Checklist for Buying Real Estate

Checklist for Buying Real Estate

Buying or even just looking for real estate has to be planed and really thought through. It’s a very big investment and a very good one, if you have done it right. Therefore no matter if you are a first time home buyer or not, before buying you should have a checklist. A checklist will help you to discover what you are really looking for and if you can afford it.

No matter how much preparation you have done in your mind, put down the criteria you are looking for. In addition get familiar with the financing and buying process beforehand. Overestimating your financial situation or finding yourself unhappy with a place can easily be avoided. Having a checklist will easy your search and making a decision, but moreover getting you closer to your dream home.

Here are some criteria you might find useful to include in your checklist when you start the search for a new home:

The place you want and your wishes

  • Do you have a neighborhood or maybe just a type of community in mind?
  • What’s the most important feature for you – size, location, property type or amenities, close to schools or work, family friendly?
  • Which home features and amenities are you exactly looking for – a garden, pool, garage, deck, fireplace or the view?
  • What is an absolute no-go for you?
  • Are you looking for a furnished place?
  • What’s nearby and what should be nearby?
  • How far is the home from work or schools?
  • Does it have good proximity to hospitals and family doctors?
  • How far is the nearest supermarket or drugstore?
  • Is it located in a community with a tight-knit feeling, or do you prefer privacy?

In addition, make a list of your “wants” and “needs”, things you must have vs. the things you would like to have but could do without. Whether it’s a safe neighborhood, low crime, good schools nearby, close to hospitals, transportation availability you must have or you could do without a garden, pool, fireplace, a den or anything else. Read our previous article on “Determine Your Wants and Needs Before Buying” and get our checklist to determine your wants and needs checklist.

Things about the financing and the process

  • Do you understand the process of buying a home?
  • Do you understand the mortgage guidelines?
  • Have you done the calculation – are you financially prepared?
  • Do you know a good and trustworthy mortgage lender and real estate agent?
  • How many years do you want to stay – can you commit to stay put for at least a few years?

Learn more about How to Qualify to Buy a Home – Mortgage Guidelines here.

What to Steps to Take when Buying a Home.