Home Buyer Checklist- Preliminary Preparations
Thinking of Buying a Home In The Wine Country?
The function of this Home Buyer Checklist is to help guide you through the early stages of preparing to buy a home. These questions are designed to make you think and communicate with your partner if you’re buying a home together.
Don’t Do This First
Most of the time when buyer decides to buy a home the first thing they do is go online and find a home. The buyer will send in a listing inquiry and engage with a realtor they don’t know just so they can see the home or get an idea of bang for buck. They’ve got ‘some idea’ of how much money they can spend based on what they pay in rent or back of the envelope calculations. They often end up using the first realtor they meet without knowing anything about the realtor’s professional history. Buying a home like this is like trying to drive a cart with no horse. The truth is, despite the fact that 90%+ of buyers will first see their home online, the value of a skilled, experienced realtor and the relationship between the buyer and realtor will determine the entire process from beginning to end. It really gets down to communication and a common understanding of the over all goal. Here’s how to find a Realtor.
Knowing How Much Money To Spend
Buying a home can be a very emotional process. There’s the joy of owning your own home and making it yours to being empowered by the process and setting yourself up for future financial success. A home is an asset and a vehicle for a happy life and financial security. The fact is buying a home shouldn’t be an emotional process; it should be a business decision or a financial decision. Taking the emotion out of the process helps the buyer to make a sound financial decision and a set up for the success of her/his future financial security.
Preparations for Understanding Your Purchasing Power
- Find a mortgage broker or lender. Compare at least two lenders/mortgage brokers to see who will give you the best service, terms and rates.
- The conversations you have with your mortgage broker/lender will help you determine your buying power.
- Your monthly PITI (principle, interest, taxes and insurance) should be a comfortable amount of money for you to manage monthly for the next 10 years.
- Make sure your down payment is liquid and easily moveable.
Determining What Kind of House and Where
There are so many factors beside ability to purchase that determine what kind of house you buy and where. These questions are designed to help you think through the process and should be done with a partner if buying together.
You can copy and past this into an email and send it to me at Annalise@WineCountryInfusion.com
- Buyer’s names:
- Email Address & Phone Numbers:
- How long have you been looking?
- Are you working with another salesperson/broker? _______If yes, who?
- What is the reason you are buying a home?
- Are schools a factor?
- How many are in your family?
- Do you own now or are you renting? ________ Rent Amount?
- Must you sell or complete the lease period before buying? ______If you are leasing, how long is the lease?
- Have you seen any homes/investment properties that you really liked?
- If yes, why didn’t you buy?
- How soon do you need to move? ________Why?
- If we can find the right property, are you prepared to make a decision now?
- What price range have you been considering? $
- How much has a lender told you that you’re qualified for? $
- How much cash do you want to use for the purchase? $
- Do you have a budget for monthly payments?
- What is the name of the lender and contact info that pre-qualified you?
- How many bedrooms? _________ Sq. Ft.? __________ Units?
- Is there a particular location you prefer?
- Do you need a garage?
- Is there a particular style that you would prefer?
- Do you want a yard?
- Do you have animals?_____ What kind and how many?
- Do you want land?_____ If so, how much land?_____Must it be flat?_______How many flat acres?
- Is there anyone else who will be helping you make the decision about buying?
- What special requirements do you need in your new property
- Do you want a move in ready house? What does that mean to you?
- Are you willing to remodel a home?
- Where are you employed?
- Where is your spouse employed?
- What times are best for you to look?
- How do you like us to communicate–by phone, E-mail, or text?
- What is the best time to call you to discuss these answers? _______And at what number?
- What are your favorite Web Sites to view property? _________________