Purchasing a home is an exciting but often overwhelming experience particularly if you are buying your first home. As your Realtor, we help you through the home buying process and assure that you find the right home, at the right price.
Here are a few of the primary concerns that we help home buyers address:
Set a Time Frame
There are a lot of variables in the home-buying process and making sure these get handled in your time frame is very important. A typical home search process may take three to four months. During this time we undergo mortgage approval process, comparing and evaluating properties, making an offer and the closing on the home. The loan process typically takes 30-45 days.
Acquiring Your Loan
For many clients the most intimidating aspect of buying a home is the mortgage approval process. We are here to help you through this, but there are a few things you can do to make this process easier. Start by making sure your budget is under control—make a list of all your monthly expenses, compare it with your income, and see if adjustments need to be made. Start gathering documents you may need, such as W-2 forms, income tax returns for the past few years, pay stubs, records of child support or alimony, bank statements for the past several months, and your credit report. After you have gathered your documents shop around, find the loan that works best for you.
What can I Afford?
A general guideline that is used is that most buyers purchase a home that costs about one and a half to two and a half times their current annual income.
For example, someone earning $100,000 a year might purchase a home for $150,000 to $200,000. Existing debt is also a factor in the mortgage process, and your total debt payments (credit cards, car payments, student loans, etc.) should not exceed 40 percent of your gross monthly income.
Needs vs. Wants
Before and During the Viewing Process make a list of “must-have” Features along with the “bonus” features you’d like to have. “Must –have” features may include the number of bedrooms and bathrooms you’ll need to accommodate your family, location (consider commute to work, which schools your children will attend, etc.), lot size and special needs (handicapped access, etc.). “Bonus” features may include the type of countertops, size of bathrooms/bedrooms, etc. Having a clear idea of what you want in a home will help both you and your Realtor in the home buying process.
Educating yourself, as a homebuyer, is a key factor in the home buying process, as your Realtor we are here as a resource to answer any questions you may have during this process.
Wants vs. Needs
There is a lot to consider when buying your new or next home. You want to make sure that you get the right house for you. Choosing the right home, the right neighborhood, the perfect layout – it can become overwhelming. The best way to counteract this overwhelming feeling is to make notes of your needs vs. wants.
This doesn’t mean you can’t have what you want in your home, but rather that you have a priority list of the most important features. You may not be able to obtain all the “want” items on your list, within your budget. You may have to compromise on a few items to stay in line with your budget. Here is a review of “needs vs. wants”.
|Specific carpeting, paint, exterior color||Bedrooms/Baths|
|Hardwood floors, tile, carpet||Fenced in Yard|
|Marsh View||Adequate Square Footage|
|Bay windows||Size of Kitchen|
|Built-in entertainment center||Neighborhood Amenities|
|Kitchen Island||Easy access to school|