First-Time Home Buyer Checklist: Monroe County, NY

Download this free checklist to stay organized during your home buying journey

Pre-Approval Phase

Financial Preparation

• Check your credit score (aim for 640+)
• Review credit report for errors
• Calculate your debt-to-income ratio
• Determine your down payment amount
• Save for down payment (3.5% minimum for FHA)
• Budget for closing costs (2-5% of home price)
• Save for moving expenses
• Plan for immediate home repairs/updates

Documentation Gathering

• Last 2 years of tax returns
• Last 2 months of bank statements
• Last 2 pay stubs
• W-2 forms from last 2 years
• Proof of assets (investment accounts, etc.)
• Employment verification letter
• Photo ID (driver's license or passport)

Lender Research

• Compare rates from 3+ lenders
• Get pre-approval (not just pre-qualification)
• Understand loan types (FHA, VA, Conventional)
• Ask about first-time buyer programs
• Understand PMI requirements
• Get pre-approval letter

Home Search Phase

Define Your Criteria

• Budget range (based on pre-approval)
• Areas that fit your commute and lifestyle
• Must-have features
• Nice-to-have features
• Deal-breakers
• Commute considerations
• Future plans (5-10 years)

Research Areas (Neutral, Fact-Based)

• Visit areas at different times of day to see traffic and activity
• Look at property tax rates and how they affect your budget
• Check for future development plans (e.g., town or county websites)
• Test commute times to work and other regular destinations
• Explore local amenities (parks, transit, services) that matter to you
• If schools or other factors matter to you, use independent sources (e.g., district websites, state education department) to research; we do not recommend or rate schools or neighborhoods

Find Your Agent

• Interview 2-3 agents
• Check references
• Verify licensing
• Understand commission structure
• Ensure good communication
• Choose agent with local expertise

Making an Offer

Before Making Offer

• Review comparable sales
• Understand market conditions
• Determine your maximum offer
• Decide on contingencies
• Plan your negotiation strategy

Offer Components

• Purchase price
• Earnest money deposit
• Closing date
• Contingencies (inspection, appraisal, financing)
• Personal property inclusions
• Response deadline

Inspection & Due Diligence

Home Inspection

• Schedule professional inspection
• Attend inspection if possible
• Review inspection report thoroughly
• Identify major vs. minor issues
• Get estimates for major repairs
• Decide on repair requests

Additional Inspections (if needed)

• Radon testing
• Termite inspection
• Septic system inspection
• Well water testing
• Mold inspection
• Structural engineering

Research

• Property tax history
• HOA rules and fees (if applicable)
• Utility costs
• Insurance estimates
• Zoning restrictions
• Future development plans

Closing Preparation

Final Steps

• Final walk-through scheduled
• Homeowner's insurance secured
• Final loan approval received
• Closing costs confirmed
• Wire transfer arranged (if needed)
• Closing documents reviewed

Documents to Bring

• Photo ID
• Certified check or wire transfer info
• Proof of insurance
• Any requested documentation
• Copy of purchase agreement

Moving In

Before Moving

• Change of address forms
• Utility transfers (electric, gas, water, internet)
• Mail forwarding
• Update driver's license
• Update voter registration
• Transfer subscriptions

First Week

• Deep clean (or hire professionals)
• Change locks
• Test all systems
• Locate main water shut-off
• Locate electrical panel
• Find emergency shut-offs
• Unpack essentials
• Meet neighbors

Ongoing Homeownership

Maintenance Planning

• Create maintenance schedule
• Budget for repairs (1-2% of home value annually)
• Find reliable contractors
• Learn basic home maintenance
• Keep warranty information

Financial Management

• Set up automatic mortgage payments
• Budget for property taxes
• Plan for insurance renewals
• Track home improvements (for taxes)
• Build emergency fund

---

Need Help?

At Hallmark Properties, we guide first-time buyers through every step. Our team specializes in:

• First-time buyer programs and financing
• Neighborhood expertise in Monroe County
• Patient, educational approach
• Stress-free home buying

Ready to start your home buying journey?

Register for our free First-Time Home Buyer Workshop →

Contact us for a free consultation →

---

This checklist is a general guide. Consult with qualified real estate and mortgage professionals for advice specific to your situation.

Fair Housing: We are committed to equal opportunity in housing and do not steer clients toward or away from any area, school, or community. We provide factual information and resources; you make your own decisions. We comply with all federal, state, and local fair housing laws.