Home Buying Checklist :
Searching for a suitable home and going through the entire process of buying can be an overwhelming experience for many first time buyers. However, one can reduce the stress by following a home buying checklist. Home buying checklist can be explained as a ‘to do list’ that one should check while looking for a house.
A checklist should always start with obtaining a credit report from the credit bureau. A credit report will help in determining the home loan amount a person is eligible for. Bad credit customers can work on improving their credit scores and then look for a home loan at competitive interest rates. The second point should be the financial matter. You should determine how much you can afford to pay for a home. Also to be included in the check list should be the pre-approval of mortgage loan. While applying for a mortgage loan approval, it is important to get familiarized with the basic mortgage terms so as to avoid any confusion. In this competitive market, there are several online lending firms offering mortgage loans at attractive rates. You need to shop around extensively so as to get the best possible deal. Pre-approval of mortgage loan helps in determining how much loan you are eligible for. This factor greatly helps in while looking for homes.
The next important aspect of the checklist is listing out parameters that need to be considered while searching for a suitable home. List should include all the likes and dislikes in the present home. This would help in determining the housing needs and also help in understanding the types of homes that need to be searched.
Other items in the checklist include investigating neighborhoods for crime rates, searching for a real estate broker, evaluating the sale price, negotiating with the seller, hiring a home inspector, making a purchase offer and arranging for a closing agent.