The Ultimate First Home Checklist
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This first home checklist post is sponsored by Homes.com; however, all thoughts and opinions are my own.
As a Realtor and a busy mom who just purchased a new home, I can attest that purchasing a home can be a daunting task. There are so many elements to consider and so many things to do. It can easily be overwhelming if you don’t have the right support or resources at your fingertips. However, it can be a fun, exciting experience that can bring great enjoyment when you move in your first home. I’m hoping I can make things easier for you by sharing my ultimate first home checklist!
BE PREPARED
Before you can start the process of shopping for a new home, you need to determine the must-have things you are looking for and the things that would be nice but you can overlook if needed. Before meeting with a Realtor, make a list of the features you are most interested in, including how many bedrooms, bathrooms, and the amount of living space you need. For us, we knew we needed a large backyard and a playroom for the kids to have room to grow and be able to play together, so those two things were non-negotiable for us.
Gather important documents such as your tax records and check stubs which your loan officer will need in order to assess your income to debt ratio.
Save for down payment. Depending on which loan you are seeking, you might need 10-20% as a down payment. In addition, you will have closing costs, insurance and tax fees due at closing. Your Realtor can help get you a closing statement in advance, but you’ll want to be prepared to cover these costs.
Remove any unnecessary debt. As your loan officer is assessing your debt to income ratio, any outstanding debt like student loans, credit cards balances, or car notes will be noted. If you can pay off any of these debts in advance it will benefit you when purchasing a home.
A resource I love using is Homes.com can help you on your journey to homeownership from start to finish. Their “How To” section breaks down everything you need to know about being a homeowner in an easy format.
GET PRE-APPROVED
As I mentioned above, you will want to discuss your financial status with a loan officer. If you do not have a loan officer, you can ask your Realtor for recommendations. Your loan officer will need tax documents as well as a check stub and potentially more detailed information about your income over the past year. This information will help determine your budget for your house and will provide you with the costs per month. Your loan officer can then provide you with a letter stating that you are pre-approved for the purchase price, which many Real Estate companies and sellers are now requiring before accepting an offer.
SET YOUR BUDGET
When setting your budget, you want to consider costs associated with neighborhood memberships or pools, upkeep, and maintenance throughout the year. We asked for a list of average utility costs to help us determine monthly expenses.
CHOOSING YOUR REALTOR
Homes.com can help connect you with a real estate professional in your area who can help you assess the amount of house you can afford. One of the first questions I ask my real estate clients is about their budget range, and then we discuss the square footage and room needs. When choosing a Realtor, you want to ask what services their office provides, and when they are typically available to show houses. Ask about their experience and credentials. Take a look at their current listings to see how they handled the description, photos, and other details. You can ask to get permission to speak with a former client. Show your Realtor some of your favorite homes you’ve pinned to Pinterest so he or she can get an idea on what you are looking for!
SEARCHING FOR THE RIGHT HOME
Homes.com is such a great resource for finding the perfect home. Their Snap & Search feature can help find that dream house that you have been pinning! All you have to do is take a photo or upload a photo to the website and it will provide you with an array of homes in the same architectural style to choose from AND in your preferred location. How cool is that?
Homes.com Match is such a great tool! You simply let them know what matters most, and they will help you compare your “must-haves” against what’s “nice-to-have” and giving personalized scores for every home in your results – rather than the daunting scroll, filter, scroll process. This not only saves time but will help you narrow down the homes you want to see!
MAKING AN OFFER
Your Realtor can provide you with a list of comparable properties so you can see what houses are listing for initially and selling for, including how many days the home has been on the market!! There are many factors when considering an offer. You don’t want your offer to be so low it’s offensive, so a great rule of thumb is to craft your offer based on the comparables and then add or subtract depending on the condition of the home. A home is supposed to be in good working order when sold, so you can adjust if there are necessary repairs or updates, and add to the comparable number if they have extra features, amenities, or updates. You want the offer to be good enough for sellers to either accept or want to negotiate, but cover your costs for any repairs or other expenses associated with purchasing the home.
