PDF Guide to Buying a Home

Home Buying Guide

What to Consider When Buying a Home

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Home Buying Finances

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Home Buying & Your Portfolio

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Home Buying & Taxes

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Home Ownership & Titling

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Home Purchasing Strategies

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PERSONAL CAPITAL | HOME BUYING GUIDE

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Buying a home used to be an integral part of the "American Dream."

Even though it may no longer be the central focus of that dream, many Americans list buying a home as one of their top long-term financial goals. Recent studies found that 75% of Americans say that buying a home is a priority, and in 2020, 31% of American home buyers were first-time home buyers.

The Personal Capital Home Buying Guide is designed to help you navigate the ins and outs of buying a first home. There are many things to consider before making such an important investment that will certainly impact your life ? financially and otherwise ? for years to come.

Anyone who has owned a home can likely attest that ownership comes with a lot of benefits, but it's not without its potential drawbacks. Before making the leap, make sure you've given careful consideration as to how your home fits into your financial plans and investing strategy.

Note: this guide serves as an educational guide for those interested in buying a primary home to live in for the first time and does not cover investment properties or vacation homes.

PERSONAL CAPITAL | HOME BUYING GUIDE

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What to Consider When Buying a Home

There's no doubt about it: buying a home is a big purchase. It's not the type of purchase you can easily return if it doesn't end up working out for you; it's a major investment. And its impact on your finances ? now and in the future ? is great.

PERSONAL CAPITAL | HOME BUYING GUIDE

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General Home

Buying Process

PERSONAL CAPITAL | HOME BUYING GUIDE

Assess your finances and your reasons for purchasing a home.

Determine what you can afford; establish a budget and stick to it.

Decide what kind of home will fit your needs for the timeframe that you want the home.

Engage a local expert in the market you're looking in. Using tech apps like Redfin and can also be helpful.

Find a lender/mortgage broker ? interview at least four, from private providers to large banks.

Shop around ? view at least eight to 10 properties before committing.

Do your due diligence ? get all of the information associated with the property, such as tax records and any sort of relevant legal documents and records.

Once you decide which homes you'd like to make an offer on, request disclosures and determine if they are acceptable or negotiate terms that are acceptable to you and the seller.

Make an offer ? negotiate if necessary.

Hire a qualified inspector to ensure that everything about the house ? from the foundation to plumbing and electrical ? is up to code. Also check that the property lines are accurate; these potential "surprises" down the road can be costly, and, in some instances, a professional assessment can serve as a negotiation tactic.

Go into escrow.

Sign the title.

Move in.

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