House Hunting Checklist
Buying a home can be an exciting, yet overwhelming and daunting task. There is a lot you need to get done before closing on the home of your dreams, and it can sometimes be overwhelming to think about how much there is to do. The best way to approach the challenge of finding your dream home is to create a checklist that includes each task included in the process to make buying a home a more manageable task. If you are ready to find your dream home, here is a comprehensive checklist to make the process of your search less stressful.
Do Your Homework
The first step in your home buying process is to conduct a little research. You should start by researching various mortgage options and potential lenders. Compare the terms and interest rates so you will know where to get the best deal when you are ready to buy your home. Part of your research should also include the neighborhoods you are considering. It is important to take the time and do research on local neighborhoods, even if you think you already know where you want to live. Be sure to look into the traffic, local schools and the crime and then explore the area to locate the closest supermarkets, parks and shopping malls. Gathering as much information as possible will make it easier to determine where you should buy a home.
Get Financials in Order
Before you begin to start looking at homes for sale, it is essential that you get your financials in order. First, contact all three credit bureaus (TransUnion, Experian and Equifax) and request your credit report. Carefully go through each report to make sure it is accurate and immediately fix any errors you notice. Next, you will need to compile all of the documents you may need to provide to a lender, including bank statements, pay stubs and your previous year’s tax returns.
Unless you are planning on paying cash for the home, the next thing on your checklist should be getting a pre-approval for a mortgage. Providing your lender with pay stubs, credit reports, tax returns and all other documents required will help to determine if will be approved or not. After reviewing the information you provide, your lender will tell you how much you have been approved to borrow. The amount allotted should be used to determine the budget you have for your home search. For instance, if you are planning to use $50,000 as a down payment and you have been pre-approved for a $250,000 mortgage, you should tell your real estate agent that you cannot go over $300,000 for the total price.
Create a Wish List
You are almost ready to start the process of finding your dream home. But, first it is important to take the time and create a wish list of the features you would like to have in a home. Divide the wish list into two columns; this will allow you to write down the must have features and the preferred features. Keep in mind that there is a chance you will not be able to find a home with everything on your list, so it’s important to prioritize items by labeling them as must haves and preferred haves. For instance, if you need three bedrooms, then this would be a must have, but if you prefer to have a swimming pool, then this would be a preference feature. Be sure to share your wish list with your real estate agent so they know exactly what you expect to find your new home.
Start the Hunt
After all of your preparations, it is finally time to start hunting for a house. Let your real estate agent find the homes that match what you are looking for and then schedule appointments to see them in person. Keep in mind that a picture doesn’t always tell the full story of a home, so even if you aren’t crazy about the way a house looks in a picture, it is best to see in person before you cross it off of the list. Be sure to take notes at each home you look at so you can remember exactly what features you liked and what you didn’t like at each one. if possible, take photos to help jog your memory later on the potential of each house you visit.
Some people find their dream home in just a matter of a few days; however, it may take weeks or even months for others. So, take your time and only make a move when you’ve found the home of your dreams. With Viera Builders, you will be able to choose from beautiful floor plans in perfectly planned communities. We’re sure we’ll have everything you’re looking for. Contact us today to see what your future holds!