Are You Ready For Home Ownership?
Owning your own home is a long held dream for many. To make the purchase of your home a satisfying and productive experience, put yourself in the hands of The Morar Group team of Destin and 30A real estate experts. Learn more about the kinds of things you should be thinking about as you prepare to search for your new home so that you can make well-informed, thoughtful decisions.
Owning a home is more than just being able to choose your own paint colors and having a pet. Ownership comes with responsibilities such as paying a mortgage and taxes, and maintaining your home and property. As you prepare for home ownership, it is important to take careful stock of your finances and your expectations.
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. Be prepared to maintain your home over the years, and realize that part of your income and time will go towards repairs and maintenance of your home and property. You must be willing to take the risks of home ownership and have a realistic expectation of the rewards. The Morar Group can help you develop a plan.
How much can you afford?
Consider purchasing a modestly priced home for your first purchase, and save the purchase of your "dream home" for later, more settled, times. It can be discouraging to find that your salary won't stretch as far as the home you want to own, but sacrificing a large portion of your income to pay a high monthly mortgage payment can rapidly turn your home purchase into a burden rather than the point of pride you want it to be. Use our mortgage calculator to help you estimate payments as you search.
What is your debt-to-income ratio?
Your debt to income ratio is an important consideration for lenders. Your overall debt should not be more than 40% of your income, and your housing debt should not be more than 32%. What 32% of your income will buy depends on where you want to live. You may want to consider purchasing a condo as your first home when buying coastal property in as popular an area as the 30A real estate market. Going a bit further inland is another possibility.
What exactly do you want?
Do tasks such as cleaning your own gutters or maintaining a small garden excite you? Or do you shudder at the idea of maintaining your property as well as your home interior? 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, or do you want to live in a neighborhood where such things are important? The answers to these questions can help you narrow down the search for the right type of property for you. There are so many opportunities to buy Destin and 30A real estate - just ask The Morar Group and we can help.
We Can Help
You need a knowledgeable and experienced agent who will work hard for you. The Morar Group real estate team is dedicated to helping you find the right home at the best possible price. We will work hard to give you the most satisfying home buying process that we can.
When you hire us to help you buy your first home, we will need 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.
Get your Mortgage Ducks in a Row. Before you begin your search, it is wise to determine how much you can get approved for by a mortgage lender. Don't wait until you've found the perfect home, only to find that another offer is pending by someone who took the steps to obtain a pre-approval (different than a "pre-qualification") letter from their lender. The smart seller will choose the "sure deal" over your unqualified offer. The Morar Group can assist you in finding a lender.
Keep your objectives in mind when viewing a prospective home. 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 such as paint color or decor, that could distract you from your goal. We share your excitement, but we will also help you think practically about the features of the home. Once we have taken you through the home, we will sit with you to go over the pros and cons of each property. We can help you stay on track as you search for your ideal property.
Consider engaging the services of a good real estate lawyer. We can recommend several lawyers in the area who might be a good fit for you. Interview them to ensure that you get someone you can work with. The legalities of transferring land ownership can be fraught with details, and a lawyer can be your best defense against future legal troubles. A good lawyer can charge several hundred to over a thousand dollars for their services, but the thousands of dollars saved in legal fees later on makes this a good expense.
Making the offer. The process of determining the best offer can be confusing, and making the formal offer entails many details. We'll be happy to assist you in determining the best price and to prepare the paperwork and go through it with you before submitting it. The seller may reject or counter your offer, so it can be disheartening. It is likely that you will need to write a "good faith" deposit check to the seller's broker that proves the seriousness of your offer.
Get all necessary inspections done. An inspection is an important part of purchasing your first home. The home inspector will check for signs of harmful materials like asbestos, lead paint and mold. They'll also check for evidence of pests, faulty wiring and leaks. Not getting an inspection done means that you could be stuck in a home with a bad case of black mold and no recourse other than to pay for its removal. Inspections will cost a few hundred dollars, but again, this is more than worth it in the end. There are several inspectors in the area that we'd be happy to recommend.
Do a final walk-through before closing the deal. We'd be happy to do this with you to make sure that everything agreed upon is completed prior to the final signing.
From the first interview that determines your requirements to the moment that you receive the keys, The Morar Group will be with you, helping you throughout the complex process of buying a home. Don't hesitate to contact us to find out more about how we can make the home buying process easier!
Contact us for more information about first time home purchasing.