10 House-Hunting Checklist Items for Your Next Search
The homebuying process may feel overwhelming — you’re searching for houses with charm and curb appeal, while also juggling practical needs like square footage, storage space and the desired number of bedrooms and bathrooms.
That’s why getting organized for your home search is key. Use our house-hunting checklist to get clear on your wishes, needs, dealbreakers and ultimate goals before you set off to buy a house. This will help you stay focused and keep your notes and documents in order during the homebuying process, from your mortgage preapproval to closing day.
- Getting preapproved for a mortgage should be your first step before house hunting. But it’s also important to crunch the numbers against your household budget to decide how much house you can truly afford.
- The right real estate agent acts as a key partner in the homebuying process. An experienced agent can help you understand the local housing market, spot potential snags and negotiate a good deal on a house.
- It’s important to be clear and upfront on what you want — and don’t want — in a home. Making a homebuying wish list and nailing down the details of your dream home and neighborhood may help you find the right place for your lifestyle and avoid buyer’s remorse.
1. First, apply for a mortgage preapproval
Unless you’re ready to buy a house with cash, you’ll need mortgage financing. A mortgage preapproval will give you a solid idea of how much you can spend on a house. Plus, in this competitive housing market, many sellers won’t even consider a purchase offer that doesn’t include a preapproval letter from a lender.
- Credit score: Most lenders require a 500 to 620 minimum score.
- Income: You’ll need proof of a stable income with two years of verifiable, consistent earnings.
- Down payment: Expect to put down at least 3% if you’re borrowing a conventional loan (though there are no-money-down loan programs available).
- Debt: Your monthly debt payments should typically take up no more than 43% of your gross monthly income. Lenders measure this by calculating your debt-to-income (DTI) ratio.
- Cash to close: Closing costs typically range from 2% to 6% of your loan amount.
2. Determine how much house you can afford
One important homebuying fact: Just because you got a mortgage preapproval for a certain amount doesn’t mean you can (or should!) spend that amount on your house. Your mortgage should fit comfortably into your household budget, leaving funds to spare for routine home maintenance, repairs and other expenses.
Need help crunching the numbers? Use our home affordability calculator to determine how much house you can afford. If you’re short on money for a down payment, you may want to look into the many down payment assistance programs that can help. You should also consider first-time homebuyer programs that can make homebuying more affordable, and you may qualify if you haven’t owned a home in the past three years.
The general guideline for keeping your housing affordable is to spend no more than 25% to 30% of your gross monthly income on your monthly house payment. Keep in mind that you may want to spend less, depending on your other bills, debt and savings goals. This is why it’s important to look at your mortgage in the context of your overall budget.
3. Create a house checklist of wants and must-haves
If you’re ready to buy a house, you probably have a picture-perfect place in mind — but what parts of that vision are nonnegotiable? You’ll need to get clear on your list of “needs” versus “wants.” Think about elements like curb appeal along with more practical considerations, such as square footage and storage space.
Your list may also include items like swimming pools, home theater rooms or a fireplace. What you can’t live without is totally up to you — the important thing is to decide what your priorities are, so you can quickly rule out potential homes that aren’t a fit.
- Home type (e.g., one-story, two-story, townhouse, mobile home)
- Home style (e.g., modern, traditional, Southwestern, Colonial)
- Price range
- Age of home (e.g., new construction or older home)
- Number of bedrooms and bathrooms
- Square footage
- Lot and yard size
- Storage space (e.g., built-in shelves, walk-in closets, kitchen pantry, shed, garage)
- Home systems (e.g., HVAC, plumbing, security systems)
- Transportation needs (e.g., public transportation access, work commute distance)
- School district
- Parking situation (e.g., driveway, carport, garage, street parking)
- Special needs (e.g., fenced-in yard, home office, wheelchair access)
- Extras (e.g., pool, hot tub, sun porch, gardens)
- Homeowners association rules
Read more about first-time homebuyer questions to ask.
4. Find a real estate agent
An experienced real estate agent may make the difference between getting the home you want or settling for something less. The agent’s job is to help you through the homebuying process by analyzing market conditions, preparing competitive offers, haggling until your offer is accepted and ultimately helping you buy a house at the best possible price.
