Get home buying advice in both English and Spanish from HUD www.hud.gov/buying (the U.S. Department of Housing and Urban Development) and Freddie Mac www.freddiemac.com/homebuyers.
When you find a property, ask your agent for details on local schools and neighborhood demographics. Web sites, such as www.realtor.com also may carry this information.
Many cities and counties list property values of neighboring homes online. Simply search the Internet using the word "assessor" plus the names of your city, county, and state. For example, for a home in Chicago, use this search phrase: Assessor Chicago Cook Illinois.
Glink, I. "One Hundred Questions Every First-Time Homebuyer Should Ask: With Answers from Top Brokers from Around the Country." 3rd Ed. New York: Three Rivers Press, 2005.
Hymer, D. "Starting Out: The Complete Home Buyer's Guide." San Francisco: Chronicle Books, 1997.
Irwin, R. "Buy Your First Home!" 2nd Ed. Chicago: Dearborn, 2000.
Irwin, R. "Tips and Traps When Buying a Home." 3rd Ed. New York: McGraw Hill, 2003.
Rejnis, R. "Everything Homebuying Book." 2nd Ed. Holbrook, Mass.: Adams Media, 2003.
Tyson, E. and Brown, R. "Home Buying for Dummies." 2nd Ed. Foster City, Calif.: IDG Books Worldwide Inc., 2001.
Have each family member
check the features he or she would like to have in a home. Then circle the "must
have" features. Compare your checklists, and reach agreement on priorities.
Share your priorities with your real estate
agent.
Type |
|
⃞
Lots
of storage room |
|
⃞
New
construction or ⃞
Resale ⃞
Single-family,
⃞
Town
house, or ⃞
Condominium Square
footage: ⃞
1,000,
⃞
1,500,
⃞
2,000
⃞
2,500,
⃞
3,000
or more Bedrooms:
⃞
1,
⃞
2,
⃞
3,
⃞
4,
⃞
5
or more Bathrooms:
⃞
1,
⃞
2,
⃞
3,
⃞
4 or more ⃞
Price limit $________________ |
|
⃞
Large
kitchen ⃞
Modern
bath & kitchen ⃞
Fix-it-upper ⃞
Deck/patio ⃞
Fenced
yard ⃞
Energy-efficiency ⃞
Fireplace ⃞
All
on one level ⃞
Large
bedrooms ⃞
Master
bedroom/bathroom ⃞
Vaulted
ceilings ⃞
Mature
trees/landscaping ⃞
New
construction ⃞
Pool/hot
tub ⃞
Wood
flooring ⃞
Aluminum
siding exterior ⃞
Mud
room ⃞
Sun
room ⃞
Central
vacuum |
Location |
| |
|
⃞
Close
to work ⃞
Close
to shopping and entertainment ⃞
Rural
or ⃞
City setting ⃞
Close
to family or friends ⃞
Quiet
street ⃞
Near
parks ⃞
Near
expressway ⃞
Large
lot |
| |
|
Specifications |
|
⃞
Disability
access |
|
⃞
Garage
⃞
Eat-in-kitchen ⃞
Great
room ⃞
Walk-in
closets |
|
⃞
Resale
appeal |
Customize
this checklist by adding the "must have" features from your Housing Priority
Checklist. When looking at properties, evaluate them thoroughly. Take digital
pictures to help you remember details.
Property
location:___________________________________
|
Outside |
|
Kitchen |
|
|
⃞
Cracks
in foundation, driveway, sidewalks? ⃞
Proper
drainage near foundation/slab (such as gravel)…shrubs two feet away from
house? ⃞
Landscaping—mature
trees to provide summer shade, especially on west side, all trees are
living? ⃞
Adequate
yard? ⃞
Roof–check
for worn signs on shingles. ⃞
Gutters—free
of dust, dents, leaks, leaves. ⃞
Siding—If
paint, is it bubbling or are many layers showing
thickness? ⃞
Windows—single
or double pane—tight fitting? ⃞
Do
eaves hang over siding to provide adequate protection from
storms? |
|
⃞
Modern,
working appliances? Newer appliances may run quieter and more
efficiently. ⃞
Adequate
storage? ⃞
Faucets
easily turn on and off w/o dripping? |
|
Bathrooms |
|||
|
⃞
Big
enough tub or shower? ⃞
Enough
room when sitting in bathroom? ⃞
Fixture
colors okay? ⃞
Note
the brand on older homes (do-it-yourselfer or plumber's
quality?). |
|||
House interiors |
|||
|
⃞
Check
walls and ceilings for water damage. ⃞
Will
carpeting/flooring need replacing or refinishing? ⃞
Does
interior need painting? ⃞
Lighting–adequate
overhead lighting? ⃞
Electrical
outlets—enough? Three-pronged? |
|||
|
Basement |
|
| |
|
⃞
Cracks—find
them all, this could mean the foundation has shifted, causing poor fitting
doors and windows and leaks in house. Also, could lead to
flooding. ⃞
Stains—look
for water stains on walls and ceiling—dry wall that's been water damaged
may have a mump texture. ⃞
Fuse
box—200 amp service? ⃞
Heating,
AC, water heater, water softener—do they appear to be in good repair?
Check for servicing decals on each appliance to see if they've been
maintained. ⃞
Construction
clues—look for an unfinished section to see the construction used—beams,
floor joists, and subflooring may be visible—are they sturdy?
Solid? |
|
||
Location |
|||
|
⃞
Jot
down addresses of neighboring homes to check appraised values
later ______________________________________ ______________________________________ ⃞
Schools—even
if you don't have children. ⃞
Convenience—to
work, shopping, entertainment? ⃞
Heavy traffic or noise? |
|||
Attic |
|
"Must
Haves" |
|
|
⃞
Condition
of insulation; how thick? ⃞
Ventilation—whole
house fan? Ridge vent? Eaves venting? ⃞
Opportunities
for storage? ⃞
Check
wood for signs of water damage. |
|
⃞
_________________________________ ⃞
_________________________________ ⃞
_________________________________ ⃞
_________________________________ |
|
When you apply for a
mortgage, your lender will ask for Social Security numbers for all borrowers and
for information found on various financial documents. The process will go
smoother if you bring these records with you.
⃞
Signed
purchase agreement
⃞
Listing
sheet on the home
⃞
W-2s,
1099s, or Social Security Award letters from the last year
⃞
Address(es)
for the last two years
⃞
Names and
addresses for all employers for the last two years
⃞
Last paycheck
stub showing year-to-date income for all borrowers
⃞
U.S. tax
returns, including all schedules for the last year if you are self-employed or
have commission income
⃞
Current
statements for all credit cards, installment loans, mortgages
⃞
Current
statements for all savings, certificates, mutual funds, and other investments
⃞ If
divorced, copy of
filed divorce decree and property settlement
⃞
If using
child support maintenance or alimony to qualify, copies of the last 12 months
pay received
⃞ If
disabled, verification
of Social Security disability payments and pensions
⃞ If
self-employed, two years of 1040 tax returns and current profit and loss
statement
Anytime
Adviser—Home Buying Coach
© 2003
Credit Union National Association Inc.