Are You Ready To Be A New Home Owner?
Owning a home may be your dream, but in order for the purchase to be the happy and satisfying experience it was meant to be, you need to ensure that you are financially and mentally prepared for the responsibilities that come with it. Weber Elite has the knowledge and experience you need to help you find the right home. Learn more about how our Buyers Specialist's can help you get started.
Some people have a notion that home ownership is like renting, but with the power to have pets and paint the walls whatever color you like. However, while these privileges are available to homeowners in most municipalities, they come with the responsibilities of a mortgage, taxes and home maintenance. Preparing for home ownership requires you to take critical stock of your finances and your expectations. Weber Elite has a dedicated Senior Loan Agent, Heath Keller, to help guide you through the entire process. Learn more about Heath.
Questions for Prospective Homeowners
Are you ready to buy?
Buying your first home is one of the biggest decisions that you'll ever make, and with this purchase comes a lot more responsibility. A Missouri first time home buyer should be financially prepared to maintain the home over the years and understand that a large portion of their income may go towards repairs and maintenance. Additionally, buyers should be advised of the risks of home ownership and be excited about the potential rewards, as well.
How much can you afford?
Before you start looking at homes for sale in the St. Louis area, you'll want to know how much you can afford. A common mistake that first time home buyers make is falling in love with a property that they think they can afford, to only find out later that your income won't stretch as far as they'd like it to. Also, consider purchasing a more modest home to start, as sacrificing a large portion of your income on your mortgage can be unnecessarily stressful. You can always purchase your "dream home" down the road.
What is your debt-to-income ratio?
Your mortgage lender will want to know about every debt that you have – from student loans to car loans. Lenders take this very seriously, so it's important to be very open and honest with them. It's recommended that your overall debt is not more than 40% of your income, and your housing debt is no more than 32%. What 32% of your income will buy depends on where you want to live and what type of property you want to own. If you can't afford living downtown, consider the suburbs or a more rural area for less expensive properties.
What do you want?
When deciding what type of home you want, you should think about what you'd like to accomplish in the next 5-10 years. If you'd like to start a family, you may opt for a single-family home. Or if you're a young professional and don't need a significant amount of space, you could consider a condo or town home. Also, contemplate the lifestyle you'd like to live. If you'd rather just pay a fee every month to have your property maintained for you, a condo might be your best option. If you want to mow your own lawn, consider a free-standing house. These questions will help you decide exactly what type of property is best for you.
Weber Elite Can Help
You need an excellent Missouri real estate agent who will work hard for you. Our real estate team works hard to find a home that suits your needs, for the best price. We want to help you find a home that will keep you happy and lucrative in real estate ownership.
When you're ready to begin your real estate search, we will guide you through the entire process. From learning about how much you can afford to finding your dream home, you'll be listened to and professionally advised every step of the way.
Keep your goals in mind when looking at a home. Often, many first time home buyers get so excited about owning a home that they lose direction and the true purpose of the home itself. Bring a list with you of the must-have features and the wanted features in a home. Evaluate the home by your list, rather than the details you see. Later, go over the pros and cons of each home with your agent. We are here to keep you on track so that you will find a home that truly suits your needs.
Find a good real estate lawyer. Weber Elite can recommend many decent lawyers in the St. Louis area that will be a good fit for you. You'll want to interview them to ensure they're someone you're comfortable with. Transferring home ownership can be daunting, but using a trusted lawyer can help you to avoid future legal troubles. Be prepared for a lawyer to cost several hundred to over a thousand dollars, but know it's a worthwhile investment.
Make an offer. When you've found your perfect home, you can make an offer. Weber Elite is happy to prepare the paperwork and thoroughly go through it with you before submitting it. Try not to get your hopes up as the seller could accept, reject or counter your offer. Be prepared to write a deposit check to the seller's broker to prove the sincerity of your offer.
Get all necessary inspections done. Be sure to have an inspector carefully investigate the home for any harmful materials, such as asbestos, lead paint and mold. Additionally, they should look for any pests, faulty wiring, and leaks. Having a home inspection completed before the sale ensures your financial protection in an event that could potentially cost you thousands of dollars. Home inspections could cost a few hundred dollars, but it's absolutely worth it in the end. Weber Elite would be happy to recommend several inspectors.
Do a final walkthrough before closing the deal. We will be there to do this with you and will be sure that everything is agreed upon prior to the closing of the sale.
Weber Elite will be there to guide you from the first interview that determines your requirements to the moment that you receive the keys. Don't hesitate to contact us to find out more about how we can make buying your first home much easier!
Contact us for more information about first time home purchasing.