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Homebuying Checklist for New Buyers

This document outlines the typical steps for buying a home, including familiarizing yourself with your finances, gathering required documents, getting prequalified for a mortgage, creating a wish list of desired home features, researching homes and communities, determining if you will work with a real estate agent, applying for a home loan, and finally closing on the purchase. It provides a helpful checklist and overview of the major stages involved in the homebuying process.

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Aimee Hall
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8 views2 pages

Homebuying Checklist for New Buyers

This document outlines the typical steps for buying a home, including familiarizing yourself with your finances, gathering required documents, getting prequalified for a mortgage, creating a wish list of desired home features, researching homes and communities, determining if you will work with a real estate agent, applying for a home loan, and finally closing on the purchase. It provides a helpful checklist and overview of the major stages involved in the homebuying process.

Uploaded by

Aimee Hall
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

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Buyer ResourcesHomebuyingHomebuying 101Buying a house checklist

Buying a house checklist


Homebuying checklist: your step-by-step guide to buying a new home.
Congratulations on taking the first step to becoming a new homeowner! Regardless of whether
you’re buying a brand-new home or a previously owned home, this checklist will help you get a jump
start on the homebuying process and keep you on track. Explore the major homebuying steps below,
and check off your progress along the way.
Familiarize yourself with your finances. Before you start looking for a home, it’s important to
know how much you can afford, and how much you want to spend. Take a look at your existing
spending and income, and determine what your monthly budget should be. In addition, determine
how much you want to save for a down payment or how much you’re willing to contribute from your
current savings for a down payment. Get started with our finance calculators.
Gather all of the right documents. There’s usually a significant amount of documentation required
for financing the purchase of a home. Probably more than you would initially expect. However, the
volume of paperwork required is actually incredibly beneficial for everyone involved. Based on the
materials you provide, your loan officer can provide you with the best options available to you
specifically, and more quickly progress you to the loan approval process, bringing you one step
closer to home ownership.
Get prequalified and explore mortgage options. While prequalification is not a mandatory step,
it’s highly recommended. Getting prequalified shows sellers you’re serious about buying a home, and
they may be more willing to work with you and accept your offer over other competing offers. Also,
it’s a great way to validate the budget you originally set, and it can officially determine just how much
home you can comfortably afford. At this stage, you’ll also be able to figure out which loan type will
be best for you.
Create your “ideal home” wish list. Now that you know just how much home you can afford, you
can create your “ideal home” wish list. Make a list of everything you’ve ever wanted in your new
home, including size, location, and design options. Also make sure to consider what you absolutely
don’t want in your new home. Sort everything into two categories:
“Must-have” features: These are non-negotiable requirements for your house. While it may narrow
down some of your purchasing options, it’s important to know these requirements before you buy
rather than discovering it the hard way later. Here are some thought starters to get you going:
Single-story or two story-home?
Number of bedrooms?
Number of bathrooms?
Is school district important?
How much square footage do you require?
Are there any neighborhoods that you’d love to live in?
How soon would you like to move in? What’s your realistic timeline?
How far are you willing to commute to work/school/extended family?
“Don’t want” features: These are options that you absolutely don’t want in a home, under any
circumstances. For some, it’s a two-story floorplan. For others, it could be a pool. Your “don’t want”
list is just as important as your “must-have” wish list.
Research homes and communities Now, it’s time to find the right community and home for you.
Consider important factors, like the quality of area schools, how well-kept the community is, area
crime reports, shopping and dining options nearby, commute times, and what area growth looks like.
If you’re looking at building a new home, be sure to research the quality and reputation of a
homebuilder with a site like Avid Ratings.
Once you’ve narrowed down your selection, go visit the communities and the homes. Drive through
the neighborhoods at different times of the morning, day and night, and take note of what the areas
looks like. Also, talk to people in the area to get a feel for what they think are the pros and cons of
the communities. Some communities even offer home tours. Here’s what you can expect during a
Meritage home tour.
Determine if you’re working with or without an agent.
Some buyers choose to work with a real estate agent, while others choose not to. It’s all a matter of
preference. Working with a real estate agent may be beneficial for answering questions and
submitting paperwork for first-time homebuyers or anyone who would prefer more expert advice.
However, there are advantages to working without one, like not having a “middle man” and being
able to talk directly to the seller, or not having to pay commissions or extra processing fees. No
matter what, if you choose to work with an agent, they should represent your best interests, not their
own or the seller’s interests.
When buying a Meritage Home, it’s not necessary to work with an agent, but we welcome them,
work closely with them and even have a rewards program called Agents Rock, if you prefer to work
with one.
Apply for a home mortgage loan.
Once you’ve done your homework and found the home you want to make an offer on, it’s time to
apply for a loan. Some builders work with a preferred lender, which can translate to a more seamless
experience for the buyer. Once you know which lender you’ll be working with, contact them with the
address of the home you’d like to buy, the price you can offer, and how much you want to contribute
to the down payment.
Close on your new home.
Congratulations! It’s time to make your dream of homeownership a reality. After all negotiations have
been made and your offer is accepted, it’s time to close. Reserve about an hour and a half for the
process. At closing, you’ll sign all the final paperwork necessary to get the keys. This is also when
you will need to set up a wire transfer for the downpayment and any other closing funds.
Now that you know the major milestones, you can continue on to Chapter 2: Buying vs. Renting a
Home, or see how you can get pre-qualified today by filling out a short questionnaire.

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