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?
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.
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.
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.
When You Hire Us
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 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.
Engage the services of a good real estate lawyer. We can recommend several 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. 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 a good 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 probably 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.
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.
Anderson Real Estate Group2883 E Spring Street STE #100
Long Beach, CA 90806
Toll Free: 800 784 2616
Keller Williams Corona4160 Temescal Canyon Road STE #500
Corona, CA 92883
BRE # 01406566
Keller Williams Hollywood Hills9000 Sunset Blvd #1100
West Hollywood, CA 90069
BRE # 01385866
Keller Williams Huntington Beach2100 Main Street STE #300
Huntington Beach, CA 92648
BRE # 01932401
Keller Williams Mission Viejo27101 Puerta Real STE #150
Mission Viejo, CA 92691
BRE # 01375978
Keller Williams Newport Estates800 Newport Center Drive STE #150
Newport Beach, CA 92660
BRE # 01883537
Keller Williams North Tustin17822 17th Street
Tustin, CA 92780
BRE # 01933507
Keller Williams Pacific Estates2883 E Spring Street STE #100
Long Beach, CA 90806
BRE # 01917184
Keller Williams South Bay23670 Hawthorne Blvd
Torrance, CA 90505
BRE # 01854035
Keller Williams Studio City4061 Laurel Canyon Blvd
Studio City, CA 91604
BRE # 01428774
Keller Williams Temecula27290 Madison Avenue #200
Temecula, CA 92590