I hope this first home checklist provides a good start to the process of buying a home. Check out my tips for moving a house and don’t forget to save this for later!
We used zillow when we were looking for a home. There wasn’t a lot of selection in our area that was in our price range. The next house we get I think we will have more variety because we will afford more.
Good luck with your next home purchase!
Thank you for this! I bought my first home in 2004 at age 20, and I wish this resource had been around then! Now I invest in real estate and buy several houses each year, but this is a great reminder of all the steps I need to take for every one.
I want to start investing in real estate!
I already bought my first home, I think I need a second home checklist in order to mark off all the things I hate about this house and wont settle for in my next one! Haha
This is SUCH a helpful tool!
I’m so glad, thank you!
These are all great tips for any first time home buyer! It really is a lot of work and having everything set is a must!
I’ve moved several times and I can say that this post is needed but Angie in a previous comment is also right. I’ve always needed a list and learnt something new to stick on the next one.
I’m so glad it was helpful!
Oh I love this! I’m also an Agent and have purchased two of my own homes. Sometimes you don’t really know what your non-negotiables are until you get out there and start looking. I know ours changed and I see it happen all the time with clients.
Yes I so agree! Thank you!
Love this post so much, we bought our first home in May and definitely did a lot of research to prepare us for the sale. Very informative
I’m so glad this was informative!
This is a great list, we are about to sell our second home and I must say it may be a while before I buy again (such bad buyers remorse with this house). The only thing I would add is to get a well-qualified inspector and be there for the inspection not just after, and if need be get experts out to inspect things like foundations and air ducts (most of these companies will do free inspections).
I agree completely!! I hope things go better for you!
These are such good points to consider! I wish we’d had this list when we bought our first home.
Izzy
Isabella David Vintage
Thanks so much!
Home buying can be overwhelming. This post can really help ease worries and make the process easier.
I absolutely love this post! I wish I would have had it when we purchased!
Thanks so much!
Getting ready to buy a home is so stressful. Your checklist will help so many people!
I hope so, thank you!
Your family is gorgeous and I’m loving your porch!
Awww thanks so much!
I wish I had this checklist before I bought my first home a few years ago! My experience was an absolute nightmare 😅! When you go into the process as a first time home owner, knowing nothing, it can all be very overwhelming; especially if you don’t have a realtor that’s going to bat for you. I went through 3 before I found the perfect one.
I’m so sorry you had a tough experience!
Great tips! Setting a budget and a must-have list is so important for making the best and right decision!
Going through all of this at the moment, and it is so so stressful. This list has been a huge help for navigating the pre-approval process. Thank you!
Thanks so much, I’m so glad to hear this!
This is a great list and resource for people, this can be very intimidating to many.
Yes it can be!
Even thinking about looking or buying a house gives me anxiety. This list helps me out a lot.
Whew! Home buying is stressful and there are so many steps! Thanks for breaking it down for me!
I’m glad this was helpful, thank you!
What great tips – very helpful information needed before buying a home. I’m constantly watching HGTV’s House Hunters and you mentioned a lot of things people talk about before buying their home, but I love that you went more in depth and really pointed out some great things to do before you buy. Thank you so much for sharing this valuable information.
Thanks so much for your kind words!
yes I so needed this as we are going to leave our first home and be in the market for another soon!
Buying your first home is always nerve racking. This is a great list to help prepare a person 🙂
Thank you! Yes it can be!
I wish I had this checklist when we first bought out first home. These are such a great help.
Thanks so much! Buying a new home can be daunting!
This is an excellent article that I’m saving for later! I love posts like these!
Thanks so much!
This is such a great and helpful list. We purchased our first home almost 4 years ago and we are in the process of finding our next one. There are a few tips on here that we can use in our next house hunt.
Buying a first home is a great milestone but can be daunting. Great tips to make it easier for first time home owners.
Thank you!!