Are You Ready To Own A Houston Home?
Are you ready to buy your first home? Buying your first home can be an exciting adventure, but you’ll want to make sure you’re financially qualified for the duties that come along with home ownership. With the right preparations, buying a home can be a fun and seamless experience.
Buying a home is not as simple as renting. While you do hold many advantageous powers, you also have responsibilities include your mortgage, taxes and maintenance. Before buying a home, you should be sure that you have control of your finances and have realistic expectations.
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Questions for Prospective Houston Homeowners
Are you ready to buy?
Many first time home buyers think that buying a home is all about decorating, renovating and painting as you like. There is, however, a lot more to it. With all the perks of homeownership comes maintenance. Part of your income and time will go towards your mortgage, repairs and upkeep. If you’re financially comfortable with these sometimes, unforeseen expenses, you’re probably ready to buy your first home. There are both risks and rewards when purchasing a home.
How much can you afford?
Before you start your home search, you’ll want to find out exactly what you can afford. Try not to stretch your income too far as it can become a financial burden. Consider purchasing a more modest home to start and buying your “dream home” down the road.
What is your debt-to-income ratio?
When you seek out a mortgage lender, you’ll want to have a detailed outline of all debts – including car payments, student loans, etc. Lenders take this extremely seriously. It’s recommended that your overall debt not exceed 40% of your income, and housing debt should not exceed 32%. You can look at the different advantages of particular areas such as more living space in rural areas vs. convenient but less space in downtown areas.
What do you want?
Consider as many details as you can before you purchase a home. Are you looking for a maintenance free condo or spacious single-family home? Are you okay with landscaping your own yard? Or would you rather pay a simple fee every month to have the upkeep done for you? Do you mind having the outside color of your home approved before painting, or would you rather be able to do what you want to your home without required consent? Knowing the answers to these questions will help you determine what type of property will suit you best.
Nan and Company Properties Can Help
You need an experienced Houston real estate agent who will work hard for you. Our real estate team will take the time to get to know you and discover what it is you’re really looking for in a home. We’ll help you make guided and educated decisions that will ensure a happy and successful home buying experience. Just let us know what you can afford and what your must-haves are in a home, and we’ll merge these priorities to find your perfect home.
Keep your objectives in mind when visiting a home. Often, first-time home buyers are so excited when they visit a property, that their practical sense takes a backseat. Make a list of your needs in a home and a separate list for your wants. Bring this list with you when you view a home and judge the home by this checklist. Later, you can go over the pros and cons of the home and we’ll help keep you on track.
Engage the services of a good real estate lawyer. Nan & Co. Properties can suggest many excellent lawyers that will help you with all of the legalities of transferring land ownership. While this may seem costly, it’s important to use their services to avoid legal troubles in the future and could potentially save you thousands of dollars in legal fees later.
Make the offer. We’ll assist you with the entire process of making an offer, necessary paperwork and closing the deal. We want to make sure you have an excellent understanding of everything you’re signing before it get gets submitted. Be careful to not get your hopes up too early as sellers can reject or counter your offer. Additionally, be prepared to write a deposit check to the broker to demonstrate the seriousness of your offer.
Get all necessary inspections done. Home inspections are extremely important whenever you buy a home. Some items inspectors are searching for include asbestos, mold, pests, and mold. Any situations the inspector encounters could potentially leave you with an expensive bill so be sure to negotiate any findings in the sale. Nan and Company Properties is happy to recommend a Houston home inspector.
Do a final walkthrough before closing the deal. We will be there to do this with you to ensure everything agreed upon has been completed.
From consult to moving day, we’ll be there to assist you with the fun and complex process of buying your first home. Whenever you’re ready, contact us to learn more about how we can help you buy you first home!