First Time Home Buyer "Need to Know" Checklist

Know yourself – what are you looking for? What are your needs? What type of home would fit your current stage of life? Know your budget – meat your banker, do your math and know exactly how much you can spend when buying a house. You can use our “How much can I afford” calculator on our Calculators page. Know your area – researching your area will help you narrow down the search area. Research the neighborhood, the school district, available parks and amenities etc. Know you monthly payments – after you buy a house your monthly payments will not end with the mortgage. There are property taxes, HOA fees etc. Knowing them will help you do a more financially educated decision. Know your system – set up a system to compare properties. Some use paper, some use excel sheets, some use pictures and other visualizing means. Whatever works for you is fine, but you must have a system to compare the properties you see. Know it when you see it – if you find the house that fits your needs and budget BUY IT! Don’t wait to the next perfect home, it might not show up Price is always negotiable – In today’s market sellers are motivated to sell. use that to your advantage and bargain for the price! Know the Market – interest rates are historically low, use it to leverage your money. Know your Realtor – Why should I have a REALTOR by my side?

Steps to Buying a Home:

Select a REALTOR Financial prequalification (Pre-approval) Homes previews and selection Purchase agreement submitted and accepted Double check with REALTOR, LENDER and TITLE COMPANY Application for mortgage Inspection: Structural, Mechanical, Electrical, Plumbing, Environmental, Pest Movers Utilities Phone Homeowner’s Insurance Closing

By: Joe Gozlan