BUYING A HOME AS AN INVESTMENT

Buying a home is one of the most significant investments you'll make in your lifetime. It's also a process that can be both exciting and overwhelming. With so many steps involved in the home buying process, it's important to have a good understanding of what to expect and what you'll need to do. In this article, we'll take a closer look at the home buying process, from getting pre-approved for a mortgage to closing on the sale.

When I purchased my first home, I remember I was in law school and I remember everyone telling me that it could not be done. So, of course, I had to prove them wrong by purchasing my first home during my second year in law school, while traveling as a flight attendant.  It was stressful, but definitely worth it. 
 
Now, let's get down to brass tacks. The absolute first step in buying a home is getting pre-approved for a mortgage. This involves submitting financial information to a lender and having them determine how much you can borrow. This step is important because it gives you an idea of what you can afford and helps you narrow down your search to homes that are within your budget. You'll also need to have your credit score checked, which is used to determine your interest rate. Remember, the mortgage company provides a guide of how much home you can afford. However, you do not need to find a home at your maximum price point. It's ok, to go below your price point so that you can fell comfortable with such a huge investment. 
 
Once you have a good idea of what you can afford, it's time to start searching for a home. This can be done with the help of a real estate agent, by searching online listings, or by looking at open houses. Your real estate agent can help you find homes that meet your specific needs, such as location, number of bedrooms and bathrooms, and overall style. You can also look on your own and also check "For Sale by Owner" websites. But my recommendation is that you work with a licensed real estate professional who can be of huge assistance in navigating the process. 
 
Once you find a home you want to buy, you'll need to make an offer to the seller. This typically includes a proposed purchase price and any contingencies, such as the sale being contingent on the buyer obtaining financing. Both Texas and Louisiana have required forms that should be used in submitting an offer. For more information, you may want to check with your real estate professional or go to your state's real estate commission website.  

After your offer is submitted, the seller will either accept, reject, or counter your offer. If the offer is accepted, you'll have the opportunity to have the home inspected to identify any potential issues that need to be addressed.
 
After the home inspection is completed and any issues have been resolved, you'll need to finalize the sale by signing a purchase agreement and closing on the mortgage. This is the point at which the sale is considered official and the home is transferred from the seller to the buyer. Closing costs, such as attorney fees and title insurance, will be due at this time. In preparation for your closing, you will receive a disclosure statement which will detail the costs involved. If you should have any questions or concerned, it would be best to voice them before you reach the closing table. 
 
Finally, it's time to move into your new home. This can be an exciting and busy time, but with a little preparation, it can be a smooth and stress-free process. You will want to make sure all your utilities are set up and that your furniture and belongings are organized and properly placed.
 
Overall, buying a home is a big decision that requires a lot of time and effort, but with the right preparation, it can be a smooth and enjoyable process. It's important to have a good understanding of the home buying process and what to expect before you start looking for a home. By working with a real estate agent and a lender, you can make an informed decision that will help you find the perfect home for you and your family.

If you should have any questions about buying a home, feel free to contact us for more information. 

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