Make sure you are both financially and mentally ready to own a home and all the responsibilities that come with home ownership.
Many people think owning a home is similar to renting a home, however they can have pets and change the home however they would like. Home ownership comes with these advantages but it also comes with many obligations like the mortgage, property taxes, and upkeep. We can help you prepare for owning a home by looking at your expectations and finances.
Questions for Prospective Homeowners
Are you ready to buy?
Home ownership is about preparing yourself to upkeep a home and knowing that part of your monthly income will go towards maintaining that home. Being ready to buy a home is being willing to take the financial risk to gain the rewards that follow.
How much can you afford?
Many people can be deterred when they find their income can’t buy them the home they want. However, buying a home modest home that fits in your budget is better than having a mortgage being a burden. Look at buying something that fits your budget now so you can buy your dream home in the future.
What is your debt-to-income ratio?
Your debt should not be more than 40% of your income; of that debt only 32% should be your house debt. A 32% budget of your income most likely will stretch a bit farther in a rural area than in a highly sought after urban area.
What do you want?
If you don’t want to clean your own gutters or do lawn care looking into a community where you pay a fee to have them done for you may be an option. If you do not want to be held to rules looking for a community without HOA dues or covenants might be for you. Deciding these questions can help narrow down your home search to find the right type of home for you.
We Can Help
A good agent that works hard for you is what we as a team is dedicated to do. We want to find you the right home at the price that fits your budget. We want to help you find the home that makes you happy in owning real estate.
Once you hire us as your real estate agents we will find out what your budget is and what you want in a home. Then we can merge the two and find you a home you will enjoy.
Keep your objectives in mind when looking for a home. Keep a list of what you need and want in your new home. This way when you start your search you will not get overwhelmed. Look at each home to see how much of it matches your list and do not let the other details of the home distract you. You can then talk to your agent about the pros and cons of each home you see.
Engage the services of a good real estate lawyer. We can recommend lawyers in the area that work with real estate. Having a lawyer can help from future legal troubles when transferring land and save you money down the road.
Make the offer. As your real estate agents we will prepare the paperwork for you and go through everything before it is submitted. Do not be heartbroken if you do not get the house, even after an offer the seller can reject or counter your offer. A deposit check will also probably be necessary to prove that you are serious about buying their home.
Get all the necessary inspections done. Have a home inspector check the home. They will check for things like mold, lead paint, pests, wiring and leaks. If you do not get an inspection done this could mean you are stuck with a home that has problems and there will be no recourse for you to have it fixed. Inspections usually cost a few hundred dollars, but they are worth it because they save you from costly repairs in the long run. We have inspectors in the local area we can refer to you.
Do a final walkthrough. Before closing on a house make sure to do a final walkthrough to ensure you are happy with everything that was agreed to prior to closing.
From the first time you meet us to determine what you are looking for to the second you get your keys at closing we will be there to assist you in the process of buying your home. Don’t hesitate to contact us to find out more information and how we can help you buy a home and make the process easier for you.
Contact us for more information about first time home purchasing.