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How To Use This Checklist
This is meant as a comprehensive home buying checklist for many different circumstances. Most of the items here will probably not be applicable in your particular case. Just run through the list quickly at first, and cross off the items that don't apply to your situation. Then you can systematically work through the other items one by one. This process really can save you thousands of dollars.
Note: To print this out, you will generally go to "file" in the upper left corner of the screen, and after clicking on that find "print." You should be able to figure it out from there. Because there are so many different computers and printers out there, I can't really offer any more specific help.
The Checklist
Are You Ready To Buy A House?
____ Do you have a steady source of income?
____Can you pay a mortgage every month, plus additional costs?
____Do you have money saved for a down payment, or at least closing costs?
____Will you be staying in the home for at least three years? Renting may be better otherwise.
____What are you looking for in a home? Make a list of requirements and desires.
____Get prequalified for a loan, so you know roughly what price range you can look at.
____Fix your credit if necessary (see chapter 26).
____
Choosing A Town To Live In
____Make a list of your criteria. What do you need in a town?
____List the areas of the country you like.
____Look at a map and list potential towns.
____Check for towns that fit your criteria, using www.city-data.com and other resources.
____Use www.bestplaces.net to compare towns for crime rates and other factors.
____Narrow the list and do more research by phone and online.
____Check on the climate of the cities at www.weatherbase.com.
____Look at local newspapers online to see what the town is like.
____Find the general tax rates, crime rate, and other information about the towns.
____Get familiar with home values in the towns using www.realtor.com and other resources.
____Get informational packages from chambers of commerce or city governments.
____Plan a trip to the town(s) and set up showings with an real estate agent.
____
Loan Pre-Approval
____Pay stubs for the past 2-3 months.
____W-2 forms for the past 2 years.
____Information on any long-term debts you have.
____Recent bank statements.
____Tax returns for the past 2 years.
____Proof of any other income.
____Bring the above to a lender or two and get pre-approved.
____Make a few copies of the pre-approval letter.
____Ask about your loan options, and take notes.
____
Home Shopping
____Look at your options for agents to work with.
____Consider a buyers agent.
____Choose an agent that is familiar with the areas and types of housing you like.
____Start with cheapest homes that meet your criteria and work your way up if necessary.
____Look at several different areas or neighborhoods that might work.
____Are condos a possibility for you?
____Are mobile homes on land a possibility for you?
____Are modular homes a possibility for you?
____Are duplexes or other home/investment properties a possibility for you?
____Are fixer uppers a possibility for you?
____Is building your own home a possibility for you?
____Is renting for a while possibly a better plan?
____Consider the resale potential of homes, especially if you'll be moving within five years.
____If the agent doesn't understand what you want, or isn't helpful, replace him.
____
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