When you decide to buy or sell a house, you don’t want to forget anything. The last thing you want is to put in all the hard work and time and not get what you want or need. To make sure you are prepared and get the house of your dreams, start by creating this checklist:
Buying a home is an exciting and important time, but it can also be a stressful experience. The following checklist is designed to help you organize your thoughts and actions. Using this list will help you make sure you have everything in order. Note : The quiz is not graded and is just a self-grading, helpful tool
When looking for a house, it’s important to have a plan. So, what should go on your checklist? Research the market and know what you can afford, then create a wish list. List everything that’s important to you and your family, and make sure you include not just the “must haves” but the “would like to haves”. Once you’ve done that, you need to work out your priorities and order them from top to bottom – from the single most important thing to have to the least important. It’s also important not to get too caught up in the moment. Before you make an offer, make sure you’ve looked through the windows, opened the cupboards, and checked that nothing is hiding under the floorboards
A good home search checklist will help you keep track of each home you are considering buying, so that its features match your needs and wants. However, themajorhome search checklist includes items that can make the difference between getting the home you want or missing out because another buyer was better prepared. Photo credit: Prostock Studio/istockphoto.
1. Pre-agreement mortgage
If you can’t make a cash offer, you’ll need mortgage financing. In competitive real estate markets, many sellers will not even consider an offer without prior approval. In order for your mortgage application to be approved, you must generally meet the following minimum requirements:
- Credit rating from 500 to 620
- Stable income with proven regular income over two years
- A deposit of at least 3% is required (however, there are programs without a deposit).
- A total monthly debt of no more than 50% of your gross monthly income.
- Money to cover closing costs, which are usually between 2 and 6 percent of the loan amount.
Photo credit: Pictures of the promise.
2. Buying a house Wish list
Here you define the essentials of the home, i.e. the things that are non-negotiable and generally fall into the category of needs, not wants. The Department of Housing and Urban Development (HUD) provides an example of a wish list of important items:
- In which district would you like to live?
- In which price range do you want to be
- Home School District
- Whether you want a new or old house
- The type of property you want (ground floor, two-storey, townhouse, mobile home, etc.)
- What style of home (modern, traditional, southwestern, colonial or no preference).
- Are you ready for the renovation and if so, what is your budget for the renovation?
- transport needs (bus, train or distance from home to work)
- Special needs, such as. B. Wheelchair access
- Size of plot and yard
- How many bedrooms do you need?
- How many baths should you take
- Size of the house
- Domestic systems (e.g. air conditioning, security systems)
- Age of the house
- Garage
- Enclosed garden
- Ministry of the Interior
- Would you like to live in a community
Anything not on this list is generally considered wishful thinking and may include tennis courts, gazebos or swimming pools, which are considered luxury items by the HUD. Other examples of requests may include home automation, theater rooms, game rooms, or even a fireplace. Photo credit: DepositPhotos.com.
3. Online housing requests
If you have financing and a wish list, you can find what’s for sale in the price range you want to buy. This can make first-time homebuyers hesitant, especially if you live in a competitive real estate market with rising prices and a limited selection of homes. At this point, it is best to search for a home online, as you avoid the persuasive offers of a real estate agent in person or the lure of cookies and coffee in a perfectly decorated new home. Depending on what you find out, you may need to adjust your mortgage amount or your home search wish list. Pay particular attention to this point:
- How long have the houses been for sale? This will give you an idea of how quickly you should act when you find a house you like. In the seller’s market, there are more buyers than available homes, which means you need to act fast. In a buyer’s market, you have more houses to choose from, which gives you more bargaining power over the price of the house.
- By how much the prices go up each month. Bidding wars are common in hot real estate markets, and you may have to bid more than the seller is asking in order to get your offer accepted. In a weak market, you can offer less than the asking price, ask the seller to cover some of your closing costs, or pay for home repairs or improvements.
Photo credit: DepositPhotos.com.
4. Real Estate Agent
An experienced real estate agent can make the difference between getting the house you want and settling for less. The real estate agent’s job is to help you find a home at the best price by monitoring the market situation, preparing competitive offers and negotiating until the offer is accepted. Three factors determine which agent is best for you. Knowledge of the market. The best real estate agents know the areas you are interested in and can provide you with quick and accurate information on everything from school trends and local homeowners association requirements to the latest price trends. Personal contact. Buying a home is an emotional and often stressful experience, and you don’t want to spend an entire weekend of your life looking for a home with someone you don’t get along with. If you don’t trust or like the real estate agent you are dealing with, it is best to keep looking until you find a better solution. Communication skills. The home buying process includes many legal and real estate requirements, with strict deadlines that must be met along the way. Set your expectations for how you want to be contacted (text, phone call, email, etc.), how often you want to be notified early in the process, and maintain these standards for your agent. WHAT YOU NEED TO KNOW Sometimes buyer’s agents will ask you to sign an agreement with the buyer detailing the services they will provide. This can be a good way to get an agent to act in your best interest. However, beware of exclusive contracts that limit your representation to one agent for a specific period of time. You can pay them a commission if the relationship goes wrong and you find a house before the exclusivity contract expires. Photo credit: diego_cervo/istockphoto.
