Real Estate Blog

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, amenities)
• Determine minimum space requirements (bedrooms, bathrooms)
• Think about your future needs (planning for family growth)
• Evaluate property types (single-family, condo, townhouse)

Before Making an Offer

• Research comparable properties in the area
• Review property tax history and potential increases
• Get a home inspection (foundation, roof, electrical, plumbing)
• Check for any liens, easements, or title issues. A Real Estate agent could recommend a trusted partner in Title Insurance
• Understand HOA rules and fees if applicable
• Research the neighborhood (crime rates, development plans)
• Consider future resale value
• Verify utility costs and availability of services
• Assess natural disaster risks (floods, earthquakes)
• Calculate estimated monthly housing costs (mortgage, insurance, taxes, utilities)

The Offer Process

• Work with a trusted real estate agent
• Include contingencies (financing, inspection, appraisal)
• Determine your earnest money deposit amount
• Set a realistic timeline for closing
• Prepare for possible counteroffers
• Understand what's included with the home (appliances, fixtures)

Would you like me to elaborate on any specific part of this checklist?