Buying a House Checklist
How to Prepare to Buy a Home
This blog provides you with a buying a house checklist, so that you can get from A to Z in the most efficient and productive way all while winning your dream home! Check out the infographic, or read the step by step details below.
Find a real estate agent:
A realtor will be your guide to finding the right home, for the right price. They’ll be able to help you find important data and information to estimate the true market value of a home, and will also assist with a number of other important things like drafting a contract, presenting your offer, setting you up on auto notifications so you receive new listings right away, and more. Plus, using a realtor to help you purchase a home is FREE service!
If you’re looking for a realtor that will work for your best interests, call Bridgewell today to get in touch with one of our realtors.
Meet with a mortgage broker & check your credit score:
Meet with a mortgage broker to get your initial documents together, determine your credit score, and make sure you have enough for closing costs. You may need to clean up credit blemishes, pay off debt, or save up a bit more money before you are able to purchase.
Get pre-approved and find out how much you can afford:
Getting pre-approved is a crucial step in the buying a house checklist! You’ll know exactly how much you can afford, and will avoid wasting your time looking at properties that are out of your budget. Furthermore, most sellers won’t work with buyers that aren’t pre-approved because it’s too much of a risk! Be prepared, so that you can show sellers that you’re serious and ready to go.
Make a needs & wants list for your future home:
Make a needs and wants list. What are your priorities? What can you compromise on? Refer back to this list everytime you go and view a home.
Go home shopping!:
Start checking out places that you can see yourself living in. Have your realtor book private showings, or go check out open houses! Start to get a feel for different places and adjust your needs and wants list accordingly.
Decide on a home that you’d like to purchase & write an offer:
Once you’ve seen properties, you’ll be able to narrow it down to the one that you want to write on. Have your realtor obtain all the important documents to help with your decision and also consult your mortgage broker to check for any red flags.
Prepare the terms of the offer with your realtor:
Consider included items, subject removal dates, closing dates, price, and more. Have your realtor present the offer, and get an accepted offer!
Complete due diligence during subject removal with your realtor, do some digging on the property:
Once you have an accepted offer you’ll likely be in the subject removal period. You’ll need to work towards removing those subjects prior to the subject removal date, which will involve working with your realtor reviewing zoning, strata documents, the title search, property disclosure statement, and more.
Hire a qualified home inspector and complete an inspection on the property:
One of the subjects you may put is an inspection clause. Choose an inspector that is qualified, experienced, and trustworthy. Once they’ve completed the inspection they will prepare a report for you to read through so that you understand the state of the property, maintenance, and upgrades that may be required when you move in or over time.
Remove subjects and submit your deposit:
If you’re satisfied with the findings from each subject and were able to obtain financing, then you’ll remove subjects and submit your deposit!
Choose a notary or lawyer to facilitate closing:
A notary or lawyer will help to prepare the statement of adjustments and facilitate closing for you.
Get packing – start getting ready to move:
Start packing your bags, booking a mover/truck, and getting ready to move!
This is the day that title transfers to you!
You’re officially a home owner and can move in – congratulations!