Decisions are agonizing! What house should you buy? How big of a mortgage payment can you handle? Does the home have the right bells and whistles? Is it in the area you desire? If you are ready to Buy A House, you need a House Hunting Checklist to make your options plain as day!
We found the PERFECT house for us! It’s a rambler with the space we need, curb appeal, all the bells and whistles, and an unforgettable view! My daughter and I are ready to call it home! There’s just one issue that my husband can’t seem to overcome.
House Hunting Checklist
Of course, there will be give and take to any house you look at but you want to make an educated decision based on the cold hard facts.
There are the obvious facts like the price, square footage, and number of bedrooms and bathrooms.
It’s time to dig deeper and do an analysis of the homes you are considering, side by side.
- What is the difference in price per square foot?
- How big is the lot?
- Is it on sewer or septic?
- Does it have wasted space?
- Does the home have conveniences you are accustomed to such as air conditioning, custom closets, sprinkler system, storage space, etc.?
You may even want to dig so far that you know what percentage of your take-home pay your mortgage payment will be.
Guess what? We’ve created the House Hunting Checklist just for you!
The House Hunting Checklist will help you compare up to three houses on one sheet! Looking at more than three houses? Print as many checklists as you’d like.
Most of the information on the House Hunting Checklist can be found in the house listing, on Zillow, and on your tour of the house.
How To Use The House Hunting Sheet
- Print the Checklist.
- As you house hunt, take the Checklist with you.
- When you tour a house that you like enough to possibly make an offer, fill out all of the information you can, right there and then, before you forget.
- Once home, check out the listing to fill in the rest of the house’s information.
- If needed, check out Zillow for additional information.
- Repeat for additional houses you may want to call home.
- Compare the information of each house to determine which house makes the most sense for you!
How To Calculate The % Of Income Your Mortgage Payment Will Be
Back to that perfect house. My husband can’t seem to overcome the fact that the house payment would be a whopping 44% of our take-home pay! Oy vey!
According to Dave Ramsey, your total mortgage payment, including tax and insurance, should not be more than 25% of your take-home pay. He also suggests a 15-year fixed-rate mortgage!
To figure what percentage of your take-home pay your mortgage costs will be, check out this handy dandy calculator! It will show you how to do the math AND do it for you! Win!
If you’re a mathematician and want to figure it out yourself, the equation looks something like this:
100%/X%=take home pay/total mortgage payment
I would do total injustice in teaching you how to solve that equation but the link above does a swell job helping you out with that!
Here’s a quick summary:
- In the second set of boxes, on the handy dandy calculator, enter your take home pay in the first box.
- Enter your estimated mortgage payment in the second box.
- Click Calculate.
- Scroll down to see the math and your percentage!
If you typed 2700, in the first box, as your estimated mortgage payment, then $9,000 in the second box as your take home pay, you would end up with 2700 is 30% of 9000.
But What If You Just Want To Figure Out What 25% Of Your Take Home Pay Is?
That’s easy! You can use a calculator to figure that out. Just enter your take home pay and multiply it by 25%.
Using the take home pay from above, your equation would look like this: $9,000 x 25% = $2,250.
That means, to stay in Dave Ramsey’s guidelines, your mortgage would not be more than $2,250 with a 15 year loan. I have to say that’s tough to do and we aimed for 25% of take home pay with a 30 year mortgage.
You can also use the link I shared above to determine this amount by using the first set of boxes.
- In the first box type in 25.
- Enter your take home pay in the second box.
- Push Calculate.
- Scroll down to get your answer!