So You Want To Buy A House In One Year?
1) 12 Months In Advance: Review your credit reports & build & enhance your credit.
2) 11 Months In Advance: Speak with Mortgage Consultants to analyze your income/expenses/savings to figure out your price range. How much house can you afford?
3) 10 Months In Advance: Start to analyze your needs/neighborhood options. Transportation to work, school district quality, & amenity needs are questions to be answered at this time.
4) 9 Months In Advance: Check housing stock in the neighborhoods you like. Make sure there is enough for you to choose from in your price range.
5) 8 Months In Advance: Team up with a real estate agent that you like & trust. Discuss market conditions (supply & demand). Explore neighborhoods. Create a list of your needs/wants/fatal flaws.
6) 7 Months In Advance: Start to research other professionals: lawyers, home inspectors, insurance brokers.
7) 6 Months In Advance: Start to organize your paperwork. 2 years of tax returns. Pay stubs. Bank statements.
8) 5 Months In Advance: Research Mortgage Consultants & choose 1 to work with. Get a pre-approval letter.
9) 4 Months In Advance: By now you should definitely have narrowed down your desired housing stock & be making offers. Consider offering on more that 1 house to see which sellers are most motivated.
10) 3 Months In Advance: By now you should have an Accepted Offer with contracts in process or even already under contract. Start to interview movers. What other professionals will you need to move smoothly?
11) 2 Months In Advance: Start packing. Make sure you are fully under contract. Keep your Mortgage Consultant focused to be sure he has everything he needs to close.
12) 1 Month In Advance: Create a contingency plan in case the closing doesn’t occur as scheduled. Start to contact utility & other providers that you’ll need to power is on as of the closing date.