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Buyer’s Center

The Process of Home Buying - Kami Purchasing a home is stressful for anyone – you will encounter numerous processes, just like selling a home. But do not worry, there are real estate companies, like Triumph Luxury Homes, that offer assistance to new or experienced homebuyers.
 
Before you make your call, here is a rundown on what goes on during a purchase of a luxury home to help you avoid unwanted home buying blunders.
 

Finalize your decision of buying a home

Buying a home is one of the biggest life endeavors you can make, so be sure that you are up for it because it will require most of your time, finances, and resources. If you are buying with your partner or your family, sit and talk about your desired outcome on this investment, and conclude if home buying is really good on your current situation.

As much as you can, ensure everyone’s support – may it be physical, mental, and financial – because you are going to need a lot of it.
 

Evaluate your credit

Check your credit before you start browsing for homes. This is a vital step to make sure there are no holes or errors in your credit reports because it might impact your loan application. You can get a statement of your credit through credit agencies such as Equifax, TransUnion, and Experian to get you ready for the next step.

If you found problems with your credit or if it is a little low, you can improve it by settling your balances and reporting errors to the mentioned credit bureaus.
 

Seek for a lender

Pre-qualifying yourself is also an important step when buying a home. This simply means finding a suitable financial lender and applying for a loan. When pre-approved, you have the assurance that you can purchase the home that you will choose.
 
The documents you are going to need when meeting a lender are the following:
- Credit history
- Bank statements
- Tax returns
- Proof of income
- Other asset statements
- Proof of identification

Talk with at least three lenders, then choose the one that looks and feels eager to help you on your bidding.
 

Prepare a budget

You should set a budget when looking for a home within your pre-approved loan. Just because you are looking for a luxury home does not mean you should go for the most expensive property from the lineup. Always search for homes that are decently priced but still offer the home qualities you are looking for.

To make sure you budget properly:
- Gauge the mortgage payment you are willing to pay that is also covered by your loan
- Add in the monthly bills, taxes, utility fees, and maintenance costs

This is also the time to decide on your down payment. A 20% down payment is a rule of thumb when buying a home because it will give you less monthly mortgage and interest. If you cannot afford a 20% down payment, you can apply for a different loan with a lower down payment.


Seek the help of a real estate agent

When all the finances are in check, it is time to go around and look for the home of your dreams. Of course, you need an expert opinion as you go. This is why you need a real estate agent on your side during your search – they can provide valuable advice about the properties you are looking at.

There is a vast collection of homes so do not settle on the first home you see; instead, explore and comb through. You will eventually find a home that will suit not only your tastes but also your financial capabilities.

Tip: Make a list of your home needs and home wants. This way, you can prioritize a functional living over a lavish one.
 

Choose and decide

Narrow down your choices and select the home that fills most of your home requirements and one that is affordable for you. The latter is important because opting for an overly expensive house can only tamper the joy of living in your new home.

If you have chosen a home to purchase, expect that there will always be a flaw on it – may it be faulty wiring, a mold on a part of the wall, or it might miss some features you would want to have. This is why you need to first inspect the home and attend to the needed repairs and fixes.
  

Gear up for final settlements

If you finally settled on a property, you will have to make an offer on the home. There are instances when several buyers want a particular home and a sort of “bidding war” will take place so make sure that your offer is convincing and eye-catching to the seller.
 
The usual offer includes the amount of money you are willing to give as a down payment, as well as your terms and contingencies. A contingency is a condition that need to be met by the seller or the buyer before a contract becomes binding. Some common forms of contingencies are home inspection, appraisal, and mortgage approval contingencies.
 
Once everything is laid down, the buyer and the seller will engage on negotiations. Ensure that you consult or let your real estate agent do the negotiations, but with your input of course. Negotiations could end sourly so make sure that you are prepared for the emotional strain.
 
If you have made it all the way to negotiations, then congratulations! You are ready for more home transactions!
 
If you and the buyer had finally agreed on the terms and conditions, it is time to go through a multitude of paperwork then you will be handed of the keys to your new home!

Triumph Luxury Homes is a real estate company in Las Vegas that represents the grandest Las Vegas Luxury Homes for you to look through! We can assist you on your buying transactions! Just call us at (702) 799-9999!

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