What all does a person have to do to buy a house?

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He should have a lot of money or savings first.

First, it helps to be insane. Houses are bad investments, they eat all your money with taxes, insurance, upkeep, decorating, heating , air conditioning, security, lawn equipment, and other inevitable maintenance costs, like a new roof and furnace.

Rent a nice place where all you have to do is call the landlord when things break down. You'll never get your money out of a house and you'll have to cut back on everything else you do, like entertainment, travel, and club memberships. Unless you're rich, of course, in which case, it doesn't matter.

An essential part of the process for every home buyer is to simply do the math. It is very wise to do all the financial planning first, before beginning the search for a suitable property to buy.

Every home buyer should shop around for the mortgage deal which suits them best, and calculate exactly how much the monthly repayments will be for each loan option, how much the loan will cost in the long term, and how long it will take to repay, to get a clear picture of exactly how much property they can afford to buy. Most mortgage lenders offer pre-qualified loans, so buyers can shop for their new home with the confidence of knowing exactly what they can afford.

Having a pre-qualified loan deal also means the buyer can move quickly on a purchase when they find the right property, which can be a great advantage particularly if there are other interested buyers.

Choosing whether to use an agent, and choosing which agent to use is another important step. Negotiating the purchase directly with the seller can save a substantial commission fee, but inexperienced home buyers in particular can benefit from the advice and negotiation skills of a good realtor.

An experienced realtor can give advice on factors which may affect the future resale value of the home. A good agent also has knowledge of the real estate market in a specific area, and can help point a buyer in the right direction by showing them properties with features which are most important to them.

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