Buying a house is both thrilling and overwhelming. The key is to stay committed to finding your dream home. With this home buying checklist, you can simplify the process and embrace the joy of buying your first home!

Thinking about buying your first home but unsure where to begin? A home buying checklist can be your BEST FRIEND. It will outline exactly what you need to do to make the journey simple and less overwhelming. Discover how to navigate each step with confidence, ensuring you stay organized, and focused as you search for your dream home.

This post will guide you through the home buying process using a comprehensive checklist!

The Ultimate Home Buying Checklist

1. Set Goals

Once you have declared, "I am buying a house" the journey begins!

First and foremost, having a down payment will give you an edge in today's competitive market. Aim to set aside at least 5-25% of your home's purchase price.

Next, check your credit score. A good credit score enhances your chances of securing a home loan at a better interest rate, although there are loan programs available for those with lower scores.

Don't forget about closing costs. As a buyer, you should budget for 1-3% of the purchase price to cover various fees, including loan origination, appraisal, credit reports, inspections, and earnest money deposits.

2. Finding a Real Estate Agent

Before you jump on sites to look at homes you should start by researching local real estate agents in your area. Online resources like Zillow, are excellent for finding agents and reading their reviews. You can choose someone with top ratings and extensive resources to support you. Need help finding an agent? Message me and I can recommend the best agents in your area!

3. Pre Approved vs Pre Qualification

So many first-time home buyers I have worked with make the common mistake of browsing Zillow like a kid at a candy store. However, it is crucial to determine what you can afford before you start shopping.

Pre-Qualification: A pre-qualification differs from the formal approval process in that you can complete it yourself online using a mortgage calculator. This tool provides a rough estimate of what you can afford without the commitment of working with a lender or bank. Just remember, this is a preliminary estimate based on factors like home value, current interest rate, term, and your down payment.

Pre-approval: A pre-approval is a crucial step in the process, and that's when your real estate agent becomes invaluable. They can recommend top lenders to help you apply for a mortgage. To secure a pre-approval, you'll need to submit the necessary paperwork. These key factors determine your ability to secure a home loan: Credit Report, Assets, Income, and Property Value.

Having a pre-approval will also give you better chances of getting your offer on a house approved! It shows that you are a serious buyer and will set you apart from other buyers who don't have pre-approval.

4. The Search Begins!

Once you have your pre-approval, take the time to sit down and determine what your wants and needs are in a home. Have this discussion with everyone involved to help analyze the right expectations.

I have found that most of my buyers find it beneficial to create a wish list. If you are like most of my buyers, you will be searching online and visiting open houses whenever you can. Just make sure you send those homes to your agent so they can find the behind-the-scenes scoop on the home!

5. Make an Offer

Congratulations you are now closer to securing your first home!

Making an offer on the home you want needs to be realistic. At this point, your agent should have given you enough knowledge of the homes around the area to determine a fair price.

6. Things to Consider

Once your offer for your dream home gets approved, you'll have a few important things to consider. You can't close or move into your new home before a few things are finalized.

Contingencies

Appraisal: An appraisal is when an appraiser comes out to your home to assess its current market value. It's super important to make sure the seller isn't asking for way too much based on what's happening in the market!

That's why having a savvy agent in your corner is key; they'll help make this whole process easier. Usually, your lender is the one who orders the appraisal. Once the appraiser is done and determines the home is at a fair market value, he lets your agent know and you start the loan process!

Loan: By now you should have turned in all required documents to your lender to get your home loan approved. Once your offer is accepted, your agent will give your lender a heads-up so they can start the funding process.

It's a good idea to stay on standby, just in case the bank needs any extra information from you. Remember, you're in this together- working closely with your lender and agent will make everything go so much smoother.

Inspection: An inspection is for YOUR peace of mind! If you move into your dream home and find that there are damages to the foundation, the appliances aren't working properly, or the roof leaks- you will start to think "What have I gotten myself into?" And it quickly becomes a money pit. And there are no returns once you move in so be advised.

ALWAYS have an inspection done on the home before sealing the deal. A good tip is to be present when the inspection is taking place. That way you can get the full report straight from the professional inspector.

7. Closing Time

Once you've removed all contingencies and are happy with the inspection results, it's time to wrap up the last bit of paperwork! This means transferring the title of your new home and signing the final loan documents.

You will want to do a final walk-through to make sure everything looks the same before signing the last documents. If everything looks good you are ready to move into your dream home. Pick up your keys from your agent and start planning your move!

Having a home buying checklist is something I provide all of my first-time home buyers to help set the right expectations and make the process as stress-free as possible. Use this home buying guide to partner up with your agent and make your journey of being a new homeowner a breeze.

This post is all about utilizing a home buying checklist to help streamline the process of buying your first home!

Here you go...

Use this list to get organized and know exactly what steps to take when buying a home! Simply click the button below to get your instant copy straight to your inbox!