Essential Checklist for Buying a Home
Homeownership is an important step in saving money and building wealth because it provides stability and a long-term investment. Unlike renting, where the monthly payments go towards someone else's property, a mortgage payment goes towards building equity in your own home. Over time, as the value of your home increases, so does your net worth. Furthermore, owning a home can provide tax benefits, as mortgage interest and property taxes are deductible. Additionally, owning a home can be a source of passive income through rental properties or by selling the home for a profit later on. In the long run, homeownership has proven to be a solid investment, as homes tend to appreciate in value over time, providing a nest egg for retirement or other financial goals. We’ve put together a list of prequalifications and tasks that you’ll have to complete before buying.
Essential Checklist for Anyone Preparing to Buy a Home
Get pre-approved for a mortgage: This will give you an idea of how much home you can afford and will also make you a more attractive buyer to sellers.
Determine your needs and wants: Make a list of the features you must have in a home and those you would like to have.
Research neighborhoods: Look into the schools, crime rates, and other factors that are important to you and your family.
Check your credit score: A good credit score can save you thousands of dollars in interest over the life of a mortgage.
Save for a down payment: The more you can put down, the lower your monthly mortgage payments will be.
Learn about the home buying process: Understand the steps involved in buying a home, including finding a real estate agent, making an offer, and closing on a home.
Get familiar with the local market: Learn about current market conditions and trends to help you make an informed decision when buying a home.
Hire a good real estate agent: A good agent will help you find the right home, negotiate a fair price, and guide you through the closing process.
Be prepared to move quickly: Once you find the right home, you may need to move quickly to make an offer before someone else does.
Get a home inspection: A home inspection will help you identify any potential issues with the home before you buy it.
When you are ready to purchase a home, we are here to help. Protip: Don’t use Zillow when searching for homes. Our database is the most up-to-date for the Triangle Area and beyond. Start searching here.