7 Steps to Buy and Insure Your Dream Home
By Author 90
Buying a dream home without any plans of insuring it is like pouring fresh milk down the drain, a deliberate self-sabotage act. Whether you are in the market for your new home or have a wealth of experience buying houses, you must consider insurance. However, for first-time buyers, having an outline of the buying process helps keep things on track. Below are steps to help you cover essential bases while buying a home.
Seven Steps To Buying Your Home
1. Early online shopping
Owning a home is fun and convenient with the recent technology where you can sit at home from your couch’s comfort and do some online shopping. You can always view house listings online for the first stage of your search. Login to trusted websites and look at available houses on the site.
The photos and information about the house might differ based on the real estate websites, so it is good to have various sources. Also, check out online tools that can dig up information about the house you are interested in. This will help you make an informed decision.
2. Call your real estate agent
Real estate agents are vested with enough knowledge to help you with your search. A realtor might be aware of homes that are not yet listed online, so always ask around. Another good thing with agents is that they can recommend a house that suits your needs. Also, take note of the robust house features you want; this will help your homeowner’s insurance.
3. Mortgage Pre-approval
A mortgage preapproval tells the seller that you are an eligible buyer, so make sure you check for that. This approval is appealing to many sellers and is also necessary. Getting your mortgage preapproval will help align your budget to how much you can afford.
Sometimes mortgage includes your tax and insurance payments. You also need to show proof of adequate homeowners insurance coverage when you conclude your mortgage process. Real estate taxes might be high in some areas, too, which can influence your home price.
4. Choose your home
When you go for a house inspection, you will see those that aren’t right for you. So choosing a home will boil down to deciding which house ticks all your boxes. However, be flexible with your choice because you might need to compromise on some features. Choose a home that you will enjoy now and in the nearest future. Your house’s location and quality can influence the insurance cost.
When you settle on a home you love, you can make an offer that the seller can accept or reject. Your real estate agent will help walk you through this process.
5. Home inspection
A licensed home inspector will check the house for any repairs and its durability. But home inspection comes after you reach an agreement with the seller. It is advisable to be present during the inspection process too. Sometimes you might need the services of a specialist to check for termites and other hidden issues.
6. Get insurance
After your agreement and home inspection, you will need insurance after you decide on the house. It helps to get insurance before closing the sale. Your agent will guide you on the process required to get homeowners’ insurance coverage.
This agent will explain significant policies that are designed to keep your home and belongings safe. You can ask your agent about discounts if you want to bundle insurance, auto, and home. This can save you some cash which can be used to furnish your home.
7. Closing your home
This is the last step for buying a home. It might get strenuous due to the number of paperwork involved, but you need to exercise patience. Imagine the thrill you feel when you get the keys to your new home if you think online house shopping is fun.
Buying a home is everyone’s dream, but you need to take the necessary steps required to enjoy the process and land your dream home. Make sure you seek the help of a real estate agent to make this process smooth for you.