If you are ready to purchase a new home in the Rockwall, TX area Call my main office at 214-682-0598 for RJ or 214-604-4561 for Dawn.
If you are a First Time home buyer, read on for some questions you may have thought of and some others you may need to consider and discuss.
Are you ready to buy a home?
May seem like a simple question, but home ownership is much more than showing up with a moving truck and decorating the rooms and outdoor spaces (although that is the fun stuff!!!) Homeownership requires the knowledge that you will need to maintain the home you choose. This is not a question of ‘Will I need….(fill in the blank)’ but rather a question of ‘When will I need to pay for a new…(fill int he blank)’. So with that in mind it is important to know that a part of your income will go toward a savings for future anticipated and unanticipated expenses.
How much can you afford?
With the above comments about repairs and upkeep now understood you can truthfully understand the ‘real’ dollar amount you can afford. It can be very difficult to realize that the salary you are working with does not stretch into the neighborhoods of your choosing, or into the size of house you would prefer. Once you make the connection of $$ to expectations you will be in a much better position to choose a home for you and your family that will meet your needs and not become a burden (ever heard of ‘house poor?’) rather than a source of pride!!
Ever asked what is my debt-to-income ratio?
No?? Well now is the time to ask- and find out. In today’s economic climate this is one of the first things your lender will look at, so why shouldn’t you know what it is before you even get to that stage. Your total debt should not exceed 40% of your income and ideally your housing piece of that should be no more than 32%. In combination with the above two questions and answers this one discussion point will lead you to setting very realistic expectations and avoiding costly disappointments…(Looking for a Lakefront home with a wonderful dock and outdoor area…may not make the cut, based on the answers to the above three questions, and would therefore be a misuse of your time and energy.)
Possibly the simplest and most difficult question of all- What are you looking for? Hoping to find? Simply put- What do you want?
Do you want a huge yard so the kids can jump on the trampoline and play in the playscape you will build- if so, have you thought about how interested you are in mowing and caring for the large lot- in 100 plus temps mid August? How are you at following rules and order? Do you enjoy communities where the streets are lined with identical homes or do you prefer that each home bring a unique character to the neighborhood? The answer to that question will tell you right away if you can work within the structure of an HOA (Home Owner’s Association) or if you need to simply be in the City or even out in the County is better suited to your tastes.