Here are three qualities to look for in a buyer’s real estate agent:
- Local market expertise. Top agents know the neighborhoods you’re interested in and can give you fast and accurate information about everything from school trends and local homeowners association (HOA) requirements to recent price trends.
- Experience. It’s smart to look for a real estate agent who has been in the business at least a couple of years, if not longer. While experience isn’t the only factor to consider, it may mean the agent has honed skills like spotting problems and negotiating deals.
- Availability and communication. The homebuying process involves lots of legal and real estate terms, as well as strict deadlines that must be met along the way. You’ll want to choose an agent you “click” with personally, one who’s available to tour homes when you’re ready to start house hunting.
Buyer’s agents sometimes ask you to sign an agreement with details about the services they’ll provide. This can be a good way to hold the agent accountable for acting in your best interests. However, look out for “exclusive” agreements, which limit you to using a single agent. You may end up paying them a commission if the relationship goes sour and you find a home before the exclusive agreement timeline expires.
5. Consider the type of community you’d like to live in
You’ve probably got a sense of whether you prefer an urban, suburban or rural area for your new home. Still, it’s wise to think beyond those broad distinctions and get a little more detailed about the type of community you’d want to live in based on your lifestyle (see callout box below).
Once you’ve found a neighborhood you like, spend some time there to get a better feel for it. For example, visit the area at different times of the day and night and check out local coffee shops, restaurants or community centers.
You can also learn a lot by talking to others in person and virtually. Ask around to see if anyone you know lives in the neighborhood, or check out online forums or social media pages for that community. And if you have any concerns, it’s easy to do a little extra digging — for instance, you can check local crime statistics and property value trends.
- Is it a walkable and/or bikeable neighborhood?
- Are there parks or green spaces nearby?
- Is there a nearby library? Community center? Other public amenities?
- Are there any grocery stores, pharmacies and other shops nearby?
- What is the proximity to nearby schools?
- Is the area pet-friendly? (i.e., a nearby veterinarian, dog park, walking trails)
- Are there active neighborhood groups?
- Are there gyms, community pools and fitness trails in the area?
- How safe is the neighborhood? (i.e., crime statistics and trends)
6. Decide on your house-hunting deal breakers
Just as you want to have a wish list of desired features in your new home, it’s wise to take note of problems, downsides or needed renovations that would make a home a “no-go” for you. It’s easy to get excited about positives (like the beautiful flower garden or stunning saltwater pool) and overlook negatives that may cause you significant headaches (or a drain on your wallet) in the future.
Here are some potential downsides in a home that may (or may not) sink the deal:
- An old roof that needs to (or will soon need to) be replaced
- A property that has or has had flooding issues
- Old or unsafe electrical wiring that needs to be updated
- An old HVAC system that needs to (or will soon need to) be replaced
- A yard with a hazardous tree that may need to come down in the near future
- Plumbing or sewer line problems
Another more general way to approach this homebuying question is to ask yourself whether you want a brand-new or recently renovated move-in-ready home, would accept a home that needs some cosmetic updates only or are willing to take on a home that needs major work, if the price is right.
Learn more about qualifying for a fixer-upper loan.
7. Learn about the real estate market in the area
Before you start looking at houses, it’s wise to get a sense of the current real estate market in the neighborhoods on your shortlist. And as you look at real estate listings online, take note of how long the homes you’re interested in have been on the market, as well as how long homes generally stay on the market in the area. This can inform your offer and negotiating power.
The National Association of Realtors is a good source of information for homebuyers on housing market statistics and trends across the country. Your real estate agent can also act as a guide to the market — and in a hot market, they can offer you homebuying tips on how to make your offer stand out and get noticed above other buyers.
8. Get prepared to start looking at houses
Take some time to get ready before house hunting with your real estate agent. Here are some items you’ll want to take with you when touring homes:
- A list of homes you want to see and the real estate listings.
- Your house-hunting wish list and deal breakers list.
- A list of red flags to watch out for when house hunting (see callout box below).
