Buying a home is one of the most important decisions you will make in your life, and it can be both exciting and scary! Exciting because nothing beats the happiness of calling a space “your own”. And overwhelming because many things can go wrong so easily.
But don’t worry. We’re here to help. Here’s our handy checklist for a first-time home buyer.
Get Your Finances In Order
This means creating a budget and getting pre-approved for a mortgage. You will also need to understand the different types of mortgages available and the closing costs involved in purchasing a home.
Shop online for various lenders that offer mortgages at competitive interest rates. You’d want to take a mortgage with a high principal and low interest. Also, make sure you understand the mortgage note because it contains all the terms and conditions of the paperwork. A mortgage loans credit union can help you with this.
Find The Right Real Estate Agent
An experienced real estate agent will not only help you find the right property, but they will also be able to negotiate a great price on your behalf. When looking for an agent, be sure to ask for referrals from friends or family members who have recently purchased a home to ensure you don’t end up with an inexperienced agent.
Ask the agent about their experience, license, and portfolio. Many new agents don’t have the experience but may pretend to be experts to get your money. Remember, a good agent will hear you out and offer you customized solutions.
It’s important to walk through different properties and get a feel for what you like and don’t like. This will help you narrow down your search and find the perfect home for you. Bring a notepad with you when touring properties so that you can take down notes for each one. This will help you make a decision later on.
Get A Home Inspection
This will help you identify any potential problems with the home that may need to be fixed. Ask the inspector to point out any major problems concerning the electricals, plumbing, and flooring so that you can factor them into your budget.
Get Homeowners Insurance
It’s important to get homeowner’s insurance as soon as you purchase your home. This will protect you if something happens to your home. Shop around for homeowner’s insurance to find the best rates. Be sure to ask about the deductible and what is covered under the policy.
The Closing Process
Be sure to familiarize yourself with the steps involved in the closing process so that there are no surprises. This includes understanding what is needed from you and by when everything needs to be completed. Work with your real estate agent and lender to ensure a smooth closing process.
Enjoy Your New Home!
Once everything is finalized, remember to take a breather inside your “own space!” It’s a great feeling to know that you’re the owner of your home. Relax and take it easy – you’ve earned it!
Maintain Your Property
This will help you avoid costly repairs in the future. Keep a calendar of regular maintenance tasks so that you don’t forget anything. Also, do not ignore any common structural issues like leaking faucets or creaking windows in the first few months of your stay. Many contracts allow free repairs in the initial months, but you need to check that during the negotiation phase.
Buying a home is a big decision, but you can make it a smooth process with careful planning and organization. We hope this checklist helps you in your home buying journey!