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Family & Home 1,524 views Sep 07, 2018
The Home Buyer’s Checklist – Important Things You Should Never

First-time home buyer or not, you must have a plan before you start to search for properties. There’s plenty to look forward to as a homebuyer, but don’t let your expectations trick you. In some cases, a house that meets them is a rare occurrence. Also, the process itself can be a tricky and lengthy one, and everything can be a challenge. But with a little guidance from expert realtors, your chances of success are very high. Below is a home buyer’s checklist that will help you successfully find a home that meets your needs.


Expect the Unexpected

Remember that you’ll be navigating a new territory if you are at your first house purchase. Even things you never anticipated could happen. The checklist below will paint you a clearer idea of what to expect.

  • Set a budget and an emergency fund for unexpected expenses.
  • Get pre-approved for a mortgage.
  • Start searching for a new property.
  • Start searching for a professional realtor.
  • Visit open houses and consider house tours as a great solution to your search.
  • Make an offer once you find the perfect home.
  • Find a home inspection team to assess the state of the property.
  • Get an appraisal.
  • Renegotiate the property price, if necessary.
  • Finally, close the deal.

This a short version of how the entire home purchase process looks.

Don’t Neglect the Importance of Your Decision

Purchasing a home for your family is one of the most important financial decisions a person could make. Sometimes, it is also one of the most complicated ones. To get pre-approved for a mortgage you have to meet multiple standards, and you have to become familiar with terms such as “escrow” or “contingency”. A financial advisor could help you understand these legal terms. Once you get a better grip on them, the process becomes easier to understand. What seems to complicate the process more is the never-ending list of steps that you have to follow. Additionally, there is a multitude of experts and professionals that you have to find. With the pressure of an important financial decision over their heads and the multitude of standards they have to meet, no wonder first-time home buyers are always scared.

Always Do Your Research

Many future home owners overlook the importance of making an informed decision. They jump right into the process without a preliminary research process. From how to select a property to what the differences are between an off market London luxury property agent and a regular realtor, you must research everything.

Set a Realistic Budget and Stick to It

To set a realistic budget, you have to think what your monthly expenses currently are and how will they change with a monthly mortgage payment. Some key-factors you have to consider are:

  • Your current monthly income. When purchasing a home, don’t assess your financial capabilities depending on future raises. Think of the present.
  • Your debt. When you plan for a house budget, think of the monthly payments that you have to make: car insurance, current mortgage, other types of debt.
  • Your credit score matters. Do you pay your bills on time, are there any errors in your credit score report? See if there are any similar issues. Preferably, you should have a solid credit score.
  • Consider the closing costs. How much will you need at the closing time?

Think of the area and district when planning your budget. The property’s placement matters as well.

Experts think that everybody who is purchasing a home should have an emergency fund. This way, you will be able to cover all unexpected expenses that may appear.

Start Searching for a Home

After your lender reviews your income and you get pre-approved, you can start searching for a home. If you plan on buying exclusive homes in London, experts recommend using the services of a realtor specialised in luxury properties.

Searching for properties online is another good option that you have, but you will have an easier time if you use the services of a realtor. Start by selecting the area where you would prefer to buy a home and search the neighbourhood for properties that fit your description. Properties in more expensive areas will always have higher selling prices.

According to some recent data, more than 50% of first-time buyers use the Internet to find their dream homes, while the next preferred option is a collaboration with an agent. However, the second option is a better one in many buyers’ opinion. Generally, estate agents will facilitate the paperwork and other legal matters.

Submit an Offer and Hire a Home Inspection Agency

Once you find your dream property, submit an offer. However, you shouldn’t purchase a property without a home inspection. In some cases, buyers invest in properties with severe structural concerns, which increases the overall costs. To keep the costs in the estimated budget, you should never overlook the importance of hiring such professionals. If the house has some problems that you have to fix after the purchase, renegotiate.

If the problems are severe, you shouldn’t purchase the home. One issue leads to another, and in the end, you will make a bad investment. Structural issues such as poor plumbing or heating systems will directly impact the living standard after you move.

Move into Your New Home

If you have a generous number of belongings that you have to move into your new house, hire a professional removal company. This will offer you the certainty that the process will be a smooth one, without major incidents. A great tip that everybody should follow is to clean the house before moving into it.

These are some tips and tricks that will help you find a house more easily. Make sure to do your research. An informed decision is always better. Collaborate with professionals and, you will certainly have an easier time during the whole process. However, make sure that you never overlook the importance of the steps presented above.