Are you a First-Time Home Buyer? Here's a Checklist!

First-time home buyers often have more questions than those who have gone through the process before. What home features and neighborhood characteristics should they look for? What can they afford? Are they ready to be homeowners? As a Zillow Premier Agent, you’ll have real-time visibility into the homes your clients are searching for, viewing and saving.

Agents typically bring a sample home-buying checklist to each open house and offer to email a copy to buyers (a great way to exchange contact information). Some agents also host first-time home-buying seminars at their brokerage and use this handout as an incentive to attend.

Here is the checklist for first-time home buyers in brief:

• Determine how much you can afford
• Get pre-approved Search for a home
• Find a real estate agent
• Visit open houses and tour homes
• Submit an offer Get a home inspection
• Get an appraisal
• Renegotiate
• Close the sale.

1. Figure out how much house you can afford.

Calculate your monthly income and debt. Check your credit report and FICO score. Use FrontDoor's mortgage calculator. Figure out your down payment.

2. Get pre-approved for a mortgage.

Choose a type of mortgage. Speak to at least five lenders and mortgage brokers. Shop for the best interest rates and programs.

3. Determine what you want and need in a home.

Choose a location (downtown, urban, suburban, rural). Choose a type (single family, townhouse, condo, loft). Choose a price range. Choose a size. Choose an architectural style.
4. Research your target neighborhoods.
Look online for information on schools, crime rate, traffic and zoning. Determine your work commute. Scout local amenities, such as parks, shops and restaurants.

5. Work with a buyer's agent who knows the neighborhood.

Get referrals. Consider working with an exclusive buyer's agent. Interview at least three agents. Look for experience and good chemistry.

6. Search for homes in the MLS and For Sale By Owner (FSBO).

Browse listings online, including FrontDoor.com. Ask your agent to set up tours of homes that fit your criteria. Check local newspapers. Pick up flyers and attend open houses.

7. Research each home you want to buy.

Ask your agent for comps to estimate the property's fair market value. Ask the seller's reason for selling. Review all property disclosures. Find out about liens, easements or other restrictions.

8. Make an offer and negotiate.

Determine the purchase price. Include contingencies, such as financial, inspection or purchase. Spell out any special requests and repairs you want included in the sale. Determine an earnest money amount. Define a move-in date. Once both parties agree to the terms, sign the Purchase and Sale Agreement.

9. Finalize the deal.

Get the house appraised. Get a professional home inspection. Consider getting specific inspections for structural engineering, roof and termites. Use the appraisal and inspection reports to re-negotiate if necessary. Choose a home insurance company. Complete the loan process with the lender. Do a walk-through inspection prior to closing. Set aside cash for the closing costs and down payment.

10. Close the purchase.

Review the settlement document at least 2 days before closing to see how funds will be collected and distributed. Get a cashier's check for the amount you need to bring to closing, including the down payment and closing costs.

Submit

You agree to receive property info, updates, and other resources via email, phone and/or text message. Your wireless carrier may impose charges for messages received. You may withdraw consent anytime. We take your privacy seriously.