You've crunched the numbers, thought about your lifestyle and made the decision to buy a home. It can be a complicated and stressful process. But knowing what to expect can reduce some of that anxiety and help you confidently find your way to your new home. Below are 6 major steps on how to buy a home.
1. What Do You Want in a House?
You've probably been daydreaming about your ideal home for years, but keep in mind, your needs can change. On average, it takes about five years to build enough equity to offset the costs of buying a home so it's safe to plan for the long-term. Think about how your needs might evolve over time, are you downsizing? Planning for a family? Are you moving to be closer to work? There's no perfect home. Finding the right home is about making the right trade-offs.
2. Credit Score
Before contacting a lender, it's smart to check your credit report. By law, you can get a free report once a year through Annualcreditreport.com. The report pulls data from the three major credit-reporting agencies: Equifax, TransUnion and Experian. Having the information in hand before you talk with a lender lets you dispute any errors in the reporting. The higher your credit score, the lower the interest rate on your mortgage. So what is a good credit score? You can expect a good mortgage rate at anything above 720. Homebuyers who pursue an FHA loan can usually secure a loan if their credit is 580 or over.
3. Get Pre-Approved for Mortgage
Mortgage pre approval should actually occur quite early in the home buying process. Be sure to tell your lender your budget and goals to see if they're realistic. In order to pull your credit history, lenders usually need some paperwork from you. Just because you get preapproval from a lender, doesn't mean you're locked in. Interest rates vary on a lender-to-lender basis, so look around.
4. Get a Real Estate Agent
Most home buyers will want a great real estate agent, specifically a buyer's agent, who will help them find the right houses, negotiate a great real estate deal, and explain all of the nuances of home buying along the way. There is a subtle difference between a real estate agent and a Realtor; the latter is a member of the National Association of Realtors and adheres to a code of ethics. Consider having a Realtor additional insurance that you'll get the help you need to ace the process.
5 House Hunt & Make Offer
Start touring homes in your price range. It might be helpful to take notes on all the homes you visit. You will see a lot of houses! It can be hard to remember everything about them, so you might want to take pictures or video to help you remember each home. Take as much time as you need to find the right home. Then work with your real estate agent to negotiate a fair offer based on the value of comparable homes in the same neighborhood.
Prior to the closing date, the buyer will want to verify with his or her agent, lender, and escrow company that all of the necessary documents have been signed and terms met. If they have not this should be taken care of immediately to ensure that there are no last-minute problems. The buyer will also want to verify what forms of payment are acceptable. On the closing date, closing costs and fees will be paid.
It's good to see that more and more attention is being paid to issues regarding toxicity in the workplace. At the same time, people have started to wise up to the problems related to gender differences and the extra divide that comes from that direction. There has been a lot of research on the topic too, and one particular trend has started to materialize lately: it's becoming more and more clear that some men in high positions of authority have a tendency to let that power go to their heads, and they subsequently end up undermining the performance of their entire operations and let their businesses run into red.
Toxicity at the Workplace Can Happen at All Levels
Toxic behavior is not limited to low-ranking employees, rather it is quite on the contrary. Research from the Harvard Business Review, has shown that men, of a CEO position, tend to be more prone to developing and displaying such behavior. There have been instances of overconfidence from higher-ups resulting in the ruin of entire organizations, as shown by the latest research from Company Rescue which tell us that UK SMEs with men on the board are more likely to go bust. So how do we resolve this issue?
It's Not an Easy Problem to Tackle
It's a very complicated problem to address in the first place because it spans across multiple areas of the organization and requires a good approach to all of them. It's important to have good communication with the company's leadership, ensure that there are adequate channels for voicing concerns, and even then, you'll still have to deal with the problem that overconfident people tend to have issues with being confronted in the first place.
Don't be surprised if your feedback falls on deaf ears – it's an expected part of doing this. Be prepared to take some harsh measures as well. If you realize that the company is beyond saving, talk to insolvency practitioners, such as Company Rescue, to ensure that you have a smooth exit. They can give expert advice to guide you through the process.
Identifying Problematic Patterns
It's a good idea for an organization to know how to identify these patterns before they turn detrimental. From doing this, the toxic behavior can be addressed at its root instead of letting it fester. Ensure that employees have some way of reporting issues on this front. For example, if women have a problem tied to gender imbalance. Whenever an issue is identified, make sure to act on it as fast as possible. In this scenario, perhaps hiring more women could help?
All in all, overconfidence in the workplace rarely leads to anything productive. Dealing with it requires a determined approach and you must be prepared to face some resistance along the way. To maximise your company's chance of survival in the long run, ensure to pay attention to these issues and resolve them as soon as possible.