📋 Helpful Home Buying Checklist
Below is a valuable home buying checklist you need to use when buying a home.
💸 1. Buy for The Future
The house is one of the most significant investments you can ever think of.
When you buy a home, you work hard to increase the home’s value, by doing some regular maintenance.
Research has shown that many home sellers stay for at least 10 years in their home before selling them. Most homeowners end up visiting the home they purchase.
Use your home buying checklist to equip and regularly maintain your home if you intend to stay for long.
Because it will require the homeowner to cover some expenses needed.
Check again and again the important steps in buying house.
🙇 2. Buy to Improve Your Life, Not Think with The Money
Your home is a place where your life happens.
It cannot be comparable to any financial investment.
Fluctuation in the real estate market is probably because we believe we will obtain a substantial short-term financial return.
Regardless of how the home appreciates, you have to live in it for a more extended period.
Using a home buying checklist guides you to get a home that meets your budget.
👩💻 3. Focus on What’s Important to You
Concentrate on searching for an affordable home that fits your budget- don’t be deceived by flashy features that are out of your budget range, be sure to check online for house listings.
Flashy amenities increase your price tag when you no longer need them.
Create a home buying checklist for the items you desire for your home and its surrounding.
Strictly find a home that meets your needs and don’t buy extra items that will increase your budget.
✍️ 4. Set a Budget and Stick to It
Setting a budget and creating a home buying checklist are the first things to do before your dream home search process.
You may go beyond your budget when the market competition is fierce.
Zillow reported that, in urban areas, homebuyers significantly go beyond their estimated budget than buyers in suburban or rural areas.
This is not surprising; however, you need to know your local real estate market trends and be realistic to yourself.
To be sure of what you can compromise for, by creating a home buying checklist.
💳 5. Spend No Higher than A Third of Your After-Tax Pay
You’ll hardly regret spending very little on your home.
You can correctly manage one-third of your after-tax income.
This is always impossible when you live in luxury cities like New York and Los Angeles.
However, it still serves as a yardstick where ever you are.
Getting a home buying checklist will give you an idea about your tax income.
🗓️ 6. Keep a Six-Month Strategic Reserve
Even though a down payment is a significant expense, it’s advisable to create a separate strategic reserve from your regular bank account.
Strategic reserves relieve you from the stress of financial hardship due to emergency or unexpected expense.
The reserve should be able to cover you for at least a period of six months.
A home buying checklist can help you to create this account once you have set your budget.
☑️ 7. Get Pre-Approved, and Stick with A Fixed-Rate Mortgage
Hire a mortgage broker to get you approved for a loan or lease.
A mortgage approval will tell you what you can pay for.
Once you have been approved for a mortgage, your seller is confident that you have a robust financial footing.
You can either choose a 30- and 15-year mortgage rate depending on your financial situation.
Regardless of which mortgage rate you want, the interest rate is fixed throughout the mortgage life.
A mortgage broker can help you get the best interest rate and term on your mortgage. Including expense like the broker’s fee in your home buying checklist will spare you from embarrassments.
Things Home Buyers Do That Cost Them Money – by Ellen Pitts
What Home Buyers Wish They Had Known Before Buying A Home – by Lynn Pineda
How To Make An Offer On A Home – by Paul Sian
What Not to Do Before Buying a Home – by Bill Gassett
What First Time Home Buyers Need to Know – by Eileen Anderson
Hidden Home Buying Costs – by Anita Clark