Ready for Home Ownership?
Questions for Prospective Homeowners
Q: Are you ready to buy?
A: Owning your own home is about more than just being able to paint walls any color and 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 toward preventative maintenance and repairs. Owning a home is about acknowledging and willingly taking the risks of home ownership with a realistic expectation of the rewards.
Q: What is your debt-to-income ratio?
A: Lenders take your debt-to-income ratio very seriously when you are not purchasing a home with all cash and require a mortgage. Your overall debt should not be more than 40% of your income, and your housing debt should not be more than 32%. What you can afford to buy with 32% of your income depends on where you want to live and how densely populated the community is.
What do you want in a home?
A: Do you like the idea of cleaning your own gutters or do you prefer to hire someone to take care of things like lawn mowing and maintenance? Would you rather just pay a fee every month and have everything done for you? Does your neighborhood have an association requiring approval for your mailbox paint color? The answers to these questions can help you narrow down the search for the right type of property for you and restrictions that could apply.
HouzIQ Can Help
You need an agent who will work hard for you. Our real estate 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 home we will ask 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 meets your needs and you’ll enjoy owning.
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, and judge each home by the list instead of by details that could distract you from your goal. When you’re alone with your agent, you can go over the pros and cons of each home. We can help you stay on track while still keeping our eyes out for a great property.
Make the offer. We’ll be happy to prepare the paperwork and go through it with you before submitting to the seller. Remember, the seller may reject or counter your offer, so be prepared to give a reasonable offer. You’ll probably have to write a deposit check, also called earnest money, to provide to the seller’s broker that proves the seriousness of your offer.
Get all necessary inspections done. A home inspection contingency allows buyers to learn about major and minor issues with a home before purchasing it. Many lenders won’t offer financing on a home without an inspection. Home inspections can uncover potentially life-threatening problems like mold or faulty wiring that could cause a significant fire. There are several inspectors in the area that are knowledgeable and professional that we’d be happy to recommend.
Do a final walk through before closing the deal. We’d be happy to do this with you to make sure that everything agreed upon is completed prior to the final signing so that when you receive the keys of your newly purchased home you can move in with no surprises.
From our first interactions with you sharing your home needs to the moment that you receive the keys, we can help you turn what can be a complicated process of buying a home into a headache free process. Don’t hesitate to contact us to find out more about how we can make the home buying process easier and give you peace of mind!
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