One of the most important things you can do is to make a checklist as you search for, find and buy a home. By keeping on top of your game-plan at all times you will greatly increase your chances of success. To save time, bookmark this page and refer to the following checklist frequently. Follow the links, print out this checklist and let it increase your house buying effectiveness.
- Be an informed buyer. Numerous guides are available on specific subjects. Check libraries and local estate agents for books and leaflets as well as your local council or tourist information. Gather as much information as you can.
- Familiarize yourself with the mortgage process. See our mortgage page for more information.
- Begin the application process by getting pre-qualified and pre-approved from a Mortgage Lender. Your Agent will need your mortgage qualification, and it will significantly strengthen your offer when you find a home. This is a good time to find a mortgage advisor who will be able to help you fill in the required forms and find you the best deal out there. They also act on your behalf in applying to the mortgage lender and deal with any problems that may arise.
- Get your financial picture in focus as soon as possible. Since it is an important component, be aware of your credit situation. Having your credit report in hand makes it much easier to decide which way to proceed. Again, a mortgage advisor can help with this.
- The best time to work on your budget is before you move. Know how much you expect to pay on bills and food so that you never have to worry about losing your home or contents.
- Find an Agent that you trust. It is important to do this before you go rushing off looking for homes or you may end up with no representation. You can do all of this on your own if you know what you are doing, but it is a lot easier to hire somebody that you trust and knows exactly what they are doing.
- Determine your housing needs and wants to determine what types of houses you should be considering
- Familiarize yourself with the various types of housing available: Single family, townhouse, flat or mobile home.
- House Hunting Make a scorecard for each house to help you keep track of the properties you've seen. Look for the specifics that you want in a home, for example, garaged, roomy, number of bedrooms. Also, keep a keen eye out for things such as damp and rot. A survey will be conducted later but it’s better to find a house that doesn’t have obvious problems.
- Familiarize yourself with how to set a value on a house. This can save you a great deal of time and helps to avoid disappointment.
- When you find an acceptable house, write an offer. Familiarize yourself with how offers become contracts.
- Negotiate your best deal using the information you have acquired.
- If you haven't already done so, make a mortgage loan request.
- Arrange for a home inspection. Most often this will be conducted by the company you are borrowing the money for your mortgage from. They will use their own specified company to conduct a certain survey to check the house over and will only lend you money depending on the state of the property.
- Compare and secure homeowners insurance. Since homeowners insurance is a long term expense, getting the best deal here brings savings that continue.
- Make moving plans. If you plan to use a moving company, make comparisons and reserve time now.
- Secure final loan approval and commitment from the lending institution. If you have done your "up-front" work, this should be one of your easiest steps.