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First Time Home Buying

Are You Ready For Home Ownership?

While homeownership may be a fun an exciting idea, there are many responsibilities that come along with it that you need to be aware of in order to make it work long-time. This includes both financial and mental aspects of home ownership.

While some people might think that owning a home is similar to renting, there are actually much more responsibilities that come with the latter. While you do have the power to have pets and paint your walls any color, you also have a mortgage, taxes, and home maintenance. These costs add up, and for this reason, it's very important to have a solid awareness of your finances, as well as your expectations.

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Questions for Prospective Homeowners

Are you ready to buy?

Owning a home takes a lot of responsibility. Make sure you are prepared, mentally and financially, to take care of home maintenance, setting aside extra income to go towards repairs, landscaping, and the like. Risks come with home ownership, but like most risks, many rewards are involved, as well.

How much can you afford?

If the purchase price of the home is a bit too high, it's a good idea not to over-extend yourself. If you devote a huge portion of your income to paying the mortgage, you will likely suffer from a lower quality of life, as you won't be able to afford the things you normally would. It's in your benefit to purchase a more affordable home now and save for your dream home later.

What is your debt-to-income ratio?

Your debt-to-income ratio is something to be seriously considered. Total debt should take up about 40% of your income, while your housing debt should be under 32%. This cost will be determined by where you want to live. Usually urban settings are more expensive, whereas rural atmospheres are less and typically come with more acreage. It all depends on what you want.

What do you want?

Think about what you want from a neighborhood. Do you want to live in an HOA community where lawn care is taken care of? Or would you rather mow your own lawn? Some HOA communities have rules on what days you're allowed to leave your garbage cans out - would this bother you? The sooner you find answers to these questions, the sooner we can narrow down your property search.

We Can Help

In real estate today, you need a knowledgeable agent with a great work ethic. Someone who is willing to help you find the right home at the right price. The goal is to make you happy and satisfied.

To help you find the best home for you, we'll need to know what you're looking for and how much is in your budget.

Keep your mind clear. When visiting a house, it's best to not let your emotions make your decision. Sometimes it's easy to become overwhelmed by the thought of the owning, though failing to consider the practicalities of the matter. It's helpful to make a list of the things you need and want in a home, then go over it later with your agent. This helps to keep you on track.

It's important to have a good real estate attorney. Our agents can recommend someone trustworthy in the area if needed. Make sure to do your due diligence and interview them to make sure they are a good fit for you. The legal portion of purchasing a home can be tricky and a good lawyer can be helpful in avoiding any possible legal troubles. While a good attorney might charge up to $1000, or even more, it is a wise investment when you consider the thousands that could be spent in legal expenses later on.

Make an offer. We will be happy to get the paperwork ready for you and look over it before submitting it. Be aware though, that the seller very well might counter or straight up reject the offer. We tell you this, not to make you dejected, but simply to remind you not to get your hopes up too early. In some cases, you will have to write the deposit check to prove to the seller and their broker that you are serious with your offer.

Take care of all the inspections. A home inspector will do everything from checking for signs of harmful materials, to looking for faulty wiring or leaks. This is an absolute crucial step in the home buying process. Not getting your prospective home inspected could result in being stuck with the bill for a mold problem or a crack in the foundation. While it might cost a few hundred dollars for the inspection, it's worth it in the long run.

Do the final walkthrough and make sure everything looks good before closing. We will be happy to accompany you in the walkthrough to make sure that everything that was agreed upon is completed before the final signing.