Owning a home can be fun, but in order for the purchase to be a pleasurable experience, you need to ensure that you are financially and emotionally prepared for the home buying process and the responsibilities that come with home ownership.
Home ownership requires more responsibility than renting. You have to take care of routine maintenance and any damage that can occur to your home over the years. Your home is an investment, and you want to take care of your investment. Preparing for home ownership requires you to take critical stock of your finances and set your expectations accordingly.
Don't let this intimidate you though. Home ownership can be lots of fun, and most people will tell you their home was the smartest purchase they've ever made.
Questions for Prospective Homeowners
How much can you afford?
Finding out how much you can afford (or want to spend) is the first critical step in the home buying process. I'm happy to refer you to a good local lender that can ask you a few simple questions to pre-qualify you so we can establish your budget. There is no point in looking at homes not in your budget!
Based on your income and current debts, a lender can determine home much you qualify to borrow. Your overall debt can't be more than 43% of your income. This is a good rule of thumb, but there are exceptions and special lending programs available. This is why you want to speak with a good lender sooner rather than later.
What type of housing are you interested in?
Our market offers a plethora of housing types. Some people prefer the privacy and neighborhood feel of single family detached homes, and some people prefer the low maintenance and urban locations of condos. I can help you work through the pluses and minuses of your different options.
I Can Help!
You need a really good agent who has your best interest at heart. I'm dedicated to helping you find the right home, at get the best deal possible. Most of my clients are clients for life. I want to take care of you so that you'll always think of me as your personal real estate consultant. I've found that if my clients are happy, then I'm happy. If you're happy, aren't you more likely to refer your friends and family to me for their real estate needs? Client referrals are the cornerstone of my business, and I don't take them for granted.
Keep your objectives top of mind when viewing homes. The process can be overwhelmingly emotional, which makes it easy to lose focus on what's most important to you . I can help you stay on track and remember the items that you mentioned were most important to you when we first met.
Make the offer - When we find the right fit, we'll look at comparable sales to get a feel for how the property is priced. Once we determine the offering price, I'll put together a written offer. I'll walk you through each page of the offer, explain the key points, and answer any questions you have about the offer.
Inspections and the Option Period - Once the offer is accepted we typically have a seven day option period to have the home inspected and negotiate major repairs. This is your time to do your due diligence and have any type of inspection you like. Common inspections are the general home inspection, roof, structural, and wood destroying insect inspections. I'm happy to recommend qualified home inspectors in the area if you need a referral.
The final walkthrough - Before we close the deal, I'd be happy to walk through the home with you to make sure that all repairs are complete and the home is in good condition before you sign the final paperwork.
From our first meeting to determine your needs to closing and receiving the keys, I can help you navigate the complex process of buying a home. Don't hesitate to contact me to find out how I can help you get started today!
Contact me for a complimentary buyer's consultation meeting.