Buying a Home Checklist

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General information Yes No N/A
1. Has relevant personal information been gathered? image image image
2. Has financial situation been assessed?

  • Income
  • Expenses
  • Assets
  • Liabilities
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Notes:
Choosing the right home Yes No N/A
1. Has a real estate professional been contacted? image image image
2. Has an attorney for the closing been contacted? image image image
3. Have the advantages and disadvantages of buying a home versus renting a home been discussed? image image image
4. Have the desired home features been determined?

  • Type of home (e.g., condo, multifamily, single residence)
  • Floor plan/number of bedrooms, bathrooms
  • Garage
  • Yard
  • Good schools
  • Safe neighborhood
  • Proximity to work
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5. Has a housing price range been determined? image image image
Notes:
Financing Yes No N/A
1. Has credit report been ordered and checked for errors and/or negative credit? image image image
2. Are sufficient funds available for a down payment? image image image
3. Has need for private mortgage insurance been discussed if down payment is less than 20 percent? image image image
4. Has the source of the down payment been evaluated?

  • Savings
  • Gift
  • Retirement funds
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5. Has the necessary paperwork (e.g., tax returns, pay stubs, bank statements) been gathered? image image image
6. First-time homebuyer?

  • FHA loan
  • VA loan
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7. If so, has a first-time homebuyer class offered by bank/lender been attended? image image image
8. Has prequalification or preapproval for a mortgage taken place? image image image
9. Has a type of mortgage been considered?

  • Adjustable rate versus fixed rate
  • 15-year versus 30-year
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10. Have various mortgage terms and rates been compared? image image image
Notes:
Insurance planning Yes No N/A
1. Has the premium been estimated for homeowners and flood insurance? image image image
2. If a business will be run out of the home, has insurance coverage for home office been considered? image image image
3. Has the need for other forms of insurance been evaluated?

  • Disability insurance
  • Life insurance
  • Personal liability umbrella insurance
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Notes:
Tax planning Yes No N/A
1. If this is a principal residence, have the tax benefits of home ownership been reviewed?

  • Home mortgage interest deductions
  • Deductibility of points and closing costs
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2. If a business will be run out of the home, has eligibility for home office deduction been discussed? image image image
3. Will this be a rental property? image image image
Notes:
Estate planning Yes No N/A
1. Has estate plan been reviewed/updated?

  • Wills, durable power of attorneys, advanced medical directives
  • Trusts
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2. Are there specific property ownership issues that need to be addressed?

  • Sole ownership
  • Life estate
  • Tenancy in common
  • Joint tenancy
  • Tenancy by the entirety
  • Community property
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Notes:
Other Yes No N/A
1. Is refinancing or obtaining a home equity line of credit/second mortgage a consideration? image image image
2. Has the Homestead Exemption been discussed? image image image
Notes: