Home Inventory Worksheet

Answer 1

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The Home Purchase Worksheet is designed to assist a buyer with the purchase of a personal residence. The worksheet leads the buyer through a section that allows the buyer to state his or her preferences, including price, location, style, and size of the residence.

For buyers who expect to finance a portion of the purchase price with a lender, the worksheet also analyzes the buyer's cash flow and net worth. The program then uses these factors to calculate estimates of the optimal purchase price and a suggested mortgage payment. In addition, the buyer can enter the loan terms (for example, interest rate, loan amount, number of years, "points") proposed by various lenders and the program compares the loan terms to determine which proposal offers the most economical terms.

The worksheet also offers a closing costs schedule to track the various costs that will be included as part of the purchase of the residence, including loan fees, credit reports, commissions, title fees, property taxes, insurance, and recording costs. An optional progress chart allows the buyer to monitor the progress of the real estate agent and the lender.

Answer 2

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The purpose of this worksheet is to create an inventory of all household items. Include the value of items such as vehicles, jewelry, appliances, household furnishings, or anything else that you consider valuable. When determining current valule, use the value that could be obtained if such items were sold. Sometimes the only reasonable value is your best guess as to what the items would bring at a garage sale, an amount that might be considerably less than the cost of replacing such items. A reasonable estimate is acceptable until more accurate information becomes available.