The single biggest reason most people buy a home is the simple desire to own a home of their own. At the same time, homeowners accumulate wealth for the future while enjoying the benefits of a residence that they can use, improve and enjoy. What’s different is each individual’s wishlist of essentials; from public transportation to the number of bedrooms. Let me help you create a comprehensive list and find your dream home.
Before deciding which house to buy, consider your lifestyle, current and anticipated housing needs and budget. It’s a good idea to create a prioritized list of features you want in your new home; you'll quickly discover finding the right house involves striking a balance between your "must-haves" and your "nice-to-haves."
If you love to cook, you'll appreciate a well-equipped kitchen. If you're into gardening, you'll want a yard. If a home office is a must, you’ll need a room that will provide you adequate work space. If you have several cars, you may require a larger garage. Use this list as your search guide.
Next, think about what you might need in the future, and how long you are likely to live in this particular home. If you're newly married, you might not be concerned with a school district right now, but you could be in a few years. If you have aging parents, you may want to look at homes that offer living arrangements that could accommodate them as well.
It’s important to think about your new home’s location just as carefully as its features. In addition to considering the distance to work, evaluate what matters to you in terms of services, convenience and accessibility, such as shopping, police and fire protection, medical facilities, school and daycare, traffic and parking, trash and garbage collection, even recreational facilities.
Be sure to communicate with your real estate agent about where you want to live and what’s most important to you. While buyers frequently use the Internet to gain access to listings or available properties for sale, I can brings value to the entire home buying process. I will analyze data, answer questions, share my professional expertise, and handle all the paperwork and legwork that is involved in any real estate transaction. I can also help you narrow your choices by sharing market trends and local information.
How Much Can You Afford?
Now that you know what you're looking for, the next step is figuring out what type of home you can afford. A review of your income, savings, monthly expenses and debt will be necessary.
Early in the process, you'll want to get pre-qualified for a mortgage loan. It enables you to move swiftly when you find the right home, especially when there are other interested buyers. It also indicates to the seller that you are serious and can afford to buy the property. A pre-approval is a simple calculation done by a mortgage lender that tells you the amount you'll be able to finance through a loan and what your monthly payment will be.
The price you can afford to pay for a home will depend on several factors, such as:
- Gross income
- The funds you have available for the down payment, closing costs and cash reserves required by the lender
- Your debt
- Your credit history
- The type of mortgage you select
- Current interest rates
Another figure that lenders use to evaluate how much you can afford is the housing expense-to-income ratio. It is determined by calculating your projected monthly housing expense, which consists of the principal and interest payment, property tax payments and insurance premiums on your new home loan (also known as PITI).
Each buyer is unique, and a mortgage professional can help you find out just what you can afford. Your income and debts will typically play the biggest roles in determining your price range. It's simple to make an estimate – just run the numbers for yourself using the Affordability Calculator.
Know Your Neighborhood?
Evaluating a neighborhood and surrounding areas thoroughly is essential.
When you buy a home, you're investing in a community. You'll spend a significant amount of time and money supporting the schools, community organizations and commercial centers in the area. Before you make the final decision, take a good look at the location and make sure it fits your lifestyle. For example:
- Evaluate the property’s proximity to other important locations in your life. How long will your commute time be? Is there a hospital or doctor's office nearby? What about schools, childcare, shopping, family and friends?
- Consider all of your transportation options. Depending on the type of community, you may be able to find alternative methods of transportation. Take the time to drive from the new home to your commuting destinations, to get a sense of what your daily life will be like.
- Make sure you feel comfortable in the area. Drive around the neighborhood at different times of the day and night on multiple days of the week to observe activity and noise levels. An educated buyer is a happy one!
Shopping For a Home
Buying a home is one of the most important decisions you will make. That's why it's in your best interest to choose an experienced real estate agent who listens to and understands your needs, and has detailed knowledge of the area in which you want to want to live.
Working as a full time realtor for 17 years, I understand your concerns and will provide you with the personalized service that makes all the difference.
When you're ready to visit houses, I can help you with:
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Arranging showings
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Tracking the properties you've seen
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Identifying homes that meet your criteria and keep track of your "what's right for you" list
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Walking you through buying process to have a smooth closing
Call or Text me, 561-523-6574, when you're ready to make a move, no matter it's your first home, 2nd home, or retirement home. I'll be happy to provide you the best professional service in real estate.
