The average price of homes has increased by 13.5%. In some areas, such as Chicago, it has increased by 9.1%.
If you’re interested in buying a home, it’s easy to miss crucial steps that could make the entire process much more difficult. But what can you do to be ready for your future home search? Read this guide on the essential items to include on your home buyers checklist today!
1. Determine Your Budget
Before looking at bank foreclosures for sale, determine your budget. Meet with a lender to receive a pre-approval letter.
The pre-approval letter will state how much you can afford. It’ll also show sellers you’re serious about buying homes.
Check your credit score. The interest rate on a home loan could increase if you don’t have a strong credit score. Pay off debt and stay on time with payments.
2. Work With a Realtor
When you want to buy a house, work with a realtor. They can help you find the home of your dreams within your budget.
Ask friends and family if they have recommendations for real estate agents. Go over your must-haves and nice to haves with them.
3. Determine Your Dream Home
Your home buying guide should include the features of your dream home. When you go to look at homes, you’ll be able to see what each house checks off on your list.
Other considerations could include schools in the area, the neighborhood overall, and location. The location could include proximity to hospitals, your job, grocery stores, airports, etc.
4. Gather Documents
You’ll need to give financial documentation to your lender. These can include pay stubs, identification, all bank statements, the last two years of tax returns, and proof of funds. Lenders might have more document requests than this.
5. Make an Offer
Speak with your realtor about a fair price for a home. You’ll want to offer a competitive rate to stand out from other buyers.
Realtors know the market and can help guide you in this process. They can also keep you posted along the way.
The seller might come back with a counter-offer. Negotiations can go on for several days. Include a money order or check with your offer to prove that you’re serious.
Once approved, reach out to your lender to begin the mortgage process. They might have several requests before the process is finished. Final approval might not occur until right before closing.
Ensure you have everything else set up, such as homeowners insurance. Speak with your lender or realtor about what you’ll need to have before the closing.
Exploring the Ultimate Home Buyers Checklist
After exploring this guide, you should know what to include on your home buyers checklist. Take your time thinking about your dream home and speaking to your real estate agent.
Would you like to read more informative real estate content? Then, be sure to check out our other articles today!
Alison Lurie is a farmer of words in the field of creativity. She is an experienced independent content writer with a demonstrated history of working in the writing and editing industry. She is a multi-niche content chef who loves cooking new things.