- A way to take notes, whether a notes app on your phone or old-fashioned notebook and pen.
- A measuring tape — if you have furniture that you’re concerned about fitting in your new space, measure it before you go and take those measurements with you.
- A flashlight — the one on your phone may do in a pinch, but it’s smart to bring a brighter, heavy-duty flashlight for peering into dark corners and shady basements.
It can be easy to fall in love based on charm or a beautiful architectural feature and to overlook potential downsides, so be sure to bring your practical side and a skeptical eye (or a family member who’s handy and good at spotting issues).
Watch out for these potential signs of trouble during the homebuying process:
- Siding that needs to be replaced soon
- Mold or discoloration on walls
- A dank, musty or noxious smell
- Attempts to cover up smells (air freshener plug-ins or even freshly baked cookies)
- Cracked foundation
- Cracked, sagging or uneven walls and ceilings
- Lights that blink or flicker or other signs of electrical problems
- Renovations that appear cheap or sloppily done
- Neighboring buildings in disrepair
9. Take a closer look before making an offer
Did you find a home you love, where you can picture yourself living that seems to check all your boxes? Now’s the time to take a closer look at the house before making an offer. Use our mortgage calculator to estimate your monthly mortgage payment and consider the costs of living in and maintaining the home.
For example, get property tax records and data on the cost to heat and cool the home you plan to buy. You’ll want to factor in all expenses of homeownership in terms of time and money, so you can be sure that this home fits your lifestyle and your household budget. If it does, then your real estate agent can help you make an offer.
- HOA fees (can average $300 to $450+ per month depending on location)
- Average utility costs (gas, electric, water, sewer, trash)
- Home insurance
- Property taxes
- Pest control (i.e., termite prevention)
- Costs to maintain yard and landscaping
- Costs of any urgent repairs or renovations
- Ongoing maintenance costs (i.e., painting for wood siding)
- Commuting costs (i.e., gas or public transportation)
10. Do your due diligence with a home inspection
Once you’ve made an offer, you’ll then need to schedule a professional home inspection. Any purchase contract you sign after making an offer should include a contingency clause allowing you to back out of the purchase based on a home inspection. Before choosing a home inspector, the Consumer Financial Protection Bureau recommends checking their references, reviewing their Better Business Bureau file and verifying their license with your state or county.
The bank will also order a home appraisal as part of the mortgage process, which is separate from the inspection. Try to attend the home inspection if possible, so you can physically see and better understand any issues that’ll be mentioned in the home inspection report. If the inspector finds problems (big or small), your real estate agent can negotiate with the sellers for you and possibly get them to agree to cover the repairs before the sale.
Mistakes to avoid in your search for houses
The following are some of the most common homebuying mistakes that could turn your homebuying dream into a nightmare:
- Not shopping around for a mortgage loan. A mortgage is one of the biggest financial commitments you’ll make, so a little time spent shopping for lenders and comparing loan terms can add up to huge savings (as much as $80,000, LendingTree data shows) over the life of the loan. Get at least three mortgage loan offers to compare.
- Not saving enough money for closing costs. Most homebuyers know they need to have enough in the bank to make a down payment, but forgetting to also save for closing costs can tank a home sale. A good guideline is to save 2% to 6% of the loan amount for these fees, which can also be paid with a gift if you have any generous friends or relatives.
- Making moves that negatively affect creditworthiness during the homebuying process. House hunting can take months, and mortgage lenders typically pull a new credit report after 120 days. So be sure to pay all your bills on time, avoid racking up credit card or another type of debt for big purchases (like furniture for your new home!) and maintain your job during the mortgage process.
- Depositing large chunks of cash in the bank. Lenders need a paper trail of any funds used for a down payment or other aspects of a home purchase. Make sure you have paperwork for any cash you plan to use or discuss strategies for how to handle the deposits with your loan officer.
- Making homebuying decisions based on emotion. You want to love the house you buy, but some homebuyers fall so hard that they overlook structural issues or expensive renovations. That’s why using a house-hunting checklist is key, as is getting a professional home inspection that may uncover ugly issues hidden behind curb appeal and an inviting exterior.
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