Are You Ready For Home Ownership?
Owning a home is an incredible journey and we can help you be successful. Contact us Today with any questions, as we're here to help!
Questions for Prospective Homeowners
Are you ready to buy?
Owning your own home is about more than just being able to decorate any way you like. It's about having a long- term goal. It's about being willing to take the risk of home ownership with a realistic expectation of the rewards ahead. Understanding your finances is the first step - dry, I know.
How much can you afford?
It can be discouraging to find that your salary won't stretch as far as the home you want to own. However, sacrificing a huge part of your income just to pay the mortgage can very quickly make home ownership a burden rather than a point of pride. First time home owners: It's better to buy a modest home now and look at purchasing your "dream home" in a few years.
What is your debt-to-income ratio?
This is something that lenders take very seriously. Your overall debt should not be more than 40% of your income, and your housing debt should not be more than 1/3 of your monthly salary. What 32% of your income will buy depends on where you want to live. For example: A $2,200/ month mortgage could buy you a 3 bed/ 2 bath historic home in N. Portland, a 1990's townhouse in Forest Heights, or a 750 sqft condo in the Pearl District.
What do you want?
Do you like the idea of cleaning your own gutters? Do you shudder at the thought of lawn care? Would you rather just pay a fee every month and have everything done for you? Would obeying rules about when you can have your garbage cans out bother you? The answers to these questions can help narrow down the search for the right type of property.
We can help you be successful in home ownership!
When you hire us to help you buy your first home, we want to know what you want and how much you can afford. Then we'll find a way to merge these two priorities and find a residence that you'll enjoy owning.
Keep your objectives in mind when visiting a home. Sometimes the idea of owning a home can overwhelm your practical senses, so keep your emotions in check. Keep a list handy of the features that you need and want in a home, and judge each home by the list instead of by details that could distract you from your goal. When you're with your agent, you can go over the pros and cons of each home. We can help you stay on track while still keeping our eyes out for a great property.
Make the offer. The offer process, in a seller's market, can be frustrating if you aren't prepared. My recommendation is to get your Pre- Approval letter from your lender of choice and figure out what you are comfortable spending monthly before touring homes. We will always view the best homes first, so don't be afraid to offer on the first, second, or third home you see! Once we write an offer, counter offers and negotiations about the price, closing dates and other concessions are discussed. When buyer and seller agree on these items, the home is Pending. Earnest money check is delivered to Escrow and our inspection contingency period start.
Get all necessary inspections done. A home inspector will check for signs of harmful materials like asbestos, lead paint, and mold. However, more commonly give you a list of items that need minor repair. Big ticket items can include: Roof, Electrical, Plumbing, Siding, Sewer Line, or Radon. This is a crucial part of the home purchasing process. We don't recommend purchasing a home without one. There are several inspectors in the area that we'd be happy to recommend.
Do a final walk- through before closing the deal. We do this to make sure all agreed upon repair items are completed prior to the final signing.
From our first conversation to the moment you receive keys, we help you with the complicated process of buying a home.
Contact us for more information about first time home purchasing.