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Before You Buy a House Checklist
The money and questions to think through before you start touring homes.
A real, editable checklist below — tick, tap a line to rewrite, drag to reorder.
Tick the circles, tap any line to change it, drag the dots to reorder.
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Buying a home with a loan starts before the first tour. The down payment is not the only cash you need: Zinnia Adam says earnest money is 1-3% of the purchase price and closing costs are 2-5%. Pre-approval can also exceed what you can afford, so build your own budget first. Confirm the figures with a lender, as Adam notes extra inspection fees vary by where you live. The list leaves out building a new home, selling and making an offer.
Why these items are on the list
- Check your credit score. Lenders often set a minimum, and a good score typically brings better rates.
- Review your credit report. Confirm it is accurate and up to date; some blemishes may be ready for removal.
- Pay down credit cards. Pay current bills on time as well. Both can raise a low score.
- Calculate your debt-to-income ratio. Total monthly debt payments divided by gross monthly income. Lower looks less risky to lenders.
- Write out your household budget. Being approved for an amount does not mean you will be comfortable spending it.
- Cost the full monthly picture. Eric Nisall says owning brings many more expenses; also count property taxes, possible HOA fees and utilities.
- Save for a down payment. The Chad Wilson Group says typically 5-20% of the price. Ask your lender how much you need.
- Budget for earnest money. Zinnia Adam gives 1-3% of the price, later applied to your down payment or closing costs.
- Set aside closing costs. 1 Percent Lists, citing Zinnia Adam, gives closing costs as 2-5% of the purchase price.
- Price the inspection and appraisal. Zinnia Adam gives inspections at about $250-700 and appraisals at about $250-500.
- Ask about extra inspections. Adam warns you may need mold or septic inspections; fees vary by where you live.
- Budget moving costs. Zinnia Adam gives moving costs as $1,250 to $5,000.
- Compare several lenders. Get one loan estimate, then ask others to beat it. Michael Quan advises comparing APRs, not only rates.
- Learn the mortgage types. Fixed-rate, adjustable-rate and government-backed loans such as FHA each have different terms.
- Get pre-approved. Pre-approval can help guide your search, but it may exceed what you can afford.
- Estimate mortgage insurance. With under 20% down, Freddie Mac says private mortgage insurance can cost $30-70 a month per $100,000 borrowed.
- Price insurance and property taxes. 1 Percent Lists says expect several thousand dollars a year; costs depend on local value and coverage.
- Rank your wants and needs. Think beyond this year, including how long you expect to stay.
- Choose your target area. Consider school districts, where you work, and nearby recreation and shopping.
- Study the local market. Knowing what is going on locally shows you what to expect.
- Interview real estate agents. Research and interview several before choosing the one for you.
- Decide how much DIY you'll take on. 1 Percent Lists suggests asking whether you are handy and have time. Answers can help decide fixer-upper or move-in ready.
- Check energy efficiency. Andrew Daniels says to consider energy efficiency and whether you can afford to heat and cool the home monthly.
- Check permits for past work. Without permits the title company might not insure the home. Look on the city or county website.
- Ask about past water damage. Ask about basement, roof leaks and ice dams. The inspection report may show them.
- Ask if the home is stigmatized. Disclosure rules differ by state, so ask the agent and check online.
Work down it on your phone and the open items show what is still unsettled before you call a lender. If you are buying with a partner, share the list so you both see the same gaps.
When to use it
Use it before you start touring homes, while there is still time to work on credit and savings.