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).