Home Buying Checklist
Buying a home is one of the largest investments you’ll ever make, so you need to get it right. One of the best ways to track your progress and be sure you stay on track is to keep a home buying checklist of what you need to have to make it happen.
Of course, you must know you’ll have enough money to pay monthly mortgage payments.
If it will be hard to make those payments and you end up with nothing at the end of the month. You may soon be sorry you made such a huge commitment.
Know your credit history and rating.
If you’ve ever declared bankruptcy, are consistently late with payments or have many unpaid debts on your record, it may be more difficult to get a mortgage.
If you get approved, most likely you will have to pay an outrageous interest rate.
You also must figure in property taxes and homeowner’s insurance payments that you will have to pay each month.
Check For Needed Repairs
Keeping a home in good repair is sometimes costly, so you must have the income to fix things that break or don’t work properly.
Find a qualified house inspector and attend the inspection so you can ask questions and be better informed.
It will cost a bit depending on the size of the home, but it’s well worth the investment and peace of mind.
After the inspection, find a qualified repair person that will give you a written estimate for the needed repairs.
Have your real estate agent submit the needed repairs and estimate to the seller and let him decide if he wants to do the repairs or lower the price of the house to fit the estimated costs.
Which Home Loan Will You Choose?
Another important thing you will want to do is to become informed about the various types of mortgages that are available to you. You will also want to find out which one offers the best interest rate.
- Conventional Loans
- FHA Loans
- VA Loans
- USDA Loans
You should also check with your bank to see the type of home loan services that they offer.
Learn about each one and go with the one that’s best for you.
Putting an Offer on the Home
When it’s time to make an offer, start low so there will be room for negotiation. However, your offer should be based on prices to comparable homes in the area (recently sold).
If you would like certain furnishings or appliances to be included with the price, be sure to let it be known with your offer.
The Final Walk-Through
After your offer is accepted you’re ready for the final home buying checklist when you conduct the final walk-through. You should check all appliances to make sure they’re in working order.
Be sure to plug something into outlets to check for shorts and other electrical problems.
Checking smoke detectors should also be on your checklist–and be sure to turn on both the heat and the air conditioner.
Turn on the faucets and flush the toilets, look for signs of pests, standing water or mold on ceilings.
If there is anything that doesn’t work, is broken or missing from the home, be sure to let it be known during the final walk-through.
And last on your home buying checklist—sign the contract. You’re then ready to move in and enjoy the next phase of life in your new home.