Buying your first home is a huge milestone and there are so many decisions to make along the way – everything from determining what you can afford to maintaining your home.
To highlight these important decisions you’ll have to make throughout your time as a homeowner, we’d like to make this 'Buyers Choice Home Inspections' home-buyers' checklist available to you, to walk you through every step, ensuring you’re well-prepared and confident in your decisions.
The checklist includes the following key steps to helping ensure a smooth transition into home ownership and throughout your journey:
Step 1 – Assess Your Financial Situation
- Calculate your budget, including down payment, closing costs and ongoing monthly expenses
- Check your credit score and work on improving it as needed
- Get pre-approved for a mortgage with your mortgage broker or lender to determine what you can comfortably afford to spend
Step 2 – Define Your Home Preferences
- List your must-haves, such as the number of bedrooms, location and desired features
- Differentiate between your needs and wants to prioritize effectively
- Research neighbourhoods and communities to find the perfect match for your lifestyle
Step 3 – Find a Real Estate Agent
- Ask for recommendations from trusted friends, family and colleagues, and conduct interviews to select a reputable agent with whom you feel comfortable working
- Ensure your agent has expertise in your preferred location/neighbourhoods
- Communicate your goals and preferences clearly
Step 4 – Start House Hunting
- Attend open houses and schedule viewings with your agent
- Take notes and photos to compare different properties
- Consider the potential for future growth and resale value of each property
Step 5 – Make an Offer
- Work with your agent to craft a competitive offer
- Negotiate terms, including the price, contingencies and closing date
- Be prepared for counteroffers and stay flexible, but also be cognizant of your maximum purchase price
Step 6 – Inspect the Property
- Hire a professional home inspector to evaluate the property’s condition
- Review the inspection report carefully and address any concerns
- Negotiate repairs or credits as necessary
Step 7 – Secure Financing
- Review loan terms and with your mortgage broker or lender to ensure you understand the details
- You’ll be required to get mortgage insurance if your down payment is less than 20% of the purchase price
- Finalize your mortgage application with your mortgage broker or lender
Step 8 – Close the Deal
- Review the closing documents with your lawyer/notary and agent
- Conduct a final walk-through to ensure the property’s condition
- Sign the paperwork and receive the keys to your new home
Step 9 – Move and Settle In
- Plan your move and hire movers if needed
- Change your address, set up utilities and forward your mail
- Personalize your new house so it feels like home
Step 10 – Maintain Your Investment
- Create a maintenance schedule for your new home
- Budget for repairs and improvements over time
- Stay connected with your real estate agent and home inspector for future needs
Get The Home Buyer’s Checklist!
To make your home buying journey even more manageable, we’ve prepared a downloadable PDF version of the checklist. Print it out and keep it handy as you embark on this exciting adventure. With this checklist by your side, you’ll be well-prepared to find your dream home and make it your own.
Download The Home Buyer’s Checklist Here
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