buying Process

The Home-Buying Process

The Home-Buying Process

  1. BEFORE YOU BEGIN

Before you embark on your journey, evaluate your financial statement by asking yourself these questions:

  • Am I better off buying than renting?
  • Do I understand the cost of home ownership?
  • Am I financially stable?
  1. EXPLORE

Visit open houses in your top neighborhoods and research online – Sources include Property finder, Dubizzle, Bayut etc. Then connect with an agent to help you narrow down your choices.

  • 42 % of buyers used the internet as the first step of their search
  • 88% of buyers take help from real estate agents top find homes
  1. PRIORITIZE

Consider using the following check list to be sure that a home fits your lifestyle:

  • Are there enough bedroom?
  • Will this floorplan work?
  • Do I like this style of home?
  • Will the home need renovations?
  1. BE PREPARED

Prepare yourself to make the experience efficient.

It’s also helpful to: Know what documents you need to apply for a loan

Find out how much you can borrow – A pre-qualification can give you an estimate based on your current finances.

  1. MAKE AN OFFER

Be fair. Too low might turn the seller away. Assess the home’s market value by finding recent home sales nearby that are similar in square footage and condition.

If the seller counter-offers, figure out your maximum price based upon your budget, and stick to it.

  1. FINALIZE THE DETAILS

The following tips can bring you through the finals steps of this journey:

Hire an inspector to evaluate the home’s condition. This can save you money and stress after closing.

Work with a mortgage banker to review your loan application and discuss locking in your rate.

Expect a closing disclosure at least three days before closing

Get your pen ready, you’ll be signing lots of papers!

 

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