Owning one’s house is a dream for most people – who doesn’t want it? However, you need to ensure that you’re mentally, financially and emotionally prepared to handle the effort and responsibilities that come with purchasing and owning your own home.
Owning a home means a fair bit of freedom to decorate the way you like and have pets and so on; it also means having to pay a mortgage, taxes, and maintaining your home.
Here are some things you need to consider:
Having ownership of a house has several responsibilities: bear in mind that you will be solely in charge of repairs, maintenance and upkeep of your home. This means spending your money, time, and effort. Be realistic about your expectations about the satisfaction or rewards of buying your home.
You’ll need to thoroughly assess your financial situation: what is the monthly family income, what are the expenses, how much disposable income do you have, and what is your debt-income ratio? This refers to how much your debt is in relation to your income – in percentage. Ideally, the maximum debt you should carry is 40% of your income. And out of this, your housing loan or mortgage should not exceed 32%. Taking these factors into consideration, you can arrive at a rough budget for your home. If your income is not significant, it may be wise to think of buying a smaller home in a not-so-expensive neighborhood for now, and move to a better place later.
It may be a good idea to get pre-approved for a mortgage on your home. Do some research, and look around for prospective lenders – check their terms, interest rates, prepayment penalties and other details, and zero in on the lender offering you the best deal.
How many rooms and bathrooms are you looking for in your home? Do you want a big yard or small? Are you looking for a basement, garage, swimming pool, or any such extra facility? Do you love the idea of pottering about your house and yard, cleaning up and fixing stuff? Or do you shudder at the thought, and would rather pay a service to take care of it for you? Are you fine with obeying neighborhood rules about garbage cans, pets and so on? What kind of neighbors would you like to have – quiet, fun loving, aloof, friendly? Do you want to have markets, schools, healthcare services etc. close by? A little introspection and research can get you answers to all of these. That, and your budget, will give you a pretty good idea of what neighborhoods to start your home search in.
To find the right place at the right price, what you truly need is a dedicated, hardworking agent. With the right mix of technology and local market expertise, a Prime Gain real estate agent can help you realize your dream of owning a home.
We’ll talk to you at length and get all the details from you like what you want, what your budget is, and so on. We’ll take this information and check against 1000s of listings to find properties that you’re most likely to be interested in.
We will arrange for you to visit those properties. When you’re checking them out, make sure to have a list of the features you’re looking for; some places may have a lot more, or have other features you don’t really need but are very attractive – a home gym, for example, or a home theater. Don’t get carried away, and stick to your objectives.
Visit a few homes, note down the pros and cons of each, make your comparisons, and then zero in on one.
We can help with stuff like making a formal offer for the house you choose, drawing up the paperwork, revising it, submitting it, and so on.
There are several legal formalities to be handled when it comes to purchasing real estate; it would be wise to consult an experienced real estate attorney. We can recommend lawyers in your area – talk to a few, and decide who would be good to work with. Having a lawyer in your corner can help you overcome any legal hurdles that may arise later.
Order a home inspection of the property you intend to buy – an inspector is an independent third party who will make a thorough and unbiased check of the whole house to check the soundness and stability of the house, the condition of the foundation, roof, ceiling, floor, HVAC systems, wiring, plumbing, presence of mold and pests, harmful materials like lead (in paint), asbestos, and so on. It may cost you a few hundred dollars, but better to be safe now than sorry later. We can also recommend inspectors in your area, and you can choose the one you want.
Perform a final walk-through before you close the deal – your Prime Gain Realty agent will be happy to assist you in this as well.
At Prime Gain Realty, we will be with you through the entire process – from start to finish. Are you ready to buy your own house?
Contact us now to know how we can make your real estate journey easy!
Let’s face it, whether it’s a person, a car, a dress, or a house, the attractive ones get all the attention. When you’r
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