Are You Ready To Buy Your First Home?
Owning your own home might be your dream come true, but in order to make the buying process be as happy and rewarding experience as it should be, you need to make sure that you're mentally and financially prepared for the responsibilities that are associated with buying a home.
Some new buyers have the idea that home ownership is like renting, but with the power to paint the walls and have fuzzy, four-legged friends. However, these privileges also come mortgage, taxes, and maintenance responsibilities. While we'll be honored to help you through this exciting, enthralling, and life-changing experience, we want to make sure that you're set up for success before you officially start your home search.
Think you're ready? Search now for homes in the area.
Our Questions for Prospective Homeowners
Are you ready to buy?
Buying and owning a home is about so much more than just decorating it the way you like; it's about being ready to take care of your home throughout the years, and knowing that it's a commitment that will take away your income and time to do the necessary repairs when they arise. Owning your own home is truly gratifying, but you have to be ready to take the good with the bad should it happen.
How much can you afford?
Sometimes the home you want isn't necessarily the home that you can afford, and that’s okay. Allocating too much of your salary to your mortgage can make home ownership more of a burden than something you can be proud of. When buying your first home, it's best to buy a modest home now and work your way up to your ‘dream home’ in a couple of years. That way, you'll still have some money left over each month for your lifestyle needs, like fun weekend getaways and trips to the salon.
What is your debt-to-income ratio?
If you're applying for a mortgage, this is something that the lenders are going to examine very closely. Overall, your debt should not be more than 40% of your total income, and your housing debt should not be more than 32%. Depending on where you want to live, that 32% could go a long or a little ways, resulting in a comfortable home in the suburbs or a 500 square foot suite in a downtown condo.
What do you want?
What kind of home maintenance are you willing to do? Do you like the idea of mowing your lawn and cleaning your gutters? Would you be alright with someone telling you how many cars you have in your driveway or when you can put your garbage cans out? The answers to questions like these can help you find the right type of home for your lifestyle.
Resources For First-Time Homebuyers
My NC Homes Can Help
You need and deserve a good agent who cares about your needs and will work hard for you. Our team is dedicated to finding the right home for you, and the best price. It’s our mission to help you find the perfect home that meets your budget, needs, and desires. We want to make sure that you don’t just find a home, you find your home.
When you hire My NC Homes to help you buy your very first home, we’ll first figure out how much you can afford and what type of home would suit your lifestyle best. We take these two prerequisites and find a residence that you'll enjoy paying the mortgage for every month.
Be mindful of your objectives when viewing a home. The idea of home ownership can be overwhelming at times, and can overcome your ability to think practically. Just be sure to keep your feelings in check. We recommend that our clients bring a list with them to the showings to help keep track of their needs and wants, and that they grade each home based on its suitability to the items on that list. After you’ve had some time to digest the information, sit down with one of us to discuss the pros and cons of each residence. There's nothing worse than paying for something that you don't love, we can help you stay on track and keep our eyes out for a great place that matches the items on your list.
A good real estate lawyer is worth their weight in gold. Working in the Triangle Research Area for so long now, we’ve made some great connections with real estate lawyers over the years and can recommend one who could be a good fit for you. It’s important to interview them to make sure that they’re someone that you can work with, just like you would if you're finding a real estate agent. When it comes to transferring land ownership, the legalities can sometimes be a bit tricky, and a good lawyer can be your top defense if things ever go south.
Found the right home? Place the offer! This is when things can start to get a little complicated, but luckily not for you. We'll prepare the paperwork and walk you through it before submitting it. There's going to be lots of jargon flying around, but rest assured that we have your back. Keep in mind that the seller may reject or counter your offer, so even at this point things are not a done deal. In some cases, you'll need to write a deposit to the sellers broker to signal your seriousness of the offer.
Get all of the necessary inspections done. We cannot stress enough how important it is for you to have a professional check your potential home for harmful substances or costly repairs. A home inspector will check for signs of asbestos, mold, faulty wiring, leaky roofs, cracks in the foundation, and evidence of pests. Choosing to not have an inspection done means that you could be stuck with a leaky roof or a hidden mold problem and have to pay out of your own pocket to have it repaired. Inspections will cost a couple hundred dollars, but the amount you could save in the long-run more than pays for itself. We'd be happy to recommend an inspector in the area.
Do one final walkthrough before closing. We can do this with you to ensure that everything is agreed upon before the final signing.
From the very first interview to the final signing of the home, we can help you with every stage of the homebuying process. It doesn’t have to be overwhelming, we've been helping new and experience buyers in the Durham, Chapel Hill, and Cary area buy homes for over 55 years. Learn more about Larry Tollen, Lauren Wimple and Andrew Palumbo.
Contact us for more information about first time home purchasing.
