
Buying a House – How to do it
If
you plan on buying a home, surely you want to make the entire process as easy
as you possibly can. Buying a house is like nothing else, and it is important
that you know exactly what to expect from day one. We’re here to help you learn
how to buy a home like a pro, even if this is your first time doing so.
We’re
going to summarize everything you need to know about how to buy a house in 10
steps:
Step
1 – a Real Estate Agent
Before
you start your home buying journey, Myanmar Real Estate Exchange wants you to
know that you first need to find a good agent to help you out. Hiring an agent
isn’t going to cost you anything, but it is super beneficial because you will
be saving a whole lot of time. An agent in Myanmar will have access to the
Multiple Listing Service (MLS). This gives them a first look at what homes are
for sale in Myanmar based on your budget.
Step
2- Find a Mortgage
In
step 2, it’s time for you to start shopping for a mortgage. Take your mortgage
shopping online, and compare rates. Take time to look at all of the different
types of mortgages that are available for you – FHA, conventional, adjustable
rate and fixed-rate. Learn the differences between these mortgages so that you
can figure out how to purchase a home in Myanmar that is suitable for you.
Afterwards,
get a mortgage pre-approval. This will give you an idea of how much money you
may be able to borrow. Being pre-approved for a loan will speed up the process
in the end.
Step
3 – Develop a List of Your Wants and Needs
In
step 3, you will be making two lists. One list is your must-haves, and the
other list is your nice-to-haves. The nice-to-haves include items such as a hot
tub, an Olympic-sized swimming pool, and so on.
On
the other hand, your must-haves list will include the location (your favorite
neighborhood, walkable to work, etc). This list will also include the number of
bathrooms and bedrooms, and whatever else you absolutely won’t live without
having. A real estate agent can take a look at your list and determine which
homes fit you and your budget.
Step
4 – Look through the House Listings Posted Online
Go
ahead and start looking at what is available in Myanmar. There are many search
features that can use in order to see
the listings available in your area. With online browsing, the goal isn’t just
to find a potential home, it is also to make sure you get what you want, and
find what you can afford.
Step
5 – Go to House Viewings
Once
you start to find homes that are suitable for you, speak with your agent and
ask them if they could start scheduling viewings for you. Go to as many open
houses as possible. Speak with your agent and get some advice on how to buy a house in Myanmar that fits your
needs.
Step
6 – Make an Offer and Negotiate
Once
you are ready to start buying a home, it’s time to put those offers in. With
this step, you’ll start to see exactly what you went to a real estate agent. A
real estate agent will help you determine the best offer to make for the home
you want. When you make an offer on a
home, the seller will either accept, reject, or make a counter-offer, and from
there, the agent will help you decide what you next move should be. Once you
have officially arrived at a deal that everyone agrees with, you will be ready
to buy the house.
Step
7 – Approving Your Loan
Remember
in step 2, where you got pre-approved for a mortgage? Aren’t you glad you got
that out of the way? Now, it is time to move forward and make that loan
official. Speak with your lender and tell them that you have found a home you
would like to buy. The lender will move forward with ordering an appraisal
(you’ll also have a lot of paperwork to fill out).
Step
8 – Wait for the Appraisal to Come Through
The
lender will make sure your home is good by doing an appraisal on it. A
professional will be doing an appraisal of the home in order to discover what
the home is worth. If the appraisal comes out higher than the offer, that’s
good news. However, if it doesn’t, you may either have to get a second opinion,
put a large down payment down, or renegotiate the price.
Step
9 – Hire a Home Inspector
You’re
under a contract right now, but you can still back out if you discover
something you don’t like about the home. The home inspector is the one person
that can find those potential surprises. The inspection will cost anywhere from
$300 to $500, but it is well worth it so that you’re not going in blindly only
to discover there’s a major issue with the home after you purchased it.
Step
10 – Close on the Home
The
day you get the keys to the front door (and back door) has finally arrived.
However, first, you will have to work your way through a pile of paperwork
(then you’ll get your keys). An appointment for closing on your house will be
set. You will need to bring a cashier’s check for the down payment and closing
costs, as well as your driver’s license as proof of I.D. As for the down
payment, this will range anywhere from 2 to 5 percent of the home’s purchase
price.
Closing
on the home is going to take some patience, but in the end, you will be the
homeowner (and a happy one, at that).