Are you ready for home ownership?
Congratulations on pursuing the American Dream of home ownership! I am excited about helping you through the home buying process. In order for the purchase to be the happy and satisfying experience it is meant to be, you need to ensure that you are financially and mentally prepared for the responsibilities that come with buying a home.
Some first time home buyers have a notion that home ownership is like renting, but with the power to have pets and paint the walls whatever color you like. However, while these privileges are available to homeowners in most municipalities, they come with the responsibilities of a mortgage, taxes and home maintenance. Preparing for home ownership requires you to take critical stock of your finances and your expectations.
Are you ready to buy?
Owning a home is about more than making a purchase, it's about preparation 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.
What is your debt-to-income ratio?
This is something that lenders take very seriously. Your overall monthly debt should not be more than 40% of your income, and your housing debt should not be more than 32%.
Make the offer.
This is a process in which the professional support of a REALTOR® is critical. I will walk you through it from start to finish. It is a contractual process that requires experience and leadership.
Do your due-diligence.
A home inspector will be working on your behalf to establish the integrity of the purchase you are making. This is an important part of the home purchase process. Inspections will cost a few hundred dollars, sometimes more, but again, this is more than worth it in the end. There are several inspectors in the area that I'd be happy to recommend.
Do a final walk-through.
Before the closing, we will make sure that everything agreed upon is completed prior to the final signing.