Are You Ready To own a Home?
Buying a home is one of the biggest investments of a lifetime. A majority of people might think that owning a home is similar to renting. However, contrary to being to being a tenant, you have the liberty to have pets and paint the walls whatever color you please and you build equity. However, with these privileges of homeownership, there are responsibilities of a mortgage, taxes and home maintenance. Homeownership requires you to take critical stock of your finances and your expectations.
Questions for Prospective Homeowners
Are you ready to buy?
Purchasing a home is about more than just being able to make your home look the way you please; you must be prepared to do home maintenance over the years to safeguard your investment. You must realize that part of your income and time will go towards repairs and maintenance. You must be willing to take the risks of being a homeowner with a realistic expectation of the rewards.
How much can you afford?
At times, tt can be daunting to discover that your salary won't meet the financial requirement for the home you want to own. However, to put away a large part of your income for your monthly mortgage payment can very quickly make home ownership a big load to bear rather than a joyful homeowner. It would be less burdensome to buy a home within your budget now and plan on purchasing your "dream home" in a few years.
What is your debt-to-income ratio?
Lenders are very serious about DTI (debt-to-income). Your overall debt must not exceed more than 40% of your income, and your housing debt should not be more than 32%. Your 32% of your income purchasing power to buy a home will depends on the location you want to live. In rural or on the outskirt of the city for example, you have the ability to buy a very comfortable residence and ample acreage. But, in some highly sought-after urban areas, it may not even able to buy a closet with the same purchasing power.
What do you want?
Would bother you to clean your own gutters? Would be an issue to you to care for your lawn? Would it easier to hire someone and pay monthly and have everything done for you? Would it bother you following rules about when you can have your garbage cans out, or do you want to live in a neighborhood where everything is done for you? The answers to these questions can help you focus on the search for the right kind of property that matches your lifestyle.
We Can Help In The Process
Well, you need a good buyer’s agent who will work hard for you and help you find the right home to settle in, at the best value. We want you to locate the home that will find happiness in and successful in real estate ownership.
When you decide to partner with us in the purchase of your first home, we want to know yours wants in a home and how much you can afford. Then we'll find a way to bring together these two priorities and find a real estate or a home that you'll enjoy owning.
Keep in mind of your objectives during your home search. It is important to keep your feelings in check, because the idea of owning a home can overwhelm your practical sense. Have a list of features on hand of your needs and wants in a home. Judge each home by the list you have instead of by details, because that could create distraction from your goal. When you're alone with your buyer agent, you can go over the pros and cons of each home you visited. We can be of assistance to you to help you stay on track while still keeping an eye out for a great property that fits your criteria.
Now it is time to make the offer. This can be a complex passage of "buyer", "seller", "chattels", "deposit", and "completion". We'll be pleased to put in order the paperwork and go over it with you before presenting it. Bear in mind, the seller may decline or counter your offer. So, avoid setting your heart on the home you hope to own should the seller rejects your offer and you lose the home to another buyer in the process. With your offer, you'll also have to write a deposit check of between 3- 5% of the sales price to be submitted.
The next step is to get all necessary inspections done. A home inspector will make sure there is no signs of harmful materials like asbestos, as well as defective wiring, leaks, roof damage, HVAC equipment, remove panels on circuit-breaker boxes or test water heaters. Before hiring an inspector, we will ask what exactly they’ll do and how long it will take them to do it. This is a fundamental piece of the home purchase. Not having an inspection done might mean that you potentially could be stuck in a home with a bad case of black mold or other problems and no recourse other than to pay for the mold removal. A home Inspection could cost a 200-500 dollars, but again, this is more than worth it if you discover the problem before hand. There are several inspectors in the area that we'd be happy to recommend. You are free to find your own inspector online or through friend recommendations. You are also guaranteed the opportunity for a separate inspection to assure that the property is free from termites or any other wood boring insects.
Before the settlement, do a final walkthrough to ensure the home is the same condition when you first saw it. We'll be there to do this with you to make sure that everything agreed upon is completed prior to the final signing and that the property remains in "significantly the same order" as when you submitted the offer.
From the initial interview that determines your requirements to the time that you receive the keys to the property, we can help navigate through the complicated process of buying a home. Please feel free to contact us and to find out more about how we can facilitate your home buying process.
Contact us for more information about first time home purchasing.
When you're prepared to take the path toward selling your home, we're here to be of assistance! We will design a strategic business plan created just for the sale of your home. Our comprehensive marketing plan combines the latest online marketing tools with traditional real estate marketing efforts will place your home in front of thousands of motivated buyers as possible looking to purchase homes in and around Washington DC. It takes detailed planning that is constantly executed by our professional staff with one goal in mind - the sale of your home.