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Buying a home is a pretty complicated process, so there is no real benefit in trying to go at it alone. At Team Reach, our team of skilled agents have the experience, market knowledge, and negotiation skills to help you achieve your goal of homeownership. Here is an overview:
First Time Buyers: Are you ready?
Owning a home is an exciting time, but it’s important to make sure that you are ready for the responsibilities of home ownership the first time around. Maintaining a house requires time and money for repairs, and understanding this is key to enjoying the rewards of home ownership. As a first-time homebuyer, it’s crucial to be prepared and know what to expect.
How much can you afford?
For first time home buyers, it’s important to really understand what you can afford. And as much as it may be difficult to understand that your income won’t stretch to the home of your dreams, it’s better to avoid sacrificing too much of your income for mortgage payments. If not, homeownership can turn from a point of pride into a burden.
Debt-to-income ratio?
In buying a home, your financial situation is a crucial factor. Lenders have strict guidelines: your total debt shouldn’t exceed 40% of your income; your housing debt shouldn’t surpass 32%. What 32% of your income can get depends on the location of where you are looking to purchase. It’s important to assess your finances realistically and determine what you can afford before taking the plunge into homeownership.
Pre-Approved Mortgage
Before you start your home search, it’s best to get pre-approved for a mortgage. This can put you ahead of other home shoppers who have not done this. Should you fall in love with a house, being pre-approved strengthens your offer to purchase. Applying for a mortgage requires a written application and supporting documentation.
Visualize Your Dream Home
Once you’ve established a price range, it’s time to decide what type of home will best suit your lifestyle. Think about things like access to schools, recreational facilities, what the neighborhood is like, and so on.
The Search
As a homebuyer, there is a wide variety of different home styles and designs. You’ve got the choice of single-family, condo, townhome, lakefront, acreage, luxury homes, bungalow as well as multiple-story or split-level. In addition, you can choose a pre-existing home or new construction. In other words, you’ve got options. But what’s most important is that you choose a home that complements your lifestyle and your income.
Make the offer
Navigating the legal and financial aspects of a real estate transaction can be overwhelming. The jargon can be confusing, including terms like “buyer,” “seller,” “chattels,” “deposit,” and “completion.” We’re here to help. Team Reach can prepare all the necessary paperwork and carefully review it with you before submitting it. Also, you’ll need to understand that during your home hunting process, the seller may reject or counter your offer. So don’t get too attached to a specific home. Finally, when making an offer, you’ll normally be required to provide a deposit check to the seller’s broker, demonstrating your commitment to the purchase.
Get necessary inspections done
Before closing on a home purchase, it’s important to have an inspection performed by a professional. This inspector will thoroughly examine the property, looking for signs of harmful materials like asbestos, lead paint, and mold, as well as evidence of pests, faulty wiring, and leaks. Skipping an inspection can result in being stuck with a home that has serious issues, such as black mold, that can be expensive to remove. Although an inspection may cost a few hundred dollars, it’s a small price to pay for the peace of mind that comes with knowing the home is in good condition. We can provide you with a list of reputable inspectors in your area of choose.
Final walkthrough
Before closing the deal, Team Reach will guide you through every step through to final signing. With our help, you can rest assured that your home-buying experience will be stress-free and seamless.