Are you thinking about buying your first home? Here’s a simple step-by-step checklist to help you know what to expect and feel confident & prepared throughout the home-buying journey.
Step 1. Get Your Finances Ready
Before you start house hunting, it’s a good idea to know your house-hunting budget. You wouldn’t want to find your perfect dream home, only to realize you can’t afford it.
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What’s your credit score?
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How much do you have saved for a down payment? (It doesn’t have to be 20 percent.)
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Can you improve your credit score?
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Start gathering your tax returns, pay stubs, and other important documents.
Step 2. Connect with an Agent and Mortgage Lender
This is where the real fun begins! Let’s get your team in place, so you can find out what’s really happening in the housing market.
- Talk with a local realtor (wink, wink – me!) to walk you through the buying process and your must-haves.
- Connect with a mortgage lender to get pre-approved so you know your housing price range.
- Figure out what your monthly mortgage payments would be, based on your current debt and budget.
Step 3. Let’s Look at Homes
Now it’s time to start looking at homes that match your needs:
- Check out different neighborhoods and see what’s currently for sale.
- Narrow down your priorities. What is most important to you? Is it location, school district, price, layout, or features?
- I’ll help schedule showings so you can tour homes in person.
- Once you find “the one,” I’ll help you submit a strong offer!
Step 4. You’re Under Contract. Yay!
- The seller has accepted your offer. You’re officially under contract!
- Standard practice is a 1-3 percent deposit required within 3 days.
Step 5. Schedule Inspections and Appraisal
Once you’re under contract, you’ll start what’s called the inspection period. This is your chance to take a closer look at the home and make sure everything is in good working order before moving forward. During this period, I will help schedule and coordinate all the inspections for you.
- Schedule a home inspection: A licensed inspector will evaluate the property from top to bottom: roof, plumbing, electrical, foundation, HVAC, and more. You’ll get a detailed report with photos and notes on anything that might need repairs or further evaluation.
- Negotiate repairs or credits: If the inspection reveals issues, we’ll discuss if you want to move forward. In some cases, we can ask the seller to make repairs, offer a credit, or adjust the price. You’re not locked in at this point, and you can still walk away and get your deposit back if needed.
- Specialty inspections (if needed): Depending on the home, you might want additional inspections, such as for termites, mold, sewer lines, or the roof. I’ll help guide you on what makes sense.
- Appraisal ordered by your lender: This confirms the home’s value matches the agreed-upon price. It’s required for the loan to move forward.
This period is all about protecting you as the buyer and making sure you’re confident and informed before moving ahead.
Step 6. Finalize Your Loan
We’re almost there! Getting close to the finish line.
- Submit any additional paperwork your lender needs.
- Lock in your interest rate if you haven’t already.
- Review the final loan terms and disclosures.
Step 7. Final Walkthrough
- We’ll take one last look at the home right before closing to make sure it’s in the same condition as when you went under contract. Basically, check that nothing has changed since you first saw the property.
Step 8. Closing Day! You Did It
It’s time to celebrate your NEW home.
- Sign all the official documents.
- Transfer your down payment and closing costs.
- You’ll get the keys and officially become a homeowner!
Need Help Along the Way?
If you have any questions or just want to chat about the process, I’m here for you. Whether it’s your first time buying or you just want a fresh start, I’ve got your back.
Happy to help,
Jade
