Buying A Home Checklist
If you are a home buyer, having a "buying a home" checklist will make life much easier. The home buying process can be very complicated if you don't handle it appropriately. Home buyers can get into trouble if they fail to do any research on the process. In addition to the research, the other items on this checklist will serve as an aid when it comes to buying a home.
- Locate your ideal home. Buying a home is completely different from making a store purchase. You can get a refund for your store purchase, but not your home. You must have a clear understanding of the criteria for your ideal home, such as location, price, size, amenities, neighborhood, HOA fees, property taxes, etc. If you have second thoughts prior to making an offer, move on and keep looking for your ideal home.
- Always do a home inspection. This is on the checklist because home inspection is always part of the home buying process. Although you may have carefully reviewed the seller's disclosure of your ideal home, that doesn't mean that the home condition report is totally accurate. There may be issues that are unknown to the sellers. If the home inspector finds something major, you have the right not to buy the home.
- Know your closing costs. When planning to pay for your ideal home, don't forget the closing costs. You should always ask for a copy of the HUD-1 settlement costs estimate from your title company (when dealing with FSBO homes) or realtor. You might need to reconsider buying a home if you can't afford your closing costs. Confirming your closing costs is an important part of any home-buying checklist.
- Work with competent professionals only. As mentioned earlier, buying a home is a very complicated process. If you have decided to get assistance from a realtor and a lender, selecting the right people is extremely important. Dealing with the wrong ones can not only cost you energy, time and money, it can also easily ruin your opportunity for buying your ideal home. Put this item on your checklist!
- Reviewing all your contracts is a must. Home buyers are required to deal with contracts when buying a home. It is strongly recommended that you go through all the contracts before signing anything. Keep in mind that any contracts are legally binding. Signing them by mistake can get you in legal trouble for sure. If you don't understand something, don't hesitate to ask for answers. Making sure you ask these questions should be an important part of your checklist.