First-Time Home Buyers Checklist: What to Know Before Making an Offer
Posted by sharon miranda on
Before making an offer on your first home, it's important to be prepared. It also would not hurt to hire a professional. Here's a comprehensive checklist to help you navigate this exciting but complex process:
Financial Preparation
- Get pre-approved for a mortgage to know your budget. A Real Estate agent could recommend a trusted partner
- Save for a down payment (typically 3-20% of purchase price)
- Set aside money for closing costs (2-5% of loan amount)
- Budget for moving expenses and immediate home repairs
- Check your credit score and address any issues
- Calculate your debt-to-income ratio (aim for under 43%)
Home Requirements
- Identify your must-haves vs. nice-to-haves
- Consider location factors (commute, schools,…
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