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Home Buying Checklist: A Fundamental Guide to Home Buying


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Blog by Mary Roy | September 9th, 2015


Home Buying Checklist A Fundamental Guide to Home Buying.jpg

The current real estate market makes the purchase of a new home incredibly appealing, especially for first time home buyers. As interest rates lower, and the government creates new tax credits and benefits for first time buyers, it can be easy to step into the real estate market prematurely. When buying a home, there are many possibilities and questions you need to consider before you view you’re first potential home, and many more before you sign your name on the dotted line.
To help you find the home you’re looking for, we’ve developed this home buying checklist. We’ve included the most important aspects to the buying process, from location to closing fees. Refer to this home buying checklist before you step into the real estate market, and you’ll be prepared to purchase a home.

The House You Want

□ Choose the location you want to live in.
□ Decide whether you will look at homes outside of this location.
□ Decide on the size of property you want the home to be on.
□ Choose between: move in ready, fixer-upper, or full renovation.
□ Determine number of rooms needed:
                □ Bedrooms
                □ Bathrooms
                □ Spare rooms/ Bonus rooms/ Lofts
□ Do you need an in-law suite?
□ Decide on appliances you need the house to include:
                □ Washing Machine and Dryer
                □ Dishwasher
                □ Stove and Oven
□ Consider amenities that aren’t standard in older homes and their necessity:
                □ Air Conditioner
                □ Water Softener
                □ Forced-Air Heating
 
 The House You Can Afford

□ Calculate the amount you have saved for a down payment.
□ Calculate a rough estimate of what monthly mortgage you can afford.
□ Calculate your expenses outside of a home: car payments, student loans, groceries, ect.
□ Calculate what closing costs, home inspections, and moving will cost.
□ Ensure that your budget adds up, and leaves you with a positive number in the bank each month.

The House You’ll Buy

□ Contact a real estate team to get matched with the perfect real estate agent.
□ Discuss what you’ve determined in property and financial needs.
□ View multiple homes and consider options.
□ Have a full house inspection done on the property before finalizing the sale.
□ Reserve the help of a moving company, or vans and trucks for move in day.
□ Schedule installation technicians in advance for: internet, heating, hydro, and other needs.

With a firm understanding of these elements of the home buying process, you’ll be ready to find a perfect property. Contact us to discuss our home buying checklist further, and to get started on your house hunt today!