{"id":5222,"date":"2016-05-02T12:20:09","date_gmt":"2016-05-02T12:20:09","guid":{"rendered":"https:\/\/www.movoto.com\/foundation\/?p=5222"},"modified":"2016-05-02T12:20:09","modified_gmt":"2016-05-02T12:20:09","slug":"home-buying-checklist-the-ultimate-to-do-list","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/home-buying-checklist-the-ultimate-to-do-list\/","title":{"rendered":"Home Buying Checklist: The Ultimate to-Do List"},"content":{"rendered":"

Buying a home is a complex and time consuming process. It requires a lot of research and planning to ensure you\u2019re purchasing a home that\u2019s right for you. You must choose qualified real estate professionals to assist you and retrieve all of the necessary documentation for a loan approval. The home buying process often entails viewing numerous properties and can quickly become a chore. There is usually so much to be done in a short time that you can easily become overwhelmed. However, it\u2019s important to stay organized so that you don\u2019t overlook anything that could prevent the closing from taking place or end with you paying unexpected expenses. Making a list can help you coordinate all of the essential tasks more effectively. Below are some important items to add to your home buying checklist<\/a>.<\/p>\n

Determine Your Housing Budget<\/b><\/p>\n

\"home<\/p>\n

Before you begin to look for a home, you should determine how much you can afford to spend. This will be determined by your financial situation as well as the amount you have saved for a down payment. The larger the down payment, the lower the payments will be and the more house you can afford. Your credit score will also be a factor. A good credit score will allow you to obtain a lower interest rate loan. Don\u2019t forget to add in the cost of taxes, insurance and upkeep for the home when calculating costs.<\/p>\n

Shop for a Mortgage<\/b><\/p>\n

Interest rates on loans can vary dramatically from one lender to another, even on loans that are essentially the same, so it\u2019s important to compare rates. Over the term of the loan, lowering the interest rate by even a point can save you a substantial amount of money. There are also many different types of loan products with variable terms. You should become familiar with the types of loans available to enable you to choose the best one for your financial situation.<\/p>\n

Get a Pre-Approved for a Loan<\/b><\/p>\n

\"home<\/p>\n

Getting pre-approved for a loan can help accelerate the buying process when you find the home you want. The lender already has the documents to process the loan and has reviewed them. This can be to your advantage in a seller\u2019s market where the inventory of homes is low. It also increases the probability of the seller accepting your offer. A loan pre-approval<\/a> will enable you to shop within your price range since you will know in advance the maximum loan and payment amount.<\/p>\n

Differentiate Between Wants and Needs<\/b><\/p>\n

It is rare to find a home that has everything that you want.\u00a0 It\u2019s important to know the difference between a necessity and a desire. You may want a home with cathedral ceilings and a large, fenced in backyard for your dog. While the yard is required, you may have to forgo the cathedral ceilings to purchase a home with enough space for your pet.<\/p>\n

Find a Real Estate Agent<\/b><\/p>\n

When choosing a real estate agent, you want to work with someone who is knowledgeable of the local area. They will be able to provide information about the neighborhood and are often familiar with many of the homes on the market. This allows them to easily identify the types of homes you\u2019re interested in which can save you a great deal of time on your home search. In addition, make sure the real estate agent is a buyer\u2019s agent. Those who work for the seller have a vested interest in getting the highest price possible for a property because they are paid commissions on the sale. A buyer\u2019s agent typically splits the commission with the listing agent, but they have your best interest in mind.<\/p>\n

Research the Neighborhood<\/b><\/p>\n

Researching the neighborhood you\u2019re interested in moving to will give you an idea of what to expect in terms of home prices and property taxes. You may want to look into the demographics as well to learn about your prospective neighbors. A quick online search will provide the median age, marital status, race and income of the residents in the neighborhood.\u00a0 Crime statistics are also available on the internet. Consult a map to determine the distance to your job and nearby schools as well as the proximity of shopping centers and hospitals.<\/p>\n

Have the Home Appraised<\/b><\/p>\n

\"home<\/p>\n

An appraisal is critical in the home buying process. If the appraisal<\/a> is too low, the lender will not accept your application for a mortgage. Should this occur, you can either negotiate with the seller for a lower price or pay the outstanding amount not covered by the mortgage. Alternatively, if you or the seller feels the appraisal is inaccurate or incomplete, you can request the appraisal company re-evaluate the property.<\/p>\n

Schedule a Home Inspection<\/b><\/p>\n

Once you have made an offer on a home and it has been accepted, you will need to schedule an inspection. The offer is contingent upon the home inspection finding no signs of structural damage or disrepair. Once the inspection has been completed, you and the seller will receive a copy of the report. If there are repairs that need to be made, you can either request to have the seller address them prior to closing or negotiate a reduction in price.<\/p>\n

Do a Walk through Inspection before Closing<\/p>\n

The day before closing, you should perform a walk through inspection of the house. This will allow you to make sure that any repairs that the seller was responsible for have been made. If you have negotiated for furnishings or other items to be included in the sale, you can verify that they are left on the property.<\/p>\n

2 Point Highlight<\/h2>\n

Making a list can help you coordinate all of the essential tasks more effectively. Below are some important items to add to your home buying checklist.<\/p>\n","protected":false},"excerpt":{"rendered":"

Buying a home is a complex and time consuming process. It requires a lot of research and planning to ensure you\u2019re purchasing a home that\u2019s right for you. You must choose qualified real estate professionals to assist you and retrieve all of the necessary documentation for a loan approval. The home buying process often entails viewing numerous properties and can quickly become a chore. There is usually so much to be done in a short time that you can easily become overwhelmed. However, it\u2019s important to stay organized so that you don\u2019t overlook anything that could prevent the closing from […]<\/p>\n","protected":false},"author":3,"featured_media":5223,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[255],"tags":[],"class_list":["post-5222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-moving-and-packing","post--single"],"yoast_head":"\nHome Buying Checklist: The Ultimate to-Do List<\/title>\n<meta name=\"description\" content=\"Buying a home requires completing many important tasks in a short time. 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