(Newswire.net — November 29, 2021) — Are you looking for a new home? If so, there’s no better time than right now to start the house-hunting process.
But before you dive in, there are a few things you need to consider. You don’t want to invest in a home that’s rundown or wrong for you and your family. Nor do you want to overextend yourself financially.
Buying a home is a major commitment. We can help you make the right choice.
Follow along with our home buyers checklist for everything you need to consider to find the right home in the right location for the right price.
Assess Your Finances
First, it’s important to understand your financial position. Did you know that 54% of Americans live paycheck to paycheck? This is often because we bite off more than we can chew with home loans, car loans, credit cards, personal loans, etc.
You can avoid falling on hard times financially by establishing a comfortable home-buying budget and sticking to it. Remember, buying and owning a home has multiple costs outside of your mortgage payments. For example, you might also have HOA fees, utility bills, service fees, homeowners insurance payments, maintenance and repair costs, property taxes, and more.
Get Preapproved for a Loan
After looking at your personal finances, the next step on our home buyers checklist is to get preapproved for a mortgage. Getting preapproved will tell you exactly how much money you’re eligible for to buy a house. Otherwise, you might end up placing an offer on a home you’re not qualified to buy.
Additionally, offers from preapproved buyers carry a lot more weight than offers from non-preapproved buyers. The seller will know that you can back your offer. If it comes down to you and another buyer, this will tip the scale in your favor.
Hire a Local Real Estate Agent
On our checklist for buying a house, it would be irresponsible not to recommend working with an experienced real estate agent. A local agent will have a wealth of knowledge regarding the neighborhoods, school districts, and current housing market.
They can provide tips about buying a home, as well as a home inspection checklist. They’ll walk through each potential house with you to help you determine if it’s the right house for you and your family. Once you’re ready to place an offer, they can help you establish the right price and negotiate with the seller.
Sort Out Your Priorities
One of the most important items on our home buyers checklist is identifying your wants and needs. What are you looking for in a house? What features are most important to you, your family, and your lifestyle?
Size
First, let’s talk about the size of your future home. If you’re planning on raising a family there, you’re going to need enough space that you and your loved ones can comfortably grow into the home. This means plenty of bedrooms, full bathrooms, and sizeable common areas.
You also need to think about hosting guests at your home. Many homeowners find homes with at least one extra bedroom they can use for friends or family members who might need a place to stay. Alternatively, you could rent out the extra room to bring in a little extra income each month.
Features
For some buyers, learning how to buy a house means finding a home with the right features. This mostly comes down to your lifestyle wants and needs.
For example, if you have dogs or want dogs in the future, you’ll need a home with a sizeable, fenced-in backyard. If you like to entertain, you might want a backyard with outdoor living areas, like a deck, patio, fire pit, outdoor kitchen, etc.
Finally, think about hobbies and storage. Do you prefer a home with outdoor buildings like a shop, garage, and/or shed?
Location
Next, one of the most relevant tips about buying a home is choosing a house in the right location. The neighborhood in which your house is located affects everything from commute times to safety and security.
You also need to consider your children. What school districts will they have access to based on where your new home is located? Are there any parks or playgrounds in the area?
Check out these real estate listings for a perfectly located neighborhood far enough away from the hustle and bustle of the city, but close enough to limit your commute times. Pinetop AZ real estate listings consist of primarily residential and land listings with a median listing price of $400000 for homes for sale.
Verify the Home’s Condition and Value
On every home buyer’s checklist, there needs to be a section devoted to the value and condition of your future home. If you find a home you like, place a contingent offer on the home pending the results of an inspection and appraisal.
An official home inspector will evaluate the home’s condition and point out any damages, issues, or concerns. Based on this home inspection checklist, you can decide what to do moving forward. You can accept the house in its current condition and ask for a lower price, request renovations, or walk away.
An official home appraisal will give you an accurate price on the home based on the current real estate market. If it comes back lower than the seller’s asking price, you’ll have reasonable grounds to place a lower offer.
Prepare for the Closing Process
Lastly, let’s talk about the last step in our home buyers checklist, the closing process. This is a very important time.
After your offer is accepted by the seller and verified through your lender, you can’t relax just yet. Many home buyers accidentally disqualify themselves from pending home loans. You can accidentally disqualify yourself by making any changes in your financial status, such as:
- Charging up a credit card
- Getting a new car
- Taking out a personal loan
- Etc.
Even getting a new job can throw a wrench into the closing process. In order to qualify for a home loan, you generally need to provide three to six months’ worth of paystubs to verify your income. If you get a new job, it could very well reset the whole process.
Did You Hit Everything on Our Home Buyers Checklist?
Think you can handle everything on our home buyers checklist? If so, you’re probably ready to start the house-hunting process.
Follow our guide to buying a house to find the right home for you and your family. We wish you the absolute best of luck.
And if you’re looking for more home buying advice, real estate tips, or financial guidance, we’re here for you. Check out some of our other articles before you go to find more informative content.