Are you ready to buy? Have you gotten to a place mentally and financially where you’re ready to make the transition into home ownership? Home ownership is a risk and an investment that can provide many rewards over time. It’s important to be realistic and honest about your expectations for ownership because owning a home is so much more than decorating any way you like. Ownership is often more complicated than HGTV would have us believe! Home ownership is a significant time and financial commitment. Do you have time to clean a larger space or mow your yard? Are you prepared to make the financial investment for home maintenance and repairs? Even in new construction, there are things you’ll need to maintain to keep in top condition.
What do you want? This is more than how many beds and how many baths do you want; this question is more about how you want to live. What are your home and life goals? How hands-on do you want to be or do you have time for? Do you have handyman skills? Do you despise the thought of yard work? Does it sound more appealing to pay a monthly fee to have all outdoor maintenance taken care of for you? Are you open to home owner association? Answering these questions can help us narrow down the right property type for you in our search.
How much can you afford? I know it can disheartening to learn your income won’t accommodate the dream home you want right now, but there is no advantage in being house poor by stretching your budget too thin! This is the fast track to resenting your investment rather than enjoying the benefits. Consider purchasing a modest home now and plan for your dream home purchase further down the road. Talk to your lender about financing options that allow you a comfortable lifestyle after you’ve closed- one that has FUN built in!!
Do you know your ratios? Lenders begin with debt to income ratios. Your house payment to monthly income should not exceed 31% and your overall debts should not exceed 42% of your monthly income. But what does that really mean to you? That means the 31% of your monthly income may not afford you the custom home in a gated community but it may afford you a modest home and land in a rural area. In downtown areas, this budget may not buy a studio apartment, but it may afford many amenities in an up and coming neighborhood. We must know your ratios and pre-approval amount before we start shopping!!
We Can Help!
You need a professional on your side. You need someone who will not only work hard for you, but someone who will be honest and realistic about the search for the home you’ve said you want and need. Sometimes the house you’ve described doesn’t exist within your budget constraints. It’s important the professional you’re working with is honest with you so that you’re not wasting time. You need someone who is respectful of your purchase timeframe and someone who works at your pace. Contact our team to help you move forward.
When you hire us to help you buy your first home, we work to find out what you want in a home and how much you can afford. Then we’ll find a way to merge these two priorities and find a property that you’ll enjoy owning. We want you to succeed in life and to achieve your home dreams.
Keep your objectives in mind when visiting a home. Sometimes the idea of owning a home can overwhelm your practical sense, so keep your feelings in check. Keep a list handy of the features that you need and want in a home then judge each home by that list instead of by features that could distract you from your long term goal. Expect to evaluate the pros and cons of each home with your Realtor. When you’ve done your due diligence to objectively critique each property, you can feel confident you’ve chosen the “right” property for you.
Make the offer Your realtor will walk you through the contracts and disclosures to secure and advance your real estate purchase.
Get all necessary inspections done. There are very few purchases where a home inspection isn’t recommended. Although an inspection is an out of pocket expense, it’s important to know what you’re buying and should be performed.
Do a final walkthrough Before your closing, we walk through your house to make sure it’s been left in the same as or better condition than when we first saw it.
From the first moment we meet all the way to the hug after you receive the keys, we help guide you through the complicated process of buying a home. Buying a home is truly a team effort and you need the best people on your side to make sure complications are minimized and avoided.
Call us today to get started!
Questions? Call me @ (615) 977-8444 or email whereyoulivetn@gmail.com