Are You Ready For Homeownership
Becoming a homeowner is a dream most people have. To get out of the world of renting and having something to show for the money can become a reality. Here are some questions to ask yourself to see if you are ready to find a place to call home.
Questions for Prospective Homeowners
Are you ready to buy?
Owning a home can be a dream come true, but there is more to it than just wanting to go from renting to owning. Owning a home comes with responsibilities like maintenance over the years, budgeting for future repairs, and being willing to take on the risks as well as the rewards that home ownership affords.
How much can you afford?
A good rule of thumb when thinking of buying a home is speak to a lender first. There is nothing more discouraging than finding a home you absolutely love only to discover that your debt to income ratio (what you owe vs. what you make) will not allow you to purchase that home. It is always best to be below your max budget rather than at the top of your budget. There is nothing that says you cannot buy a home now and upgrade to the bigger and better dream home later.
What is your debt-to-income ratio?
This is something that lenders take very seriously. Your overall debt should not be more than 40% of your income, and your housing debt should not be more than 32%. What 32% of your income will buy depends on where you want to live. In rural or downtrodden areas for example, it can buy a very comfortable residence and ample acreage. In highly sought-after urban areas however, it may not even buy a 400 square foot bachelor suite.
What do you want?
This may sound like a dumb question but many buyers don’t mind maintenance but others want someone to do it all. If you like the idea of paying a fee and someone else mow the lawn, clean the gutter, and do all exterior maintenance then a condo or town home might be a good option for you. If you want to plant your own trees, flowers, and have complete control of what you can do with the property then buying a single family home would be the best option. Other things to consider are if you prefer a community where for a fee you have amenities such as pools, tennis courts and even a golf course or do you prefer a location where there is no homeowners association? The answers to these questions will better help your buyer agent assist you in finding the perfect place to call home.
We Can Help
You will need to select an agent who will listen to you and and work to satisfy all of your real estate needs. Our real estate team will work hard for you and will help you find the right home and negotiate to get you the best price. Knowing what you want and what you can afford along with the criteria you are looking for in a home will allow us to find you the best place to call home.
When buying a home we can recommend the services of a good real estate attorney. We can assist in helping you find one that will be a good fit for you. An attorney that specializes in real estate closings is always best since that is the only focus of that lawyer. A real estate attorney will usually cost you several hundred dollars but is the best option to close your real estate transaction.When making an offer, our agents guide you thru the negotiation process and negotiate on your behalf. We prepare all the necessary paperwork and go thru it with you prior to submitting an offer. A seller can sometimes reject your initial offer so don’t get set on a particular property until an offer has been accepted.
Getting inspections done on the home you are purchasing does cost additional money but can be the best investment you make to ensure you are purchasing a property that has no major issues and can give you a true peace of mind.
Once your lender is satisfied with all of your paperwork and conditions have been met, the attorney will schedule a closing date. Prior to the closing, your agent will do a final walk thru on the home you are purchasing to be sure the home is as it should be upon taking possession of the property.
From the minute you meet with one of our agents thru the day of closing, we will hold your hand every step of the way. Please call us and let us discuss with you in detail how we can help you realize the dream of homeownership today.
Contact us for more information about first time home purchasing.