Many people work hard to actuate their dream of owning a home. When you feel you are ready to purchase the property, it is prudent to consider several critical factors to ensure you get a house that satisfies your home ownership needs. The following home buyer checklist will go a long way in helping to realize the house buying quest.
- Define the kind of home you want
- Determine how much you can afford
- Shop around at different properties for sale
- Inspect and appraise the property
- Close the deal
i. Define the kind of home you want
Have a clear picture in you mind of the type of home you want. The easiest way of going about it is to list down all the features you expect the house to have. For instance do you want a new house or one on resale. The size, number of bedrooms, bathrooms, type of exterior finishing and the security features you want. Do you want a home located in the city, suburb or countryside, is it an apartment, a storey building and the kind of social amenities you desire for example road, library, market and so on.
ii. Determine how much you can afford
Even though you crave to own the property, it is prudent to go for one within your means and budget. Determine how much cash you have saved up for down payment and the closing costs amount. Furthermore, ascertain whether you qualify for a mortgage, how much you are eligible for and the sum of monthly mortgage instalments you are comfortable paying. Besides, you need to factor in additional costs, for example, the fees for appraisal, inspection, repairs, taxes, and property insurance premiums.
iii. Shop around at different properties for sale
Once you know the kind of house you want and the amount of money at your disposal for the purchase, you are set to start house hunting. Conduct an online such or scan the classifieds to identify the homes listed for sale. Another convenient method is enlisting the services of experienced and reputable real estate agents. Whether you are hunting for the house on your own or you solicited the help of a realtor, make sure the house satisfies your home ownership needs and budget.
iv. Inspect and Appraise the property
If you find a property that closely fits into your ideal home description schedule an inspection visit by a certified inspector to assess the integrity of the building. Being present during the inspection helps you understand the house features and infrastructure. The inspection exercise should provide a detailed report of the property and any problems that might exist in it and the estimated costs of carrying the repairs. Next you need to get an appraiser to evaluate the property to determine its true worth. In most cases the financier of the mortgage hires the appraiser.
v. Close the deal
Finalising the home buying process is relatively easy. However, it is prudent to hire a legal attorney to help seal the transaction just in case. There must be a sale agreement explicitly detailing the terms of sale and the condition in which the property under consideration is in, the cost of the house and payment terms. If the modalities of the agreement are in order and satisfies the first two conditions of this home buyer checklist, a person should sign the contract and start planning the move.