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Home Buying Checklist Your Finances • Review your finances to determine how much you can afford. • Use our online mortgage calculator to determine your monthly payments based on the total price. • Because mortgage lenders will examine your credit and finances, request your credit report from Equifax, Experian and TransUnion. • Review your credit report closely for errors. If you find an error, begin to correct it immediately because this process takes time. • Determine if you quality for grants from Federal or State Governments. Home Mortgages • Research the different types of mortgages. Each has its pros and cons. • Select the one that's right for you depending on how long you plan to own the home and how much you can afford to pay up front. Pre-approved Home Loan • Pre-approval from a mortgage lender will reveal how much you can realistically afford. Keep in mind that what the bank will lend and what you can afford to repay may be very different. • It will help you identify credit problems early in the home buying process. • It will show sellers you're serious about buying which can be helpful when you are competing with other buyers. Real Estate Agent • Even with all the home buying information available online, it's a good idea to hire a professional real estate agent experienced in the area where you want to buy. • Check to see whether a broker/agent has obtained designations or certifications such as Graduate Realtor Institute, Resort and Second Property Specialist, E-Pro, Accredited Buyers Representative, Certified Residential Specialist and RE Master. • Agents generally represent sellers. If you want an agent to represent you exclusively in all transactions, you need to sign an “Agency Disclosure ” with your agent. • Commissions are always paid by the seller. A buyer should never pay anything towards commissions. Home Shopping • Make a list of all the things you need and would like to have in your home including location, size, number of bedrooms & baths, garage size, and other features. • Visit several homes in the area where you want to live and in the price range you can afford. • When you find the one you want, examine it very closely. Home Inspection • Whether you're buying a new home or an older one, a home inspector will examine the roof, structural soundness, foundation, geology, heating / cooling system and other critical areas especially if an old home has been recently refurbished or renovated, which sometimes hide problems. These inspections cost around $500, a small price to pay for peace of mind. • Most new homes are subject to a guarantee period, during which time the builder must make any reasonable repairs or adjustments. • If you plan to renovate the property, bring an architect or builder to obtain their opinion whether or not what you envisage is possible. • In some areas, pest controllers might be required to check for termites. • Ask neighbors about noise issues or other potential concerns. Purchase Offer • When you find a house you like, don't hesitate to make an offer. • Your agent will advise you on current market prices in the area. • In a “Buyer's Market, ” you can offer less than the asking price. In a “Seller's Market, ” if you really want a particular home, you may need to offer more than the asking price. • Review all closing costs. Legal Issues • Everyone buying property should employ the services of either a lawyer or a conveyancer to check the mortgage documents. • Be sure you completely understand all the terms in the “Agreement of Purchase and Sale. ” • In some situations, it may be desirable to hire an attorney to protect your interests in the purchase of a home. For example, it may be necessary to prepare a contract for a mortgage condition, clear title, engineering study, water testing, termite inspection, etc. Insurance • Mortgage insurance is required, particularly for first home buyers, if your deposit is less than 20%. • Obtain home insurance to cover the costs of replacement, damage, etc. • Anyone with a mortgage should consider insurance to cover themselves in the event of a significant change in circumstances. Income protection insurance ensures that you would be financially secure in the event of a serious illness or incapacity. And life insurance provides for your family in the event of your death. Occupancy • Notify the water, gas, telephone, cable and other utility companies that you are taking possession of the home. |
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