How to Purchase a Property in 2023 - What You Need to Know

The clock's ticking, and you're itching for a housing change. It's 2023. Is now the right time to purchase a property?

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The clock's ticking, and you're itching for a housing change. It's 2023. Is now the right time to purchase a property?

While it's tempting to snag that appealing-looking home you've stumbled upon online, it's vital to stay well-informed about the property-buying process before diving straight in.

Buying a property doesn't only mean dispensing all your savings to one party and expecting a contract to fall flat on your feet. With a highly dynamic economic outlook, and with a ton of hidden costs associated with homeownership, you're bound to jump through leaps and bounds to close that deal.

And if you're a bit overwhelmed, don't worry, this article will help make buying a home a lot more approachable. Here are seven pointers for purchasing a property in 2023.

1. Research On The Surrounding Areas

One part of property hunting that most people neglect is research. Rookie mistakes like buying a house without researching the surrounding neighborhood are far too common than some would realize, and these impulsive purchases can bite you in the back.

As such, before buying a property, it's crucial to have a rough idea of where you'll be situated relative to the amenities and the community at large.

Learn about the infrastructure surrounding the area, and check if the necessary services are available for your day-to-day needs. When house hunting, have a list of priorities and non-negotiables ready beforehand. This way, you can filter out properties that don't meet your criteria.

2. Evaluate Your Financial Health

Buying things costs money, and property is one of the heftiest investments that the average person has to make. And considering that it's not every day we spend money on new houses, prospective homeowners can get a misconstrued view of their financial limits.

Therefore, you must stay grounded in your financial abilities from the get-go. If you're a breadwinner, be sure that you have enough money to help you and your family get by without struggle despite this purchase.

Thankfully, you don't have to dish out the entire price of the house at the start in most cases. Most properties for sale require a downpayment, which is just about 20-25% of the purchase price of the home.

When determining if you can feasibly purchase a home, examine your post-purchase monthly expenses. If you can keep housing costs less than 28% of your monthly income, you're considered by most experts to be in good financial standing to buy a house.

3. Consider Getting a Mortgage

Insufficient funds are a major roadblock for most buyers. One way to resolve it is by getting the right mortgage. 

With a mortgage, you can purchase your dream property without having to worry about having the necessary funds upfront. But it is not without its risks.

Mortgages are subject to various terms and conditions, and lenders will scrutinize your income, background, and credit score before approving your request.

Once you secure a mortgage, you can essentially call the property your own once the debt has been lifted. If you want to save even more money, you can also consider refinancing your mortgage through a lender like Homestar Finance if you find yourself in a financially-capable position in the future.

4. Get Help From Real Estate Agents

For individuals buying a property for the first time, the whole process may seem daunting. Contracts, legal requirements, compounding debt—it's enough to make one's head spin.

Instead of droning mindlessly over what to do next, having a good real estate agent or contact would come in handy. These professionals are well-equipped to handle the entire process from start to end, and they can provide you with advice based on their knowledge.

While they'd understandably take a cut off your purchase, they can save you an incredible amount of time and effort in the long run. Direct referrals from friends or family can help connect you with a trusted real estate agent in your area.

5. Schedule A House Visit

No matter how you spin it, looking at online pictures isn't enough. Instead, set aside a few hours of your day to visit the property. The last thing you want is to buy a property, only to find out that there are things you've overlooked that are too late to complain about.

If you're physically unable to visit the house, another viable option is to request a virtual house tour from the seller. You can also send a trustworthy house inspector to give a professional opinion about the property’s condition.

While these virtual tours may not be as good as a real visit, it does help you vet houses into the “maybe” pile or the “dump it” pile.

6. Ponder With Agility

There are times when a really good house at a prime location goes on sale for below its asking price. These homes can amass several interested bidders, especially if they've just been newly posted.

In cases like this, set the first impression by being the first to make an offer. By being fast-footed, you can grab the attention of the seller immediately.

That said, to know a good offer, you'll have to have your finger in the pulse of the current housing market. Knowing the going rate for houses in the area would be beneficial in this case.

7. Close The Deal

Purchasing your dream property often ends with a final meeting with the seller. It's best to have a real estate agent by your side during this meeting.

Once the seller approves your financial situation and legal documents, you'll be tasked to sign the final settlement statement. This is the list that discloses all the costs required for the purchase. Then you'll sign the mortgage, the deed, and other related documents.

And just like that, you've done it! The house of your dreams is now officially yours.

Discover your dream home in German Village, OH.

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February 21, 2023
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