Your Complete House Buying Checklist for 2024

Jan 7, 2024 | Buying, Checklists

Home » Your Complete House Buying Checklist for 2024

Hey there, future homeowner! Are you ready to ditch the world of renting and step into the exciting journey of buying your very own home in 2024? We know it can feel like a maze navigating through the process, but don’t worry! We’ve got you covered with our comprehensive house-buying checklist.

1. Determine Your Home Buying Readiness

  •  Evaluate financial stability and savings.
  •  Consider life plans, career, and family goals.
  •  Discuss homeownership responsibilities with a partner.

2. Complete a Financial Health Check

  •  Use Property.com’s Smart Budget calculator.
  •  Aim for a mortgage payment within 28% of pre-tax income.
  •  Save for a 3-6 month emergency fund.

3. Obtain Your Credit Score

  •  Obtain and review credit reports.
  •  Dispute any inaccuracies.
  •  Improve score if necessary.

4. Plan Your Down Payment Strategy

  •  Decide on a realistic down payment amount.
  •  Explore additional funding sources (gifts, assistance programs).
  •  Remember to save for closing costs and unexpected repairs.

5. Explore Mortgage Options & Get Pre-approved

  •  Explore different loan types (Conventional, FHA, VA, Jumbo, Renovation, etc.).
  •  Understand fixed-rate vs. adjustable-rate mortgages.
  •  Obtain a mortgage preapproval letter.

6. Craft Your Ideal Home Wish List

  •  Decide on the type of home and preferred location.
  •  Consider factors like safety, amenities, schools, and long-term value.
  •  Choose between move-in-ready or fixer-upper.

7. Choose a Trustworthy Real Estate Agent

  •  Seek referrals and read reviews.
  •  Interview agents to find one who fits your needs and budget.

8. Embark on Your Home

  •  Tour homes with a clear idea of what you want.
  •  Use digitals to take photos and notes during visits.

9. Make a Competitive Offer

  •  Work with your realtor to set a fair offer.
  •  Prepare for possible counteroffers.
  •  Understand and use contingencies wisely.

10. Finalize Your Mortgage

  •  Complete the loan application process and prepare for underwriting.
  •  Gather all necessary financial documents.

11. Secure Homeowners Insurance

  •  Shop around for insurance policies that offer the best coverage for your home and belongings.

12. Schedule a Home Inspection

  •  Hire a certified home inspector to uncover any hidden issues with the property.
  •  Negotiate repairs or price adjustments based on the inspection report.

13. Have Your Home Appraised

  •  It ensures you pay a fair price for the property and helps avoid overpaying or underestimating its value.
  •  Use appraisal contingency to renegotiate or withdraw if needed.

14. Close the Deal

  •  Review all closing documents thoroughly.
  •  Complete a final walk-through of the property before closing.
  •  Pay closing costs and get keys to your new home!

With careful planning, thorough research, and judicious decision-making, you will secure your most valuable asset and lay the foundation for life in your dream home. This is more than a financial investment; it’s where you’ll make memories, grow, and possibly even raise a family.

Ensure a successful outcome

Download this Checklist

Author

  • Beth McNeill, PhD

    Beth McNeill is a distinguished content creator and educator, holding a doctorate in sociology. Renowned for her expertise in the evolution and assimilation of scientific and technological knowledge, Beth has made significant contributions through her writings, which have been featured in both professional journals and major news publications. With over two decades of experience, she has also established herself as a compelling public speaker and a university professor, sharing her insights and knowledge with a wide range of audiences.

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