5. Your own district office
After you’ve visited a few homes with your realtor, you’ll explore the neighborhood and surrounding area on your own at different times of the day and night. View crime statistics and neighborhood watch reports to learn more about neighborhood safety. Drive around the neighborhood and check the proximity of grocery stores, pharmacies, parks, department stores and restaurants to the homes you are interested in. A conversation with your neighbor may uncover details that can help close the deal or raise a red flag. Photo credit: Feverpitched/ istockphoto .
6. Open view of owner’s sales transactions
If you see a For Sale By Owner (FSBO) sign in an area that you like, it may be worth calling and comparing the owner’s asking price to other homes for sale in the area. Homeowners often choose the FSBO option to avoid paying commissions to real estate agents, which means you can get a better price when you sell your home. Be warned: You are on your own when it comes to negotiating the price and all the costs involved in closing the deal. Don’t skimp on property insurance either: This will help you avoid buying a home with judgments, tax assessments or other property issues that can cause serious headaches later. relating to : Find the cheapest rental properties in America Photo credit: monkeybusinessimages / istockphoto.
7. Names of different home inspection companies
A home inspection is a written report from a professional inspector detailing the condition of the home. Real estate agents usually have referral relationships with home inspection companies, but you can find your own inspector through the American Society of Home Inspectors or the National Association of Home Inspectors. You usually pay between $300 and $500 for the inspection, and the purchase contract usually gives you some time to back out if the seller won’t fix the defects or if you’re not willing to accept the problems listed in the inspection report. WHAT YOU NEED TO KNOW Buyers often confuse a home inspection with an appraisal. A home appraisal is a report prepared by an impartial real estate appraiser to determine the market value of your home. It is usually required if you need a mortgage. The purpose of this report is to assess whether the sale price is fair in relation to recent sales of similar homes in your neighborhood, and to address any obvious problems (such as a leaking roof or broken window). Photo credit: AndreyPopov/istockphoto.
8. List of house guarantee companies
If problems are found during the home inspection, the seller may offer to pay for a home warranty. This is a service contract that covers the cost of repairing or replacing the systems and equipment in your home. If you know what the warranty covers and whether you have to pay service charges in the event of a claim, it’s worth taking a closer look. You can save money or get better warranty coverage by comparing the home warranty offered by the seller to the warranty companies on your own list. The average cost of a home warranty is between $300 and $600, according to Consumer Affairs. Related to: 10 appliances that probably aren’t in your kitchen (but should be) Photo credit: DepositPhotos.com.
9. Use all your senses when you walk around the house
Homeowners often have a sense of apprehension in their homes. They may even have superstitions about everything from the name of the street to the number of the mailbox in the yard. In fact, a recent survey by LendingTree found that nearly half of buyers surveyed are willing to pay up to $38,000 for a home that feels right. Of course, other meanings, such as. For example, the sense of smell can provide information about previous water or mold damage, or about a pet that was too restless in the house. A recent report by ATTOM Data Solutions on U.S. home sales shows that homeowners stay in their homes for about eight years. That’s a long time to live in a house that doesn’t meet all your needs. Photo credit: DepositPhotos.com.
10. Beware of fraud Warning sign
Property fraud is a real problem, and scammers use the emotional appeal of buying a home to get people to spend their hard-earned money on fraudulent schemes. Watch out for the next signs of real estate fraud: You’re not allowed to look at the house. It may seem obvious, but no seller or agent should refuse your request to see the inside of the house. You will be asked to transfer money directly to the seller or intermediary. A legitimate sales transaction should always involve an attorney or a third party escrow company. Bank guarantees should include the name of a third party law firm or escrow company and should never be sent to a seller or broker. The house is sold on a leasehold basis. In this case, a homebuyer who cannot get a loan is convinced to make a down payment and make a higher monthly payment, part of which goes towards the down payment for the final purchase of the house. According to the Federal Trade Commission (FTC), rental fraudsters often do not own their homes, do not pay property taxes, evade promised repairs for dilapidated properties, or fail to report that a property is in foreclosure. relating to : These are the reports with the most entries. Photo credit: Alexander Georgiev.
What to avoid when looking for a home
Below are the most common mistakes you can make when looking for a home, mistakes that can turn your dream of buying a home into a nightmare:
- Change of job. Lenders check your work and income several times during the loan process, and any change can slow down the loan process or even result in a loan denial.
- Giving away large sums of money. Lenders require proof of funds used to purchase a home. Make sure you have the necessary documentation for any cash you plan to use, or discuss deposit management strategies with your loan officer.
- Non-compliance with loan repayment terms. Searching for a home can take several months, and mortgage lenders typically review a new credit history after 120 days. Any late payments of at least 30 to 60 days can lower your score and prevent mortgage approval when the lender requires an updated credit report.
- Increase your credit card balance. It may be tempting to buy things for the house or use the credit to save for a down payment, but this may increase your total debt enough to cancel your mortgage approval.
- The purchase of furniture or household items for cash. Even if the loan offer states that you have not made any payments for six months, the mortgage lender will count this payment towards the loan amount. Wait until you have the keys in your hands to make credit purchases for your home.
This article was originally published on LendingTree.com and syndicated by MediaFeed.org. Photo credit: Pictures of the promise. AlertMeYou’ve found the perfect house in the perfect neighbourhood. Now all you have to do is convince the perfect bank to lend you the money to buy it. The bank will want to know (and it’s a good idea for you to know, as well) that you are ready to take on this big responsibility.. Read more about house viewing checklist pdf and let us know what you think.
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