Adulting 104
Moving Into a House:
• Make a list of options for places that you want to move.
• Visit the locations listed and finalize the area.
• Aim to keep your total housing payment (principal, interest, taxes, and insurance) below 28% to 30% of your gross monthly income.
• You will need cash for two major things: the down payment (typically between 3% and 20% of the purchase price) and closing costs (lender fees, taxes, and insurance setup, which usually run an additional 2% to 5% of the loan amount).
• Compare rates from online lenders, credit unions, and traditional banks. Choose one to take a loan from and get a pre-approval letter.
• Interview local real estate agents and partner with one to help you through the housing process.
• Search for a home that fits all of your needs.
• Your agent will help you decide on a fair offer price based on recent sales of comparable homes nearby. Submit the offer alongside earnest money (usually 1% to 2% of the price).
• Hire an independent inspector to check the structural, electrical, and plumbing health of the house. Concurrently, your lender will order an appraisal to ensure the home is actually worth the amount you agreed to pay.
• Do a final walk-through to ensure the seller made required repairs and left the place clean. On closing day, you'll sign paperwork, pay your down payment and closing costs via wire transfer or cashier's check, and get the keys.
• Complete a move in de-bug and clean.
• Call a wifi company to put in a router.
• Move in and create a whimsical space.
