Are You Ready For Home Ownership?

In order for the home buying experience to be an enjoyable and fulfilling one, you must make sure that you are both financially and mentally prepared for the arduous task at hand.

Many people start the home buying process believing that it may be similar to renting, just with the added perks of having control over the look of the home, and, of course, allowing your beloved pets to live with you. However, what they don’t consider the added responsibilities such as home maintenance, mortgage payments, and taxes.

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Questions to Ask Yourself Before You Buy...

Are you really ready to buy?

A comprehensive understanding of what home ownership entails is vital. You must set realistic expectations before you begin your home search. Plan long term for years of maintenance and financial commitment when you are considering buying a home.

How much can you realistically afford?

Sometimes it is better to buy a modest home now than to try to stretch for the house of your dreams. Consider waiting a few years as this can quickly turn the situation from a blessing to a burden, leaving you with the undesirable task of sacrificing a huge chunk of your income just to pay the mortgage.

What is your debt-to-income ratio?

This is a very important factor that lenders take into consideration. In General, your overall debt should never exceed 40% of your total income, and your housing debt should not top 32%. What this figure will get you largely depends on the area in which you would like to live. That 32% could buy you anything from a small studio apartment in San Francisco to a more comfortable home on larger lot sizes in the San Bruno area.

What do you want?

Do you love the idea of yard work? Or would you rather pay to have home and yard work done for you? Are you looking to raise a family or live as a bachelor(ette)? The answers to these questions can help you narrow down the search for the right type of property for you.

We Can Help

Find a good agent that is on your side. Here at Marshall Realty, our real estate team is dedicated to helping you find the right home to fit all your needs at the best price. We aim to find you the home that you can be proud of and leave you feeling satisfied that you had a successful transaction.

It is paramount that we understand your priorities when buying a home and what you can afford so that we can merge these two criteria and provide you with housing opportunities that you will enjoy owning.

Keep your objectives in mind when visiting a home. Sometimes we can be blinded by the idea of owning a home and our practical sense can be dulled. Something as simple as keeping a list of all of the features that you want or need in a home can help keep you from being distracted from your goal. 

Make the offer. We know proposing your final offer can be a dizzying task. We would be happy to aid you in this by preparing the necessary paperwork and walking through it with you before submission. Be careful to not get too attached to any one property as the seller does have the final say in whether or not they would like to complete the deal. Make sure to also provide a deposit check to the seller’s broker to demonstrate that you are very serious about your offer.

Get all necessary inspections done prior to purchasing. Home inspectors are very important in identifying harmful materials including mold, lead, and asbestos. They also inspect home plumbing, wiring, and pest problems that could cause you headache down the road if neglected. Getting a home inspection could potentially keep you from buying a home that is infected with termites or black mold. While these inspections can cost a few hundred dollars, the upside is worth the price. We have several dependable inspectors that we would be more than happy to recommend.

Do a final walkthrough. We’d be happy to do this with you to confirm that everything that was agreed upon is completed prior to finalizing the deal.

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.