Are You Ready For Home Ownership?For first time home buyers, the process can be overwhelming. Purchasing a home and investing in your future is a big financial decision and there are lots of legal steps to navigate along the way. When working with a realtor, home buyers have someone in their corner to ask the right questions, make helpful suggestions, and negotiate the best deal. Faith Maricic takes this responsibility very seriously.
Our First Time Home Buying Guide walks you through every step of the process so that you’re prepared for the exciting road ahead!
1. Investment vs. Risk
The benefits of home ownership are so much bigger than just being able to paint the walls without asking for approval from your landlord. There are many financial and social privileges that come with owning a home. However, everything is balanced with risk. It’s important to consider where you’ll be in a few years and if home buying enhances your plans or hinders them. Before you start your search and set your heart on finding the right one, make sure that owning a home is right for you.
2. Pre-Approval and Costs
Pre-approval is a quick, painless process that tells you exactly how much you can afford to borrow for the purchase of your home. Lenders take your debt-to-income ratio very seriously and your overall debt should never be more than 40% of your income. Although it can be disappointing to find that your budget is lower than anticipated, this information is vital for a productive home search. Home ownership should be a point of pride, not a financial burden. In addition to the list price of the home, don’t forget about the additional costs. Appraisal, home inspection, legal fees, mortgage insurance, closing costs, and necessary home repairs can add to your total cost up front and month to month. Your agent can help you estimate your total investment to set a reasonable budget and ensure that you find something to love within your price range.
3. Must-Haves and Wish Lists
Do you have a specific neighborhood or community in mind? How many bedrooms and bathrooms do you need? Are you looking for a historic home or newer construction? Do you shy away from lawn care and gardening or are you yearning for a spacious lot? Brainstorm your must-have home characteristics and would-be-nice wish list ideas. We’ll help you find the right home within your budget in Cranford, Scotch Plains, or Westfield, NJ. No one knows the area better than Faith Maricic and chances are, we already have the perfect house for you in mind.
4. Walk-Through Experience
After searching virtual listings online and looking at homes hand-picked by your realtor, you can request to walk-through the houses that caught your eye. Keep your must-have list in mind and try to imagine what it would feel like to call this home your own. During the walkthrough, you can talk openly with your realtor about your priorities and concerns or ask questions. We’ll help you stay on track with your goals and weigh the pros and cons.
5. Time to Make an Offer
An experienced, confident realtor is vital when it comes time to make an offer. We are your voice in the process and negotiate for you to ensure that you get everything that you want. Communication often goes back and forth with offer rejections and counter offers so there is a chance that you won’t get the house. However, Faith Maricic is a skilled negotiator with years of experience writing clear, compelling home offers.
6. Final Checks and Closing
Congratulations – your offer has been accepted! Now it’s time for the final checks. We can recommend a reliable home inspector who will go beyond the basics to provide you with an in-depth understanding of the condition of the home that you’re purchasing and tips on how to maintain it.After the lender appraisal is verified and the final walk-through is confirmed, you’ll be ready for the closing date and to move in with keys in hand!
Contact us for more information about first time home purchasing.