Home Buying Checklist – Buying a house is one of the most important decisions that you’ll take in your life. The process can easily get complex, especially for the first time buyers as it entails a number of steps and requires some careful considerations along the way. Since first-time house buying is potentially a life-changing experience anyway, it should be given the due importance it deserves. Therefore, we have put together a checklist of important things you need to consider as you start off your house buying journey. The following checklist will facilitate you throughout the house buying process and serve as a useful guide.
Deciding On a Budget
First things first, you start with determining your budget for your first house purchase. Deciding on a budget will involve a number of considerations. The task is to determine the ideal price range that you should keep in mind when looking for a house. This will involve considering things such as:
Income: How much do you earn monthly?
Debt: Any monthly debt payments that you already have, and the maximum that you can afford for monthly mortgage payments on top of them?
Closing costs: These are additional costs such as real estate attorney’s fees and home inspection costs. So some additional money has to be kept aside.
Monthly maintenance expenses: What is the maximum that you could afford in monthly mortgage payments after factoring these monthly expenses?
Factoring in the above will give you a clearer idea of what your budget should be and will provide you the price range that you should be sticking to when looking for houses.
Get Pre Approved
After you’ve decided on a budget, it is time to get a pre-approval for your estimated amount. The lender will review your monthly income, your expenses, and your credit score before approving. This will earn you considerable assurance going into the buying process and you can go house-hunting within that stipulated price range.
Get an Experienced Realtor On Board
Some buyers might be skeptical of having a realtor or a buying agent on board. However, it is essential that you get an experienced realtor on board as he or she will facilitate you throughout the house buying process in a number of ways. You can leverage their knowledge, years of experience, and contacts in the industry to get you the best deals possible. Furthermore, a realtor will guide you with useful tips every step of the way, from negotiation to successfully navigating through a seller’s market. You will have a professional by your side to forward your best interests.
Start by asking friends and family in the area you’re looking to buy a house in to get leads on the most experienced realtors around.
After you’ve found yourself that dream property and made an offer, it’s time for house inspections. This is a vital step in the house buying process so you can determine any repairs that need to be undertaken and renegotiate the price before the close.
To conclude, the home buying process may actually be a lot more than the aforementioned. However, the above checklist represents some of the most essential things that need to be ensured along your first home buying journey. If you’re looking to buy a house anywhere in Orlando, Florida, you can acquire our dedicated services to make the process seamless for yourself.