11 steps when buying a home in the USA

Фото: Depositphotos

Have you decided to buy real estate in America, but don’t know where to start? Don't worry, you are not alone. I was “there”, and, probably, if I returned there today, I would have to make a plan all over again: where to start, how to move, what to do and what the final result will be. Therefore, this article will be instructions for you, writes Andrey Boychuk in an article for Immigrant Porada.

Such big things may seem unreal, but remember: building pyramids in ancient times was also something supernatural. But they were built one stone at a time. Therefore, we will also achieve an unrealistic goal, step by step.

Are you tired of paying rent, living in an apartment with someone, or do you just want to have something of your own? That's why you decided to buy real estate. So what's the first step? No, the first step is not money, please forget about it. I don't care if you have savings, or you're up to your neck in debt, or you only have $100.

1. First of all decide exactly what you wantthat is, what kind of real estate. Apartment, house in the city or outside the city, cooperative. Do not think about the size, that is, how many bedrooms and how many bathrooms and toilets. Just decide what you want.

2. Decide on the terrain. Make a list that will consist of 3 columns. Where I want to live, where I do not mind living, where I 100% do not want to live. If you are not alone, then make this list with your wife, husband or children. Be detailed and frank with you.

3. Then determine you want a new building, old renovated, or old unrepaired, or completely dead. For example, when my wife and I were looking for housing to buy, we were not against buying something completely killed to pay less. It was an initially conscious decision.

4. Financial status. Write these lines and in front of each of them indicate the appropriate number.

A) how much you earn per hour (if you are two, add up earnings). By the way, I often hear the following term: “clean or dirty”, “on check or on hand”. That is, with or without taxes. You should write down the amount without deducting taxes, that is, what you officially receive.

B) multiply the number of work hours per week by your hourly earnings and then by 52. This will be your annual salary.

C) write down the amount of all the debts that you have (official), that is, on credit cards, credit for a car or for something else, etc., all summarize. If you have no debts, then write "0".

D) write down the monthly payment on loans in general. That is, how much you spend just a month to pay loans.

5. Find out your credit rating. This can be done for free.

6. Now there are two ways. Theoretical and semi-theoretical. Theoretical: you multiply your monthly earnings by 28% and subtract a monthly loan. The percentage may be higher, it all depends on your credit history. It might be somewhere around 43%. So, this will tell you how much you can actually pay on the loan. Now multiply by 360 months. This is the amount you can count on when purchasing a home. Therefore, once again this formula is: ((Monthly earnings * 28-43%) - your monthly payment for loans) * 360 = the amount you can count on to buy a home.

Semi-theoretical method - you go to any bank that issues loans and ask pre-approval. They will take all the necessary information from you and say approximately what kind of credit you would be given. Now take a look at this information and look in the area in which you would like or would not mind living, real estate prices, the type that interests you. If prices are high, you need to think about how to earn more, or look elsewhere, where you can afford the option. Or look at the houses that need repair, and therefore their prices are lower.

7. Let's say you roughly understand the prices and they suit you. The next stage is find a real estate agent and say what type of housing you are interested in, ask him to add you to the email list. This is an automatic mailing list that, according to your criteria, will send what you are looking for immediately, as it goes on sale.

8. As soon as you like something in the photo and in the description, make an appointment and go look for housing. But when you make an appointment, ask the agent to show at least 5 objects, even if you don’t like them. The more you see, the more opportunities to find what you are looking for, even if you yourself do not know what you want. I promise, somewhere after the fifth house viewed you will be like a professional, because you will already know a lot.

9. Parallel defer to the down payment and paperwork. У It took my wife and I one year. 3,5% is the down payment, and somewhere around 7% is paperwork. This is money that you need to have in cash.

10. If you like something, make an offer through an agent. I just ask you, don’t do this to the first house you see. Check out others. If only your offer is 50% of the asking price?

At the same time, do not forget to bargain. As embarrassing as it may be, even a 1% discount is a good amount: with $200, that's $000. My advice: your offer should be somewhere 2000-5% less than the price, well, if this housing is normal. They will make you a counter offer anyway. And don’t listen to the agent who will tell you that you don’t need to do this. Because they won't sell. You try it. One more thing. Remember: the agent’s job is to sell. He receives commissions from this. So don't give in to pressure.

Фото: Depositphotos

11. After your offer has been accepted, you have somewhere up to 30-60 days to take a loan. You can apply through any bank.

I’ll end here, because the bank will tell you what to do next. The main thing is don’t worry, everything will be great. Honestly, when I took out a loan of a quarter of a million, I also felt uneasy, but you can get used to it. Later I’ll tell you about some parts in more detail. It was just a step by step plan of what to do. Remember: the main thing in this matter is action, without action nothing will move, no matter how much you dream and want it.

About the Author: Andrey Boichuk - founder Immigrant porada (iporada.com) - platforms for Ukrainian immigrants in the United States. Cheerful husband beautiful wife and father of a joyful daughter.

This blog is translated from the Ukrainian language. The original article can be found on the website. "Immigrant Porada" (Ukrainian online advice platform for immigrants in the United States).

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