To be the owner of a home may be your dream, but necessary for the purchase to be the happy and gratifying experience it was meant to be, you need to make sure that you are financially and mentally ready for the responsibilities that come with it.

Many people possess this notion that home ownership is similar to renting, but with the power to own pets and mark up the walls with whatever color you wish. However, while these privileges are available to homeowners in numerous municipalities, they also come with the responsibilities of paying mortgage, taxes and miscellaneous other home maintenance fees. Preparing for home ownership requires you to take meticulous stock of your finances and your expectations.

 Questions for Prospective Homeowners

Are you ready to buy?

Possessing a home is about more than simply being able to decorate any way you like; it's entails being prepared to maintain your home over the years, recognizing that part of your income and time will be accounted for repairs and maintenance. It's about being mindful of the risks of home ownership while maintaining a realistic expectation of the rewards.

How much can you afford?

It could be discouraging to find that your salary won't extend as far as the home you want to own. But keep in mind, sacrificing a huge part of your income simply to pay the mortgage can very quickly transform home ownership into a burden rather than a staple of pride. It's better to purchase a modest home now and look at pursuing your "dream home" in a few years.

What is your debt-to-income ratio?

This is something that lenders take pay close attention to. Your overall debt should not exceed more than 40% of your income, and your housing debt should not exceed more than 32%. What 32% of your income will purchase depends on where you wish to live. For example, in rural or downtrodden areas, it can buy a very comfortable residence with sufficient acreage. However, in highly sought-after urban areas, it might not even obtain you a 400 square foot bachelor suite.

What do you want?

Are you welcoming to the idea of cleaning your own gutters? Do you crench at the thought of lawn care? Would you rather just pay a monthly fee and have everything done for you? Would abiding by rules about when you can have your garbage cans out make you distraught, or do you want to reside in a neighborhood where everything is 'just so'? These questions can facilitate the search and help locate for the right type of property for you.

We Can Help

You need a good agent who goes the extra mile for you. Our elite team is dedicated to helping you locate the right home, at the correct price. We want you to find the home that will make you delighted and successful in real estate ownership.

When you hire us to help you purchase your first home, we wish to know exactly what you're looking for and how much you can afford. Then we'll combine these two priorities and locate a residence that you'll enjoy owning.

Keep your objectives in mind when visiting a home. Sometimes the thought of owning a home can override your practical sense, so keep your feelings in check. Keep a list readily available of the features that you need while being mindful of what you want in a home, and compare each home to the list instead of by minute details that could distract you from your objective. When you're alone with your agent, you can recite the pros and cons of each home. We will help you stay on track while still maintaining determined to locate a great property.

Engage the services of a good real estate lawyer. We can recommend several lawyers in the region who will be a good fit for you. Interview them to be certain that you get someone you are compatible with. The technicalities of transferring land ownership can be dodgy, and a lawyer can be your greatest defense against future legal hassles. A good lawyer can charge rates of several hundred to even over a thousand dollars for their services, but the thousands of dollars dodged in legal fees later on makes this a smart investment.

Make the offer. This can be a puzzle of "buyer", "seller", "chattels", "deposit", and "completion". We'll be more than delighted to prepare the paperwork and go through it with you prior to submitting it. Remember, the seller may decline or counter your offer, so even at this late stage, avoid setting your heart on the home you are hoping to own. You'll probably need to write a deposit check to the seller's broker that authenticates the seriousness of your offer.

Get all necessary inspections done. A home inspector will check for any notion of harmful materials like asbestos, lead paint and mold. In addition they'll check for evidence of pests, faulty wiring and leaks. This is a critical part of the home buying process. Not getting an inspection done means that you could be living in a home with a bad case of black mold and no alternative other than to pay for its removal. Inspections will cost about a few hundred dollars, but again, this is an extremely important process that is more than worth it in the end. There are several inspectors in the region that we'd be happy to recommend.

Do a final walkthrough before finalizing the deal. We'd be willing to do this with you to ensure that everything agreed upon is completed before the final signing.

From the first interview which determines your requirements to the moment that you are granted the keys, we can help you with the sophisticated process of buying a home. Don't hesitate to contact us to inquire more about how we can make the home purchasing process easier!