If you're preparing to buy a home, you've likely encountered more than one checklist for buying. House hunting is only the beginning of the process, and it's important not forget any crucial steps along the way.
While homebuyer checklists can seem long and overwhelming, there are a few key points to focus on. Here are three things to pay special attention to when making your own checklist for buying a house:
Talk to mortgage lenders & get a preapproval letter
The first important step in finding your next home is speaking with a mortgage company. The lender will do a thorough investigation of your financial profile, including metrics like debt to income ratio (DTI) and your credit report. If you meet the criteria for approval, you'll get a preapproval letter from the lender.
However, it is important to remember that approval letters will not necessarily mean a commitment to any lender. You still have the option to shop around to find the best mortgage lender for your situation.
Schedule a home inspection & appraisal
The next stage is scheduling professional visits to the home to determine a fair purchase price. Home inspectors will make sure the structure of the home is up to code. Your inspector will test your electrical and plumbing system and will send you the detailed reports.
There may be additional charges or separate inspections required to detect presence of radon or mold during inspection. While home inspections are not always required, they are highly recommended, as they can help prevent hidden issues which can affect your home values in the future.
Hire a real estate attorney & the rest of your real estate team
A real estate lawyer is another excellent professional to have on your team. The homebuying process includes complicated legal forms and jargon, which an attorney can help you understand and give you advice. They can assist you throughout the process and go over any official documents such as contracts of sale and title documents for any missing info.
For an even smoother process, many experts recommend shopping for a mortgage broker and clearing up any issues with credit scores long before you begin house hunting. However, once you find your dream home, these key tips will help you have a successful buying experience.
About the Author
Carolyn Ross
Carolyn Ross spent her career in the advertising world as a commercial photographer. She is no stranger to meeting challenging deadlines and working with many people in a fast paced environment.
She has shot for various magazines such as Architectural Digest, Boston Globe Magazine, Wellesley Weston, South Shore life as well Boston Magazine to name a few. Her love of homes and visual spaces has evolved through the years and has lead her to expand her career. She currently serves on the board of a national organization: The American Society of Media Photographers for the New England chapter. She has been involved in the school art programs as well as teaching photography classes.
Carolyn's expert knowledge of staging and art direction is what differentiates her from other agents. She has also taken her keen business background and artistic talents to successfully renovate numerous investment properties in the Metrowest area over the last several years.
This is what inspires her and with determination and passion, she will bring these unique skills to your next real estate transaction.
