Buying a house was always a big mystery to me. I never knew what anyone meant when they said that a house was "in escrow". "Mmmmhmmm, cool!" I would say insecurely. There are tons of websites that explain how to get a house, but they are usually from experts in real estate and therefore give wayyyy to many details. By all means, check them out once you are beyond novice level, but in Syren Thriving passion, I *just* went through the process, so I wanted to give you a fresh, clear perspective, no fluff, not many details, so that you can start to plan for your first property
What you need to set up before you start looking for a house:
1. Income
2. Savings
3. Good Credit
4. Budget
GETTING YOUR DUCKS IN A ROW
1. Income - enough to cover a mortgage & expenses
2. Savings - enough for the down payment & closing costs
3. Good Credit - as of 2021, lenders consider scores above 600
4. Budget - your DTI (debt to income) ratio should be less than 30%
Once you have all of those ducks in a row, decide on your budget for this home, what kind of home, and what location:
Budget - the range you are looking for, the comps
Types of homes - single story, duplex, condo, etc.
Location - what kind of neighborhood, nearby amenities, etc.
SEARCHING FOR A HOUSE:
1. get a pre-approval from a lender
2. find an agent
3. look for houses
4. make an offer
If an offer is accepted...
BUYING A HOUSE:
1. home inspections: general, hvac, pest, others if necessary
2. appraisal
3. lender
4. title
I will post a timeline next...
It can take a long time and a lot of offers turned down, or it can happen very quickly. It will depend on the market and what your criteria is.
Our personal journey...
We looked at about 30 houses over 6 months. We tried different cities before settling and based it on neighborhood, quality of the home and opportunities.
Once we went into the house, I felt a shift in my energy. I felt happy and comfortable and knew that I didn't want to feel anything *less* than that. It was our fourth offer. We bid $10K over because it is definitely a sellers market right now.
Since then we worked closely with the lender and our agent to get every single detail about negotiating a deal and ensuring all of these new ducks were in a row.
I'm so happy and excited to be moving into the property in a couple weeks and how it will open us up to new opportunities and bring a whole new energy to all of my projects and passions.
I'm also excited to build a home from the inside out with Sasha and truly *own* the place that I live - I don't have to ask for permission for anything, we won't share walls with anyone - it will be grand.
Annnnd moving has always allowed me to continue to minimize and I plan on throwing away as much as I can during this move. Annnnd I'll be sharing the organizing and decorating journey with you along the way!
