Home Buying Checklist

Home Buying Checklist

Buying a home is a process involving many factors. If you were looking for things to cross off in your journey of buying a home, you have come to the right place! You can cross off items in the checklist below to help with this exciting process. 

1. Establish a budget

The first step to buying your first home is to set a budget. 

This involves looking at both your income and the amount of money which you can afford to spend. Knowing your budget can help to determine the price range of houses to look at. You can also figure out a target income that can help you establish a house timeline. 

2. Get Pre-approved 

The average person buys a house with a mortgage loan. Getting pre-approved for a loan can help to show sellers that you are serious when you give them an offer on their house. Some of the documents you will need include proof of income, assets, and other personal information. Being pre-approved for a loan can help decrease the buying home process timeline. 

3. Proof of Income

Your tax statements can be used as proof of income. You can also show paystubs. If you own a business, you can show the businesses’ tax statements. 

4. Proof of assets

This includes information such as bank statements of your checking and savings accounts, and any properties you own. 

5. Personal Information

Personal information that will be required includes your identification proof, social security number, and your address.

6. Book a Real Estate Agent

It isn’t essential to have an agent to buy a home. However, it can be helpful to have a compact timeline for buying a house. This agent can help with searching for a home that suits your budget and preferences. He or she can also help out with the paperwork that is involved when buying a home.

7. Homestyle

There are many different factors about a home to consider when buying it. Some of them include how much square footage it has, the number of rooms, number of bathrooms, fireplace, and the garage. 

8. Surrounding area

The area in which your potential house is situated is just as important as the house itself. Some factors to consider are the traffic, safety, nearby supermarkets, nearby airport, nearby hospital, garbage services, reputation of schools, the distance of the house from the school, local police, pet restrictions, and the average age of neighbors. 

9. Home Inspection Report

A home inspection is highly advised. A licensed home inspector can inspect your house for certain aspects such as how strong the foundation is and whether the electrical system is good. Once complete, the inspector will provide you with a report detailing everything that was found. You can use issues that are found to negotiate the price of the home with the seller. 

10. Property appraisal

This will show the value of the house, and the value should be at least what the purchase price is. This is the lender’s responsibility to obtain. 

11. Purchase Contract

This is the contract that will be signed by the buyer and seller which has the terms that are agreed upon. Make sure to read through the entire contract, including the fine print!

Buying a house is an exciting milestone in one’s life. 

There are so many factors involved in buying a home that includes style, budget, and location. Apart from being a place to reside, a home is also highly capital intensive. Hence, one has to make sure to consider many aspects when buying a home. It is a complicated process, but it can be managed. Hopefully, using this checklist makes the process easier for you. Happy house-hunting!