Are You Ready For Home Ownership?
Owning a home is a long-held dream for many. 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 power to have pets and paint the walls whatever color you like. While these privileges, and the simple pride of ownership, are some of the benefits of owning your home, they do 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, to help ensure you are on the road to long-term success.
Search now for homes in the area.
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; 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?
Lenders can provide wonderful assistance in helping you focus in on a price point and mortgage payments that will fit within your budget. Meeting with a lender before you start house shopping is highly recommended.
What is your debt-to-income ratio?
This is something that lenders take very seriously. Your overall debt (such as auto loans) and your housing debt (your potential mortgage payment) in relation to your income is a very important figure when determining your price point.
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.
We Can Help
You need a good agent who will work hard for you. 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.
When you hire us to help you buy your first home, we want to know what you want and how much you can afford. We will work with you to find a way to merge these two priorities, and find a home 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 while we all understand that you hope to feel a certain 'spark' about a home, try to keep your feelings in check. 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. When you're alone with your agent, you can go over the pros and cons of each home. We can help you stay on track while still keeping our eyes out for a great property.
Make the offer. We will prepare the paperwork and go through it with you before submitting it. Keep in mind, the seller may reject or counter your offer; the negotiation process can often take some time - we're with you, every step of the way. You will need to be prepared to write a deposit check, known as Earnest Money, that proves the seriousness of your offer. In Utah, this check may be presented with the initial offer, or presented within four days of the purchase contract being accepted. These funds will go toward your purchase price at closing, and they remain refundable through specific contract deadlines which we will explain in detail.
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 such things as evidence of pests, faulty wiring and leaks. This is a crucial part of the home purchase. Inspections will cost a few hundred dollars, but this is more than worth it in the end. There are several inspectors in the area that we can connect you with.
Do a final walkthrough 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, 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 easier!
Contact us for more information about first time home purchasing.