Are You Ready For Home Ownership


Owning a home may be your goal, but other goals such as financial stability and the ability to care for a home of your own need to be met first. This will help you be ready for owning your own home without hassle or stress.

While home ownership can give you a great deal of freedom to own pets or personalize your home as you like it, there are other factors to consider. You may have additional rules to follow or other responsibilities that may require your attention. You will need to of course maintain your home and keep it in good condition. You will also need to be responsible for any local taxes or fees as well as your mortgage payment of course. When you consider home ownership, you will want to take a good look at your finances and what you are really expecting from meeting your goal of owning a home.

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Questions for Prospective Homeowners


Are you ready to buy?

Being a home owner means far more than simply decorating or owning pets at will. It means being responsible for your property and maintaining this property. 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?

You will first need to take a look at your current income to discover what homes you may be able to afford. This will save you disappointments later on in your home buying process. It can also help you buy a home that you can afford while still having a good portion of your income available for other bills or needs. This will keep home ownership from becoming a burden. Later when you’re earning more, you may be able to purchase a larger home that you may have wanted originally.

What is your debt-to-income ratio?

This is something that lenders take very seriously, and this factor will likely influence your ability to receive a loan in most cases. 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. If you want to purchase a home in a rural area, you may be able to buy a large home with a great deal of land. Those purchasing in an urban area will need to spend considerably more to purchase the same amount of property.

What do you want?

This is a question that really has no right answer. Do rules about your property such as when to put your trashcans out bother you? Does home maintenance including lawn care make you want to rethink purchasing a home? Do you want a neighborhood that has strict rules for appearance and maintenance of the homes there? When you explore these questions, you can discover what type of home and neighborhood is right for you.


We Can Help


You need a good agent who will help you meet your buying goals. Our real estate team is here to help you find your perfect home at the perfect price. We want you to be happy with the home you own and with your real estate investment.

Although we can’t find the perfect home for you without knowing what you’re looking for and what you can afford, these answers will help us match you as a first time home buyer with great homes. We can help you to find your dream home within your budget in a neighborhood you will love.

Keep your objectives in mind when visiting a home. Sometimes a home can be so amazing that it can overwhelm you as a buyer and may cause you to become emotional during the buying process. It’s important to keep your goals in mind to prevent your emotions from getting out of hand during this process. You will want to judge a prospective home based on your goals and needs instead of the beauty of the space or the fine details that may be distracting during your search. After your visit you can speak with your agent about the best and worst points of each home that you visit. We can help you to keep your goals in mind and help you find the perfect property for you.

Engage the services of a good real estate lawyer. We can recommend several lawyers in the area who might be a good fit for you. Interview them to ensure that you get someone you can work with. The legalities of transferring land ownership can be dodgy, and a lawyer can be your best defense against future legal troubles. A good lawyer can charge several hundred to over a thousand dollars for their services, but the thousands of dollars saved in legal fees later on makes this a good expense.

Make the offer. This can be a maze of "buyer", "seller", "chattels", "deposit", and "completion". We'll be happy to prepare the paperwork for you and go over it with you before any documents are submitted. Although it’s important to remember that the seller can still make adjustments to the sale by countering your bid or rejecting your offer, try to remain objective about the buying process at this point. You will also need to be prepared to write a deposit check to be sent to the seller’s broker to demonstrate the fact that you are a serious bidder.

Get all necessary inspections done. You will also need to have a home inspection performed and this will also alert you to any safety hazards within the home as well such as asbestos, lead paint and mold. They will also inspect for other safety issues such as pests, faulty wiring and leaks. This is a very important part of home buying. It is in your best interests to get an inspection performed before purchasing a home to prevent yourself from being stuck with terrible issues later such as black mold, which may result in costly repairs. We can help you find an inspector and set up the inspection for you during the buying process. Even though this will add a bit of additional cost to your purchase, it will be well worth it in the end.

Do a final walkthrough before closing the deal to be sure everything is as it should be. We'd be happy to help you with this part of the buying process before the final signing of the documents for purchase.

From the first interview to explore your needs or desires in a home to your final purchase details and home ownership, we can help you to make the home buying process easier than you ever thought it would be.  We’d love to help you find your perfect home today. Please feel free to contact us with any questions you may have.

Contact us to learn more about first time home buying.