Are You Ready For Home Ownership on Staten Island?
Owning a home is the American dream. However, it will only be a dream if it is both a satisfying and happy buying experience. Some people think that home ownership is exactly like renting except that they can paint the walls in any color they like and have pets. Yes, there are these privileges, but along with home ownership comes home maintenance, taxes and a mortgage. Deciding on whether or not buying a home is right for you is a decision that shouldn't be taken lightly.
Questions for Prospective Homeowners
Are you ready to buy?
Owning a home is a huge responsibility. It is a long term investment and a good part of your income may need to go towards repairs and maintenance. Being a home owner means that you will take the risks that come along with home ownership and be realistic about your expectations.
How much can you afford?
Many people think that they can afford more of a home than they actually can. It can be a big sacrifice having to pay a huge chunk of your salary to a home mortgage, and that dream home may quickly become a burden. In general, it is better to buy a home that is more modest and something that you can comfortably afford while saving for your dream home down the road.
What is your debt-to-income ratio?
Debt-to-income ratio is something that lenders look at very seriously when trying to figure how much home that a potential buyer can afford. An individual's total sum of debts need to be 40% or less of their income while their house debt needs to be 32% or less. How much that 32% of your overall income can buy will depend greatly on where you plan to live. For example, if you want to live in an area that is rural you usually can get more home for your money. More sought-after areas will often have higher home prices even for small spaces.
What do you want?
Do you mind having to clean out your own gutters or doing your own lawn care? Would you prefer to pay a fee so that this can be done for you every month? Do you mind obeying neighborhood rules such as when you can leave your garbage cans out or would you rather live in a neighborhood where there are no rules? The answers to these types of questions will help you figure out where you want to live and which property will be a good fit for you.
We Can Help
You need a real estate agent that will work hard at finding the right home for you. Our real estate team at Gillani Homes will find you the right home at the right price for you. We want to make sure that your home buying experience is a pleasant one.
Keep Your Objectives in Mind
We will keep your objectives in mind when we visit homes that fit your criteria. Since the idea of owning a home can be overwhelming, we help you keep your feelings and expectations in check. It is a good idea to keep a list of the key features that you want in a home and judge potential homes based off of the details of the list instead of being distracted from this goal. Our agents will work with you one-on-one to figure out the pros and cons of each home you visit, and help you find the right home for you.
Engage the Services of a Good Real Estate Lawyer
It's a good idea to engage the services of a reputable real estate lawyer. We can recommend lawyers in the area that can work with you and may be a good fit. Make sure you interview them to ensure that they will work well with you. Transferring home ownership involves a lot of legalities and you need to find a lawyer that will be by your side just in case you face future legal troubles. A good lawyer may cost you a lot of money upfront, but can save you thousands of dollars in the end.
Make the Offer
Making an offer can be a maze of many different terms such as "chattels", deposit" and "completion". We will prepare all of the paperwork and go over it with you before we submit it. Just keep in mind that the seller may either reject or counter your offer so do not get your heart set on a home before the buying process is completely finalized. In some instances you will have to write a deposit check that will be given to your seller's broker. This will show them that you are serious about your offer.
Get All Necessary Inspections Done
You will need to get all of the necessary inspections completed. The home inspector will check for evidence of leaks, faulty wiring, pests and harmful materials such as mold, lead paint and asbestos. It is very important that you have the home inspected before purchase. Without doing so you set yourself up for the possibility of getting a home that is unsafe to live in, yet you are still responsible for paying on the mortgage. A home inspection will generally cost a couple of hundred dollars, but it is money well spent. We will be happy to recommend several home inspectors in the area.
Do the Final Walkthrough
You will also need to do a final walkthrough before closing on the deal. We will do this with you to ensure that everything that was agreed on previously is completed prior to the final signing date.
From our first interview with you to when you receive the keys to your new home we will help you with the entire process. Don't hesitate to call or email us to learn more about the home buying process and how we can make it easier for you!
Contact us for more information about first time home purchasing.