A home is the most peaceful place for most people. The idea of having a place of our own is so comforting. However, not people think through the steps involved in getting the home they desire.

If you are a first-time home buyer, the entire process can be a little tricky. This is because there can be so many questions that you might have. In this article, you are likely to find some of them and have some clarity.

This article gives a comprehensive home buying guide 2022 for all the eager people out there. Readers will have an idea of the various aspects that they need to consider. So, let's get started!

What are the steps to follow to buy your dream house?

You can refer to the following steps to buying a house as your reference guide-

• Find a trustworthy real estate agent
  

  Hiring a real estate agent is quite helpful. They can help you by providing location options regarding your new home. After you decide on a house, you want to buy. The agents can help negotiate. When you want to buy a house, they take you through the entire process. They got you covered, from making an offer and loan to getting through the legal paperwork. If the real estate agent you hire has the required expertise, they can be valuable. They would save you from any pitfalls and guide you until you buy the house that you want.
• Decide on a house that you want to buy
  It is essential to go through all the options available in the market before you choose. Take suggestions from your real estate agent if you are confused. But make sure to weigh all the [pros and cons before making your decision.
  
  You go through catalogues, look online, or look for any 'for-sale' signs around you. Use every channel available. You do not want to miss out on any leads or references when it comes to your dream house!

• Location and credibility
  

  Make sure you do not compromise on the location of your dream house. The view and the location are important for any property. It is advisable to get a place in prime areas of a city. Otherwise, you can select any area as per your preference. But keep in mind that you have access to basic amenities like nearby marketplaces, healthcare institutions, malls and proper water/electricity flow.
  
  The entire process of the transaction while purchasing a home can be very complicated if you overlook little details. Also, the process can get very lengthy. One of the confusing parts of buying a house is getting the possession date. Due to the involvement of legal work, there can be delays and unwanted obstacles. However, if you have a real estate agent, things can get easier.
  
  Furthermore, in the case of buying a property, it is important that you go through the credibility of the seller and the developer. There are several builders in the market. You must assess their credibility before settling for one. You can do so by obtaining feedback from previous clients or by exploring their online portals.

• Make sure you have a budget and manage your finances wisely

  Always make a budget plan before you proceed with your buying procedure. Look for houses that come within the range that you can afford. However, assuming you are buying a house for the first time, there are many options to do so.

  You can opt for mortgage plans from the housing authorities. Several housing programs get quite low down payment options like 3 to 5 per cent. At the same time, the standard is at least 20 per cent. And also, there are many programs where you require no down payment at all.

• Choose lenders and get pre-approval for loans/mortgages
  

  You need not be dependent on your current bank or the financial institution for loans or mortgages. You should explore all the other options to get a loan for your house. Go through all the interest plans of all the banks around you. You will be surprised to see how fees and interest can vary. Remember that depending upon the bank or broker you are applying for the loan. The fees will differ. In addition, the mortgage rates bear quite an impact on the total price that you need to pay.
  
  Having a backup lender is advisable. It is not enough to just qualify for the loan. Because it does not guarantee that it will be funded till the end. Sometimes, the guidelines and investor market can change. Even after completing all the loan paperwork, there can be some obstacles. It is possible that you will receive some notifications within 48 hours that your funding has been halted.
  
  There are always some unforeseeable hindrances that might affect the loan program. Hence, experts suggest that you should always have an alternative lender. In this way, you won't experience any setbacks in the buying process.

• Make sure you inspect the house properly

  You would likely choose a house that appears to be flawless to you. However, it is better to be safe than sorry! Make sure you get a professional to inspect the house before you move in. Expert inspection will help identify any damage or flaw that you cannot do yourself. They can see through the safety, quality of the house and other facilities and give you a detailed report. You would not want to go through unnecessary repairs even with a beautiful house.

  Given that the home inspection reveals some major flaws, it is better to walk away. However, you must not close the deal if you find flaws that will cost you a fortune. At this point, you can walk away and get back your deposit from the seller. That's the safest option to go with. However, you can ask the seller to do the repair work and give you a discount as an alternative.

• Finally, you can close the deal

  Given that all goes well, you can close the deal. If the home inspection does not reveal any severe damage, you are good to go! But be very sure about this step, since it is the last and a significant one. There will be lots of paperwork all at once. So you should be alert and hope nothing goes wrong.
  
  You need to take into account several things at this stage. You might need to look into home appraisals, title search, mortgage insurance, etc. Remember to do a title search so that no one else gets to claim the property except the seller. In addition, there are other costs like taxes, surveys, loan organisation, and miscellaneous credit report charges.

To Wrap Up

After you sign the papers, get over with the legal work and close the deal, you get to move in finally! The feeling might be surreal until the place feels like a home. However, after you move in, you need to take care of the homeownership. It is going to be expensive, along with the loans and mortgage payments. To secure your claim on the property, you must follow the steps given above. You are likely to commit fewer first-time home buyer mistakes if you move gradually with the buying process.