Are You Ready For Home Ownership in Southeast Florida?
Owning a home in Southeast Florida may be your dream, but in order for the experience to be as happy and fulfilling as you hope, you should prepared yourself both mentally and financially for the responsibilities involved.
You may expect that home ownership is a lot like renting, except that you have complete control over whether you own pets and where you hang up pictures. While it's true that you'll have this control over your home, you'll also have additional responsibilities, from mortgage payments and property taxes to home maintenance. As a result, you'll want to prepare your finances and your expectations for the realities of home ownership.
Questions for Prospective Homeowners
Are you ready to buy?
While owning your own home can be a wonderful experience, you should be prepared for the time and income that you will have to devote to caring for and maintaining your home. There will inevitably be repairs and other unforeseen costs over the years. Taking care of your home can be a pleasurable hobby, but it can also be financial burden, so make sure that the rewards of home ownership are worth the work required to maintain it.
How much can you afford?
When you get preapproved for a large mortgage, it's easy to get carried away with dreams of buying the perfect home. The truth is, however, that first-time buyers should look for a home well within their budget. After all, paying a large mortgage can be burdensome. By investing in an affordable home now, you set yourself up to be able to afford your dream home a few years down the line.
What is your debt-to-income ratio?
When you seek financing, you should have a realistic expectation for what lenders will be willing to offer you. Generally speaking, you want your debts to account for no more than 40% of your income, and you should keep housing debt in particular below 32%. Depending on where you buy, 32% of your income may go far, or it may not even buy you a small condo. Luckily, housing prices in Jupiter and Southeast Florida are lower than those in cities like Miami and Orlando, so you'll be able to afford more space here.
What lifestyle do you want?
Do you enjoy your own yardwork, or would you rather have your lawn taken care of for you? Do you want the freedom to decorate your home however you wish, or the beauty of living in a neighborhood where everything looks just right? Knowing what kind of life you want your home to bring to you will help determine what kind of home you want to buy. In Southeast Florida, there are plenty of communities devoted to particular lifestyles such as golf or horseback riding, so you want to find the one that's right for you.
Kathy Palmer Can Help
A skilled, experienced agent will help you by determining what your needs are and finding you a home that meets those needs. We will negotiate the best price and ensure that your first experience as a homeowner is happy and fulfilling. Just tell us what you want and what you can afford, and we'll find homes that combine those priorities to help you be successful.
Remember your priorities when you consider a home. It's common, when visiting a home, to feel overwhelmed by the excitement you feel when you imagine owning that home. However, first-time buyers are most successful when they maintain a distinction between what they need and what they want. If you do this, then when you fall in love with a potential home, you can take a step back and make sure that it meets your fundamental needs. We can help you to make this list and to stay focused on the bottom line during this emotional process.
Hire a skilled real estate lawyer. Don't make the common mistake of worrying that a lawyer is too expensive. The legal process of transferring land ownership can be complicated, especially if you're moving to Florida from outside the state. Be proactive to avoid being taken advantage of, and you'll discover that the cost of a lawyer is often much less than the cost of the legal troubles you avoid. Ask us to recommend a skilled lawyer in the area!
Make the offer. The paperwork can be overflowing with terms like "chattels," "deposit," and "completion" that make it hard to fully understand. Luckily, you'll have one of our agents to prepare the paperwork and guide you through it. We'll also help you make the right offer, one that has a good chance of getting the seller's attention. However, never forget that the seller may reject or counter your offer. Also be aware that you usually need to write a deposit check to show the seller that you're serious.
Get the house inspected. Just as with hiring a lawyer, hiring one or more home inspectors will save you money in the long run. If the home you want to buy has problems like pests or mold, leaks or faulty wiring, or asbestos or lead paint, a home inspector can protect you from having to pay for the costs of fixing these issues later.
Do a final walkthrough before closing the deal. Your agent can accompany you and make sure that you have accounted for every last detail of your new property.
From the first interview with one of our agents to the moment you receive the keys to your new home, we can help make a challenging and difficult process smooth and secure.
Contact Kathy Palmer for more information about buying your first home in Southeast Florida.