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"It's more than real estate...it's about your hopes and dreams." |
ARE YOU READY TO BUY A HOME?
The decision to purchase a home is a highly personal one, based on both tangible and intangible factors. The following list of questions can help you decide if you are ready to move forward with a home purchase.
Beyond your personal situation, local market conditions, financing costs, and future expectations must also be evaluated.
Purchasing Considerations:
• If you purchase a home, how long do you expect to be there? Resale expectations.
• What can you afford to pay each month for housing-related expenses?
• What are the total costs of home ownership? This may include:
Mortgage payments
Property taxes
Homeowner’s insurance
Utilities
Maintenance costs
Other special fees, i.e. Home Owner Association Fees, PMI
• Do you expect these housing-related expenses to increase or decrease? Changes in interest rates, home improvement.
• What additional expenses are required to complete a purchase? Closing costs, moving expenses, etc.
• Are local market prices favorable to purchase?
• Do you qualify for any special purchase assistance programs that can help reduce the cost of home ownership.
Other Factors:
• What are your personal preferences regarding the type of housing you wish to live in?
• How does location factor into your housing preferences? Commute to work, commuter rail availability.
• What are your expectations concerning future employment?
• What are your long-term personal and financial goals with regard to housing?
WHEN YOU ARE READY TO BUY A HOME!
Financial Considerations:
First and most important is to find out how much you can afford. A bank or mortgage company will be happy to pre-approve buyers to help you get an understanding of how much a bank will allow you to purchase, based on things like: down payment, credit score, debt-to-income ratio. You will also need to decide how much you are comfortable spending, keeping in mind your comfort level and spending habits.
Community/Area:
You will want to think about where you would like to buy a home and begin to look at community information to determine areas that are of interest.
Step by Step:
• Identify areas, refine basic home preferences
• View Properties. What did you like? What would you need to change? Can you see yourself in the home? If so, at what price?
• Local Area Property Comparables (CMA)
• Make an Offer: Earnest Money Deposit
• Offer Accepted: Timeline to Closing
• Home Inspection; Other Professionals as necessary
• Purchase & Sale Agreement with additional Earnest Money Deposit
• Financial application
• Mortgage Commitment from lender; Good Faith Estimate
• Final Deposit/Closing Funds (Certified or Bank Check)
• Insurance Binder on subject property
• Final Settlement Statement (HUD)
• Walk-thru pre-closing
• Utilities and Personal Notifications
• Closing/Transfer of Title/Recording of the Deed
• Take possession of new home
I can guide you thru all the steps on your way toward home ownership. Contact me today to set up a consultation meeting.
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