Jumping on the property bandwagon is a big step that every individual should take at some point in his or her life. It can be a nerve-wracking experience – yet quite rewarding as well. Buying your first property can also be confusing. There is a lot to know and remember during the real estate process. It is easy to lose track of things you need. Here’s a short list of things you need when buying your first home. Starting before the purchase is made, up to the day you move in!
- Get the paperwork together
You will need to gather your federal income tax records, recent paycheck stubs, and any other documents a mortgage broker may require. Once you have spoken to a mortgage broker, it is a good idea to get a pre-approved mortgage before actually placing an offer on a property – Pre-qualified is not the same thing and does not hold the same power in the purchasing process. Decide how much you want to spend but also have an idea of how high you are willing to go. HUD has put together a list of common questions for first-time homebuyers that covers many of the questions you should be asking yourself.
- Finishing the Sale
It is standard procedure to have an inspection done before purchasing your new home. Many purchase agreements are conditional to an inspection being completed. A detailed summary will be provided letting you know the true condition of the building. Besides, it is just a good idea to have a professional do a once-over of your new investment to make sure you really know what you are getting into when you close.
Don’t forget the need for homeowners insurance. You cannot get a mortgage without a policy in place before closing on your home. If you team up with a REALTOR®, they often have a list of trusted professionals they work with. However, it is always a good idea to check into a company before agreeing to work with them.
- Moving In
First and foremost, get the locks changed. Many homeowners provide friends and families with spare keys and changing the locks prevents unwanted guests from letting themselves in. Security of your home and your family is most important.
If you haven’t already you’ll need to purchase a tool kit for repairs and redecorating so you can make the home your own and handle any little fixes needed. Plus, there may be household items you don’t currently own that you will need now that you are a homeowner. Check out this essential move in list for even more ideas.
Buying a house can be expensive…and so can moving into it. The Simple Dollar goes over many techniques for saving money during the move to your home that could ease some of the financial stress of this big change.
Although not an exhaustive list of things you will need, these suggestions cover the basics you will need to make moving in to your new home as painless as possible. Enjoy your new home, and the many years you will spend in it!