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Home Buyer’s Checklist

When you’re ready to start shopping for your first home or a new home, it’s best to examine everything you want or need in your new home. By using a checklist, you’ll be able to think of everything that will impact what your new home will be like and how much home you can really afford.

  General information  Yes  No  N/A
1. Has relevant personal information been gathered?     
2. Has financial situation been assessed? (Income, Expenses, Assets [bank accounts, IRAs, Real Estate, automobiles, etc.], Liabilities [loans, credit card debt] )     
Notes:   
  Choosing the right home  Yes  No  N/A
3. Has an attorney for the closing been contacted?     
4. Have the advantages and disadvantages of buying a home versus renting a home been discussed?     
5. 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)     
6. Has a housing price range been determined?     
Notes:   
  Financing  Yes  No  N/A
7. Has the source of the down payment been evaluated? (Savings, Gift, Retirement funds)     
8. Has the necessary paperwork (e.g. tax returns, pay stubs, bank statements) been gathered?     
9. First-time homebuyer? (FHA loan, VA loan)     
10. If so, has a first-time homebuyer class offered by bank/lender been attended?     
11. Has prequalification or preapproval for a mortgage taken place?     
12. Has a type of mortgage been considered? (Adjustable rate versus fixed rate, 15-year versus 30-year)     
13. Have various mortgage terms and rates been compared?     
Notes:   
  Insurance planning  Yes  No  N/A
14. Has the premium been estimated for homeowners and flood insurance?     
15. If a business will be run out of the home, has insurance coverage for home office been considered? (Disability insurance, Life insurance, Personal liability umbrella insurance)     
Notes:   
  Tax planning  Yes  No  N/A
16. 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)     
17. If a business will be run out of the home, has eligibility for home office deduction been discussed?     
18. Will this be a rental property?     
Notes:   
  Estate planning  Yes  No  N/A
19. Has estate plan been reviewed/updated? (Wills, durable power of attorneys, advanced medical directives, Trusts)     
20. 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
21. Is refinancing or obtaining a home equity line of credit/second mortgage a consideration?     
22. Has the Homestead Exemption been discussed?     
Notes:   

Are you interested in a Personal Loan/Line of Credit?