Are You Ready For Home Ownership in Destin Real Estate?
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.
Some people have a notion that home ownership is like renting, but with the freedom 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. Our team of skilled agents has put together some questions for prospective home buyers who are interested in the Destin real estate market. If you have other inquiries, please don't hesitate to contact us. It's our priority to provide you with an informative and successful home buying journey
Questions for Prospective Homeowners Interested in Destin Homes For Sale
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 being prepared to maintain your home over the years, realizing that part of your income and time will go towards repairs and maintenance. It's about being willing to take the risks of home ownership with a realistic expectation of the rewards.
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. It's better to buy a modest home now and look at purchasing your "dream home" in a few years. Spreading your finances thing just to cover your mortgage is not a good idea when other expenses pop up through time. Don't forget to think long term and big picture!
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 32%. What 32% of your income will buy depends on where you want to live. In rural or downtrodden areas, for example, it can buy a very comfortable residence and ample acreage. In highly sought-after urban areas, however, it may not even buy a 400 square foot bachelor suite. Our agents will guide you through the best options based on your ratio.
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, or do you want to live in a neighborhood where everything is 'just so'? The answers to these questions can help you narrow down the search for the right type of property for you. Doing your research on properties of interest is a great way to see what works for you. For example, calling or meeting with the strata manager to have them walk you through the rules of ownership is a great way to see if a condo or an apartment is suitable for you.
We Can Help
You need a great agent who will work hard for you and put in those extra hours. Our real estate team is dedicated to helping you find the right home, at the best price. We want you to find the home that will make you happy and successful in real estate ownership for years to come.
When you hire us to help you buy your first home in Destin real estate, 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 sense, so it's best to keep your emotions to a minimum. 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. For instance, don't let a dated wallpaper turn you off. It's best to see the potential of a property because one day you'll be able to renovate to your liking. Patience is a virtue! When you're alone with your agent, you can go over the pros and cons of each home. We are here to help you stay on track while still keeping our eyes out for a great property!
Engage the services of a great real estate lawyer. We can recommend several trusted 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 dodgy, and a lawyer can be your best defense against future legal troubles. The more you know about ownership, the better! 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 an extremely worthwhile expense.
Make the offer. This can be a maze of "buyer", "seller", "chattels", "deposit", and "completion". We'll be happy to prepare the paperwork and go through it with you before submitting it. Remember, the seller may reject or counter your offer, so even at this late date, avoid setting your heart on the home you hope to own. You'll most likely have to write a deposit check to the seller's broker that proves the seriousness of your offer.
Get all necessary inspections done. A 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. This is a crucial part of the home purchase. 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. Save yourself from future hassles and get to know the property before you sign away!
Do a final walkthrough before closing the deal. We'd be more than 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, we can help you with the complicated process of buying a home. Don't hesitate to contact us to find out more about how we can make the home buying process easy and successful! We want you to feel confident when investing in Destin reale estate.
Contact the Chris Carter Team online or call 850.865.7975 for more information about first time home purchasing.