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How to Prepare a Home Buying Checklist

How to Prepare a Home Buying Checklist

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Instructions

Step 1:
Decide how much you can afford and what you can afford to spend. Think about the monthly expenses of the home in addition to your mortgage. As a rule of thumb, expect to spend 50% of your monthly mortgage bill on maintaining your home.
Step 2:
Think about what you want in a home and neighborhood. Determine what is most important to you before you make your dream home list. What are your priorities? The neighborhood? The location? The size of the house? Your commute to work? The size of the lot (or backyard)? Rank all of these items quickly.
Step 3:
Consider the neighborhood. Location is the number one rule in real estate. Think about your target neighborhood. If you aren't completely sure consider your answers to these questions to help you find a neighborhood that suits your needs.

What do you want in a neighborhood? What proximity to hospitals, emergency and health services and schools would you want to live near?

What about transportation? Do you want a neighborhood near highways or public transportation?

What about religious institutions? Shopping? Dining? Entertainment?

What kind of atmosphere are you looking for? Are you looking for quiet neighbors? Is safety the most important issue for you? Do you prefer that the blocks and the front yards of each home be clean and presentable?

What about the property values? And property taxes?
Step 4:
What type of home are you looking for? Do you prefer an apartment, a townhouse, a row house or a single family house? Do you prefer your home to be attached or detached?

What are you willing to consider to be in your desired location? Are you willing to consider an apartment or townhouse to live in a specific location? Or is the type and size of house more important than the location?

Do you desire a completely renovated or brand new home? Or are you willing to consider a fixer upper? Is this home a long term purchase? Do you need to room to grow in? Or do you plan to purchase another home in 5-7 years?
Step 5:
Consider the basics of the home you are looking for.
Does the home have to have parking spaces or a garage?

What views do you expect your home to have, if any? What kind of block or street should your home be on? Do you prefer a quiet tree lined street, a major avenue or a quiet private cul-de-sac?
Step 6:
Consider the exterior of the home. Do you desire a large front and back yard? What kind of outdoor space are you looking for? What size lot do you desire?

Do you need rental space or space to work from home? A guest house? Or carriage house?

Would you consider a home that needs a new roof? Or new mechanicals?
Step 7:
The interior of a home may be the most important part of the home to consider. What are you looking for in terms of the living areas (living room, dining room, kitchen, family room etc.)? What would you like to have in your kitchen and bathrooms?

Is size important? Do you prefer a home with character and original details? Or do you prefer a blank slate?

Are you looking to have fireplaces? Built-ins? Storage space? Closet space?

What about the windows in the home? Are you expecting a lot of natural light? What about the interior lighting of the home? Is that important or are you willing to work with the home's natural elements?

Tips & Warnings

As evident by this checklist, there are so many factors to consider when looking for a home. having a checklist and a prioritized list will help to make your final decision clearer.
With your checklist in tow, consider all options in the area of your choice.
Be realistic. You can have a long dream list for your home, but realistically, your home will probably match only 50%-75% of your list. Do not expect to find a home that matches this list 100%. If it does, that is wonderful, but more than likely this will be hard to match completely.

How to Prepare a Home Buying Checklist article by eHow.com

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