Buying a Home Checklist

For most people, buying a home is the biggest financial decision they will make in their lives. Given how important it is, you should make sure you take every necessary step to ensure that the home not only meets your needs, but is one that you can afford, and doesn't come along with any unforeseen headaches that could require repairs, decrease its value, or make it difficult to resell. Follow this checklist to help ensure make the best deal you can, while avoiding potential legal pitfalls:

1. [ ] Create a budget

   • Before anything else, make sure you know how much money you are prepared to spend, including how much of a mortgage you qualify for and are willing to take out. Make sure to include costs other than the home price, such as taxes, buyer agent fees, attorney fees, insurance, and other expenses you may need to pay.

2. [ ] Figure out what you want in a home

   • You should have a good idea of what kind of home you are looking for as you conduct your house search. This includes knowing the home size, home features and amenities you want it to have, and so on. That way, you can sort out homes that do not meet your needs.

3. [ ] Research potential locations

   • In addition to knowing what’s in your home, you should know more about where it is. Make sure to research the local area, including the proximity to public transportation, the availability of shopping, how good the school district is, how much crime there is, and anything else that may be relevant to your needs.

4. [ ] Hire an agent

   • A real estate agent is not always strictly necessary, but it may be harder to find a good home without one. They can do a lot of the legwork of identifying homes that meet your needs, and help facilitate the sale.

5. [ ] Hire a lawyer

   • A real estate lawyer can be essential for just about every part of your real estate transaction. This is not only about ensuring the sale goes smoothly, but also about protecting yourself from potential legal problems further down the line.

6. [ ] Get pre-approval for a mortgage

   • Before you formally seek a mortgage, work with a mortgage broker or you can request that a bank give you pre-approval for a mortgage. This will give you an idea of how much money they are willing to lend you, based on your credit history. Brokers and sellers will generally require this or other proof of funds, as it shows that you have enough money to pay for the sale.

7. [ ] Search house listings

   • You should go through house listings in any location you are interested in moving to, and look through available homes. An agent can help with this, but ultimately you must make the decision about where you are interested in living.

8. [ ] Visit the property

   • Before you get ready to buy, you should visit the property at least once and inspect it in person. This can help you get a feel of the location, as well as potentially reveal things about the property that may not be apparent from a listing.

9. [ ] Make an offer

   • If you like the property, you can make an offer to the seller about how much you are willing to pay. If they are happy with the offer and don’t get a better one in a timely manner, you can begin the process of buying the home.

10. [ ] Get ready to negotiate

    • Real estate transactions do not happen overnight, and they often involve significantly complex legal issues. You should be ready to negotiate over terms to ensure you get the best deal possible. You should also make sure to have a lawyer available to review your real estate contract to protect your rights during the home purchasing process..

11. [ ] Conduct inspections and appraisals

    • With a contract in place, you can begin the process of inspecting the property. This includes a traditional property inspection to determine if there are any structural defects, as well as an appraisal to ensure the price is fair. Your attorney will also conduct a title search to determine if there are any legal problems associated with the property, which a lawyer can assist with.

12. [ ] Close the deal

    • If everything goes well, you can go to the closing and finally complete the transaction. Once every document is signed and all closing costs are paid, the house will finally be yours.

If you are considering purchasing a home, contact attorney John Zaher at 631-310-4655 or on his mobile phone at 631-375-8770, where he can be reached 24/7/365. He will review your pending sale and contract and help guide you through the process while protecting your rights.