Are You Ready for Home Ownership?

Are you ready to Buy?

Owning your own home is about more than just being able to decorate any way you like; it’s about being prepared to maintain your home over the years, realizing that part of your income and time will go towards repairs and maintenance. It’s about being willing to take the risks of home ownership with a realistic expectation of the rewards.

How much can you afford?

It can be discouraging to find that your salary won’t stretch as far as the home you want to own. However, sacrificing a huge part of your income just to pay the mortgage can very quickly make home ownership a burden rather than a point of pride. It’s better to buy a modest home now and look at purchasing your “dream home” in a few years.

What is your debt 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. Take the time to understand this and prepare accordingly. This may slow you down but place you in a better position to buy.

What do you want?

How do you feel about lawn care and cleaning gutters? Would you rather pay a fee every month and have everything done for you? Would  rules about when you can have your garbage cans out bother you, or do you want to live in a neighborhood where everything is ‘just so’? The answers to these questions can determine the right type of property for you.

9 STEPS IN BUYING A HOME

Buying a house requires a lot of time and effort, but these 9 steps can help make the home buying process manageable and help you make the best decisions possible.

1.Find an Agent

In the maze of forms, financing, inspections, marketing, pricing, and negotiating, it makes sense to work with professionals who know the community and much more.

2. Get a Mortgage Pre-approval

Most buyers need to finance their home purchase, and a consultation with a mortgage lender is a crucial step in the process. Find out how much you can afford before you begin your home search by using our mortgage calculator. Next, get connected with our mortgage specialist at Cross-Country Mortgage to get pre-approved.

3. Search Homes

A quick search on our site will bring up thousands of homes for sale. Educating yourself on your local market and working with us can help you narrow your priorities and make an informed decision about which home to choose.

4. Choose a Home

While no one can know for sure what will happen to housing values, if you choose to buy a home that meets your needs and priorities, you’ll be happy living in it for years to come.

5. Get Funding

The cost of financing your home purchase is usually greater than the price of the home itself (after interest, closing costs, and taxes are added). Get as much information as possible regarding your mortgage options and other costs. Our Mortgage expert will assist you with this decision.

6. Make an Offer

While much attention is paid to the asking price of a home, a proposal to buy includes both the price and terms. In some cases, terms can represent thousands of dollars in additional value—or additional costs—for buyers. Your neighborhood expert will be your advocate in negotiations and help you reach the terms that are best for your situation.

7. Get Insurance

No sensible car owner would drive without insurance, so it figures that no homeowner should be without insurance, either. Real estate insurance protects owners in the event of catastrophe. If something goes wrong, insurance can be the bargain of a lifetime. We can help you find a reputable insurance agent and plan to protect your investment.

8. Closing

The closing process, which in different parts of the country is also known as “settlement” or “escrow,” is increasingly computerized and automated. In practice, closings bring together a variety of parties who are part of the real estate transaction. Our team will keep you informed and educated during the closing process so you always know what to expect.

9. What's Next?

You’ve done it. You’ve looked at properties, made an offer, obtained financing, and gone to closing. The home is yours but our work isn’t done! We will happily assist you with resources to help you get moving, your utilities changed and details of getting settled into your new home.

We Can Help

You need a good agent who will work hard for you. Our team is dedicated to helping you find the right home, at the best price. We want you to find the home that will make you happy and successful in real estate ownership.

When you hire us to help you buy your first home, we want to know what you want and how much you can afford. Then we’ll find a way to merge these two priorities and find a residence that you’ll enjoy owning.

Ready to Buy?

From the first interview that determines your requirements to the moment that you receive the keys, we can help you with the complicated process of buying a home. Don’t hesitate to contact us to find out more about how we can make the home buying process easier!