Buying a Home Checklist

If you are in the market to buy a home, print this checklist off and let it be your guide.

General information	Yes	No	N/A
1. Has relevant personal information been gathered?
2. Has financial situation been assessed? Income Expenses Assets Liabilities
Notes:
Choosing the right home	Yes	No	N/A
1. Has a real estate professional been contacted?
2. Has an attorney for the closing been contacted?
3. Have the advantages and disadvantages of buying a home versus renting a home been discussed?
4. Have the desired home features been determined? Type of home (e.g., condo, multifamily, single residence) Floor plan/number of bedrooms, bathrooms Garage Yard Good schools Safe neighborhood Proximity to work
5. Has a housing price range been determined?
Notes:
Financing	Yes	No	N/A
1. Has credit report been ordered and checked for errors and/or negative credit?
2. Are sufficient funds available for a down payment?
3. Has need for private mortgage insurance been discussed if down payment is less than 20 percent?
4. Has the source of the down payment been evaluated? Savings Gift Retirement funds
5. Has the necessary paperwork (e.g., tax returns, pay stubs, bank statements) been gathered?
6. First-time homebuyer? FHA loan VA loan
7. If so, has a first-time homebuyer class offered by bank/lender been attended?
8. Has prequalification or preapproval for a mortgage taken place?
9. Has a type of mortgage been considered? Adjustable rate versus fixed rate 15-year versus 30-year
10. Have various mortgage terms and rates been compared?
Notes:
Insurance planning	Yes	No	N/A
1. Has the premium been estimated for homeowners and flood insurance?
2. If a business will be run out of the home, has insurance coverage for home office been considered?
3. Has the need for other forms of insurance been evaluated? Disability insurance Life insurance Personal liability umbrella insurance
Notes:
Tax planning	Yes	No	N/A
1. If this is a principal residence, have the tax benefits of home ownership been reviewed? Home mortgage interest deductions Deductibility of points and closing costs
2. If a business will be run out of the home, has eligibility for home office deduction been discussed?
3. Will this be a rental property?
Notes:
Estate planning	Yes	No	N/A
1. Has estate plan been reviewed/updated? Wills, durable power of attorneys, advanced medical directives Trusts
2. Are there specific property ownership issues that need to be addressed? Sole ownership Life estate Tenancy in common Joint tenancy Tenancy by the entirety Community property
Notes:
Other	Yes	No	N/A
1. Is refinancing or obtaining a home equity line of credit/second mortgage a consideration?
2. Has the Homestead Exemption been discussed?
Notes:

 

-Jared