Ready for a new house? Stop a bit! There are ideal processes before and after the purchase

In one of our previous articles, we listed some questions to help anyone looking for their first home. Some tips may be needed by anyone who buys not as a beginner. And buying is not the end of it.

In one of the previous articles ("First time buying a house? Here are some steps to help you out") we listed some questions to help anyone looking for their first home.

However, some tips may be needed by anyone who is not a beginner: although some of the processes may seem easy, there is always room for improvement. After all, we are talking about a big step. And remember: buying is not the end of it.

The buying process

Now that you’ve decided to take the plunge, let’s explore what you can expect from the home buying process itself.

Find a home

Once you’re seriously shopping for a home, don’t walk into an open house without having an agent (or at least being prepared to throw out the name of someone with whom you’re supposedly working). You can see how it might not work in your best interest to start dealing with a seller’s agent before contacting one of your own.

Preapprovals and choosing lenders

Don’t be bound by loyalty to your current financial institution when seeking a pre-approval or searching for a mortgage: Shop around, even if you only qualify for one type of loan. Fees can be surprisingly varied. We at AiLend deal with the simplification of getting a loan: log in to our website ( and apply in less than 90 seconds to understand your loan options.

Once you’ve settled on a lender and applied, the lender will verify all of the financial information provided (checking credit scores, verifying employment information, etc.).

The lender can pre-approve the borrower for a certain amount. Be aware that even if you have been pre-approved for a mortgage, your loan can fall through at the last minute if you do something to alter your credit score, such as finance a car purchase.

Make an offer

Found a home that's right for you? Now's the time to make an offer. Your real estate agent can be a tremendous resource here, providing you with comparable sales information and any intel about the sellers they might have gleaned from the selling agent (like if they've already found a new place and are extra motivated to sell).

Have the home inspected

Even if the home that you plan to purchase appears to be flawless, there’s no substitute for having a trained professional do a home inspection of the property for the quality, safety, and overall condition of your potential new home. You don’t want to get stuck with a money pit or with the headache of performing a lot of unexpected repairs. If the home inspection reveals serious defects that the seller did not disclose, then you’ll generally be able to rescind your offer and get your deposit back. Alternatively, you can negotiate to have the seller make the repairs or discount the selling price.

Close. Or move on

If you’re able to work out a deal with the seller—or better yet, if the inspection didn’t reveal any significant problems—then you should be ready to close. Closing basically involves signing a ton of paperwork in a very short time period, while praying that nothing falls through at the last minute. In that case, you can move on and look for something else.

Congratulations, new homeowner! Now what?

You’ve signed the papers and paid the movers, and the new place is starting to feel like home. Game over, right? Not quite. Homeownership costs extend beyond down payments and monthly mortgage payments. Let’s now go over some final tips to make life as a new homeowner more fun and secure.

Keep saving

With homeownership comes major unexpected expenses, such as replacing the roof or getting a new water heater. Start an emergency fund for your home so that you won't be caught off guard when these costs inevitably arise.

Perform regular maintenance

With the large amount of money that you’re putting into your home, you’ll want to make sure to take excellent care of it. Regular maintenance can decrease your repair costs by allowing problems to be fixed when they are small and manageable.

Ignore the housing market

It doesn’t matter what your home is worth at any given moment except the moment when you sell it. Being able to choose when you sell your home, rather than being forced to sell it due to job relocation or financial distress, will be the biggest determinant of whether you will see a solid profit from your investment.