Are You Ready For Home Ownership?
Purchasing real estate may be your dream, but before jumping in to home ownership you need to ensure you are financially and mentally prepared for the responsibility that goes along with the pride of ownership. We can help you identify important factors in determining if you are ready for this exciting step so you are happy and satisfied with the purchase of your new home.
Owning a home is not like renting with the freedom to choose paint colors or have pets in your home. It includes responsibilities like maintenance, taxes and a mortgage in many cases.
Questions for Prospective Homeowners
Are you ready to buy?
Many first time home buyers are surprised by the maintenance costs and don't consider the fact that part of your income will not only go toward the mortgage, but towards repairs and improvements. We can help you determine the risks and gains surrounding the important step towards home ownership.
How much can you afford?
Your first home doesn't have to be your forever home. Maybe your salary won't stretch as far as you'd hoped. Often it is better to buy a moderately priced home and build up equity so the home of your dreams can be purchased in the future. Owning a home that sacrifices a huge part of your monthly income can make that house feel more like a burden than a home.
What is your debt-to-income ratio?
Most first time home buyers require a loan to purchase a home. Lenders look very seriously at your debt to income ratio before approving any home buyer. Your overall debt, including student loans, credit cards, and car loans should not be more than 40% of your income, and your housing debt should not be more than 32%.
What do you want?
Does lawn work make you yawn? Are you too busy to clean your own gutters? Would you rather pay a fee and have all those services completed for you? Do you cringe at the idea of obeying rules regarding parking, trash pick up and prefer to live on your own terms? Or do you like to live where a certain level of style is evident throughout the neighborhood? Answering these simple questions can help you decided which type of property is right for you.
BoulderHomeSource Can Help
First and foremost you need a great real estate agent who will work hard for you. BoulderHomesSource's team dedicates themselves to finding the right home, at the best price. We take our job of finding just the right home for you seriously.
When you hire a BoulderHomeSource agent we first help determine what you want and how much you can afford. That's where our years of expertise come into play. We'll help merge these two priorities and find a residence that you'll enjoy owning.
Keep your objectives in mind when visiting a homes for sale. First time buyers sometimes lose sight of what the perfect home really means for them. Make a list of features you want and need. Judging homes using this list can keep you from being detracted by details that are less important. We can help you identify these needs and wants and help you stay focused on your goal while finding you a great property.
Engage the services of a good real estate lawyer. BoulderHomeSource has a great referral list and we can recommend several lawyers in the area who might be right for you. We'll help set up Interviews and can suggest questions to ask them to ensure you find the right fit. The legalities of transferring land ownership can be sticky, and having a lawyer is a proactive way to avoid future legal troubles. A good lawyer can cost several hundred to over a thousand dollars, but the thousands of dollars saved in legal fees later on makes this a worthwhile expense.
Making an offer can be a crazy maze of "buyer", "seller", "offer", "counter offer" and "deposit". BoulderHomeSource will prepare the paperwork and go through it with you throughly before submitting it. Remember, the seller is not obligated to accept your offer, so avoid setting your heart on the home you hope to own. Be prepared to write a deposit check to the seller's broker that proves the seriousness of your offer.
Get all the necessary inspections. BoulderHomeSource can find you a reputable home inspector who will check for signs of harmful materials like asbestos, lead paint and mold. They also can check for evidence of pests, bad wiring and leaks. This is a crucial part of the home purchase that should not be skipped. Not getting an inspection means you could be stuck in a home with a bad case of black mold and no choice other than to pay for its removal. Inspections will cost a few hundred dollars, but this is more than worth it in the end.
Do a final walkthrough. Before closing the deal BoulderHomeSource would be happy to do the final walkthrough with you to make sure everything agreed upon is completed prior to signing the final closing documents.
BoulderHomeSource agents relish the honor afforded to us by our clients to represent their interests. We will be with you every step of the way from determining your requirements to the magical moment your receive the keys. Put our expertise to work in the complicated process of buying a home. Contact us today. We'd be happy to answer any of your questions about the home buying process and tell you more about how we can make it easier!
Contact us for more information about first time home purchasing.