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Buying a house needs a lot of due intelligence and efforts to make it happen. Lets explore the important steps that can make the job easy.

How to buy a house in 9 steps


Buying a property or house is a pleasant but different from any regular experiences. It’s a piece of cake for well-connected real estate professionals but needs a lot of due diligence and foot work for the first timers. Though it’s a hard way to go but if you know how to take tiny steps one by one, you can make it happen the easy way.

Our article How to buy a house  in 9 steps will guide you through every thing you need to know about buying a house.

1. Hire a credible realtor /Real Estate Agent

Finding a credible Real Estate Agent is always beneficial for propertybuyers. Realtors or real estate agents are the well-connected professionals that knows the market, its trends and all procedures to make any deal happen against a little commission percentage. They are usually members of multiple MLS and thus have many options available with them for your immediate visitis.This can save your precious time, a lot of footwork and will close the deal for you in seamless manners in your affordable price.

Michni can also help you to connect with premier agents if requested or you can simply advertise your needs in Wanted section where sellers and agents will be contacting you directly with their tailored offers. If you are more of a traditional style, you can seek help from your close friends circle or can visit a real estate office in office hours located in your desired area.

2. Work on your financial Resources

It’s good if you have your own financial resources for buying a house otherwise you may be looking home loans or mortgage to assist you in buying a house. Though mortgage terms available in Pakistan are a bit restricted and at much higher rate in comparison to other countries but surely helps you (i) to secure a deal on current rate in rapidly growing market rates (ii) if you have savings and a constant income, it doubles your purchasing power where expected rental income will be always there supporting a major portion of your EMI.

Online mortgage comparison can be a good start that may enable you to give you an idea followed up by pre-qualification that together give you mortgage rate, monthly instalment and a rough idea of how much you might be able to borrow.

Online Mortgage comparison is a good start for mortgage seekers that not only saves a lot of their footwork and pre-qualification gives an estimated idea of monthly instalment by different mortgage suppliers and how much you will be able to borrow.

Get mortgage Pre-approval is an awesome tool that not only gets lender commitment of the borrowing amount for you but also forward your credentials to that specific lender to be contacted for further proceedings. This commitment of exact amount makes you considerable choice to the sellers who can seal the deal in shortest time.

3. Make a list of must haves and the better if

Buying a home can be nasty if you haven’t finalized what you need and what if available is good list. Make a list of (i) must haves or what you need and (ii) the better if have in property.

Lot size, location, neighborhood, walkable to your work place, beds and baths, facilities in area and crime rate etc should be placed in must haves. Take benefit of your real estate agent to give you a vivid idea what is available in market and what you want or apply advanced filters to alter properties for you.

4. Browse online house listings.

Start browsing homes according to your wants and needs list. Use Michni filters to help you narrowing down the long list of available properties to the best match. The detail page of a property along with the insights of property, will be also helping you locate the nearby schools, restaurants, parks and public transport or to contact the owner. You can save the favorite properties or compare them or share them for second opinion.

Unlike traditional advertisements, online property browsing is designed to help you with greater details, pictures, specific features and thus can align your needs, wants and available options for best results. You can readjust the filters to include or exclude options or to change price or search area.

 5. Schedule visits to properties

Now it’s the time to do some footwork. Call sellers directly or your agent to schedule visits. The more the visits the more you will have market knowledge. If you have short time for visit consider Openhouse properties that are mostly open to be seen any time and found on Michni App. Currently you or your agent can schedule visits via Call, SMS or Chat and will be able to schedule a visit in next release. Once chosen, you real estate agent will be driving you the rest of the process of buying home.

6. Make an offer and negotiate.

Now as you have visited many properties and have made up your mind for purchasing a particular one, let your real estate take the lead from here. He will be helping you in negotiations, making an offer and may crack the deal with additional things beyond the amount. As expert of negotiations, (s) he may recommend a close date for payments or a suggestion to rent it back to owner if they cannot move out in due time helping you to pick the deal. Your agent will be helping you in proceedings if your offer is accepted, rejected or considered by the seller of the house. Once arrived on mutually agreed terms by all including parties, it’s the time to enter in deal to buy the house.

.7. Get your loan approved.

If you are purchasing the property with your savings, it’s the time to pay a token money or advance payment otherwise. Token money is a small amount that ensures your interest in buying a house while advance payment is a split of decided price. Be careful, you might lose your token money and advance amount if you decided to back off the deal. Otherwise, proceed with your pre-approved loan by letting your lender knowing that you have found the property and want to proceed with the pre-approved loan. Your lender will arrange an appraisal followed up by official paperwork for underwriting process before loan approval.

8. Wait for Appraisal Results

The professional evaluation of appraisal process may end up in your favor with higher value or may come up with a decreased price. Celebrate the moments if appraisal comes up with a higher price otherwise you may have to make a higher down payment to accommodate it , get a second thought, renogicate the price or simply back off and leave the deal. Leaving the deal will cost you your token money, any advances paid and cost of underwriting for the mortgage loan.

9. Seal the deal day

The seller will be busy this entire time to make arrangements necessary for house transfer including NOC from building authority and ruling authority for any overdue payments or prior mortgage. Your agent may be helping you to make arrangements including transfer date for the property or to make pay order in name of seller for purchase of the house. This may be a tiring day but at end you will be the owner of the house receiving keys. If proceeded with mortgage loan, the lender will be issuing a pay order or banker’s check in name of seller while the rest of process will remain same.

Don’t be afraid for the added cost of remodeling your house. It will add up more value to your purchased property. Contact Local construction companies to help you in remodeling your house at affordable cost. Be smart and before you move in your next home.

If success is a process with a number of defined steps, then it is just like any other process. So, what is the first step in any process?

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Posted by : Zia shah

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