Often as a Phoenix AZ Real estate agent, I take the home buying process for granted. However, many buyers are first-time home owners and have yet to experience the joy and the sometimes trials and tribulations of the complex process.
The home buying process starts with some personal consultation with significant others about personal wants, needs and financial condition and doesn’t end when they keys to your home are handed to you at the close of escrow.
There are some differences if your home is new construction versus a resale purchase. However, for the purpose of this Home buying list for dummies (my apologies for any copyright infringement), I will use a more general outline that applies to real estate for both purchases.
Follow this step-by-step home buying checklist.
Answer these Questions to determine if home buying is right for you.
- Will you be in your current job for at least 3-5 years?
- Do you see any major family changes children are a large expense and selling a home through a divorce or separation is not an ideal scenario for best results.
- Will a new mortgage test your financial limits? – there is no reason to work so hard to barely pay a mortgage on a home you cannot enjoy.
- Do you have at least 6 months of emergency savings in case of unforeseen financial hardships?
- Do you have 10% (20% is better) down payment?