Your Complete Guide to Buying a House from Start to Finish

When you buy your first home, it’s an amazing experience. You’re finally about to be a homeowner, you don’t have to worry about the drawbacks of renting or living with other people anymore, and it’s likely to be your biggest asset unless you do really well in the business and investment world.

There’s just one problem. It’s complicated.

We’ve prepared a complete guide to buying a house, so you can avoid the common homebuyer mistakes and ease the stress that often comes with tackling something new and complicated.

1: Financial Prep and Budgeting

The first step is to get your finances in order, but you can’t really do that unless you know what you’re dealing with.

So, we recommend starting by looking at the average price range of a house in your target area. Keep in mind that the average down payment ranges between 5% and 20% of the cost of the home. That’s what you’ll need to save up for.

You’ll also want to budget yourself during this research and pricing phase. Compare your salary to the amount you’ll be paying for the home each year, and keep in mind that you have other financial requirements, too.

Just because you can afford the downpayment after a bit of saving doesn’t mean you can afford the house long-term.

Your credit score is another factor you’ll want to check out during this phase. You shouldn’t apply for mortgage approval until you know you have the credit for the request to be approved. If it’s denied, it’ll hurt your credit more.

Once you have a good idea of what you’ll need to have as a down payment, it’s up to you to figure out how you’re going to save for that. When you have a good amount saved and understand your budget, you can move on to the next steps.

2: Approaching a Lender

After you’ve gotten the financial part of it together and researched the local housing market a bit, it’s time to approach a lender. You want to get pre-approved for a mortgage. This is how much the bank is willing to lend you to pay for the house, and you’ll pay it off over the next 15-30 years, depending on the type of mortgage you get.

If your budget allows, making extra payments or opting for a shorter loan term can help you save on interest and pay off your mortgage faster, giving you more financial freedom in the long run.

Again, make sure your credit score is good before you approach a lender. For some reason, the system is set up for your credit to take a hit if you’re denied the mortgage.

3: Get a Real Estate Agent

Finally, you’re at the most important decision you’ll make during the entire process. You need to find the best real estate agent.

Your agent is so important because they have the resources necessary to find you a home that meets your needs quickly, negotiate prices, and guide you through the most complicated parts of the process up to closing the deal.

You want to make sure you’re hiring a good real estate agent with a stellar reputation.

Start House Hunting Today with Sunny Gawri Real Estate

This comprehensive guide to buying a house breaks down the journey step by step: from budgeting tips to lender prep and expert support, making homebuying feel less overwhelming & intimidating, and more understandable & achievable.

With Sunny Gawri Real Estate, you’ll gain access to practical resources for both buyers and sellers, including personalized market insights and hands-on assistance throughout the process.