Checklist for Buying Your First Home

Tweet

 

One of the largest and most enthralling purchases you will ever make is a home. It also includes a most exhausting process. Working with a first time home buyer checklist makes it easier to focus and tick off all the items on the list. A good checklist will aim to research options, verify details, do property reviews and arrive at an informed decision.

The first item on your first time home buyer checklist should be to determine what you needs in terms of the size, type and location of house your need for yourself and your family. Then, look at costs. Consider hiring a Realtor or agent or research online to find out all the costs related to buying a home such as evaluation fees, insurance, closing costs and moving costs. This will give you an idea of the kind of mortgage you should apply for. Start seeking mortgage pre-approval to help the process move more smoothly.

Lenders will be interested in two things. One is a stable income and the other is a good credit score. Get past pay slips and a bank statement going back at least 6 months and a credit score report from a reputable bureau. You may want to hire a financial professional or mortgage consultant to guide you on home loan choices.

If a Realtor or agent is helping you work through your first time home buyer checklist, they will undertake a search for property that is within the range you have been approved for.  If you are searching yourself, look at newspaper and online listings.

It is important to get a home inspection done for a professional opinion of the quality of the construction and whether there are essential renovations that the seller should undertake or that the cost of should be deducted from what you are paying.

Also request a Seller's Property Disclosure Statement which contains details of the condition of the property. Also get a  Homeowners Association Governing Document which shows findings on the bylaws on architectural laws.  Also essential is a Title Report  issued by the Escrow Company. It shows any construction limitations on the property. A real estate attorney can look through and authenticate these documents.

When you are through your first time home buyer checklist, you should have a home that is ideally located, within your range and best of all, that is all yours after all the checking, researching, proofing and reviewing that you have done to find it.

Step one in this entire process is getting prepared. Download "The Essential Guide to Buying Your First Home" at the button below. From FICO scores to down payments, this guide covers the process front-to-back. Click the button below to get to the guide.

(checklist creative commons credit)