Are You Ready For Boca Raton Home Ownership?
Owning a Boca Raton home is the American dream and leads to a path of security and hopefully financial wealth. 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. 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.
Home ownership brings new challenges to the buyer. There is no landlord to call when toilets break, Home Depot will be your favorite new store, not by choice. Home ownership is a big responsibility which include mortgage, taxes and home maintenance. You better save some money as when the stove breaks or the roof leaks you are now responsible for the repairs and will need the money to pay for these unexpected repairs. Some people buy Boca Raton Condos or maybe a Singer Island condos or townhomes which limits the maintenance and repairs you are responsible for.
Questions for Prospective Boca Raton Homeowners
Are you ready to buy a home?
Owning your own home is a wonderful experience and where memories will be made. It's about being prepared or able to maintain and repair your home over the years, realizing that just paying the mortgage is just a part of home ownership. Money and time will go towards repairs and maintenance. It's about being security, dreams and a place to raise your family. But with risks you do see rewards.
How much can you afford?
This is the first question you should think over with lots of input from others who have owned a home. You want to buy a nice home but you also don't want to be a slave and work just to own the home. Be cautious when thinking about what is costs to maintain a home. It can be discouraging to find that you can't afford the home you want to own. It's better to buy a modest home now unless you plan to have large increases in your earnings and look at purchasing your "dream home" in a few years.
What is your debt-to-income ratio?
With stricter guidelines than ever before this is one of the first things banks look at now. So before buying pay off those credit cards and bills that you can. Your overall debt should not be more than 40% of your income, and your housing debt should not be more than 32%. The 32% of your income is gross income. What you can afford will dictate where you can live and what type of home you can buy. Living by the beach on Singer Island will cost you much more than living off the beach. New construction will usually cost you more also. Remember buy location, location and location.
What do you want?
Living in a townhome vs a condo vs a single family home can be quite different in terms of rules, upkeep and lifestyles. Do you like the idea of mowing your lawn and painting your home? Most likely after buying a new home you will be doing all that unless of course you can hire someone. Would you rather just pay a fee every month and have everything done for you? Than condo or townhome living may be for you. You have less responsibility and more freedom to do other activities. 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 real estate agent who will work hard for you. Our Boca Raton real estate team is dedicated to helping you find the right home here in Singer Island, at the best price. We want you to find the home that will make you happy and a place you will enjoy day after day.
Before we start looking for homes to buy, we want to know what you want and how much you can afford. Once we have this information we will start your home search and find suitable properties that fit your needs. It may be an ocean condo or a single family home on Singer Island or elsewhere in the surrounding areas such as Juno Beach or Jupiter.
Keep your objectives in mind when visiting a home. Sometimes the idea of owning a home can overwhelm your practical sense. That is where the agent can step in and remind you what may work best for you. Keep a list handy of the features that you need and a list of your wants in a home, and remember your needs are more important then your wants. There will be no perfect home but that is where you sit down and discuss the different homes and which ones will work for you. 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 home here on Singer Island.
Engage the services of a good real estate lawyer. We can recommend several lawyers in the area yet many home buyers go without attorneys. Interview them to ensure that you get someone you can work with. The legalities of transferring land ownership in most cases can be handled by a title company but at times a lawyer should be consulted. A lawyer can be your best defense against future legal troubles especially in short sales or bank owned homes. A good lawyer can charge several hundred to over a thousand dollars for their services, which include reviewing title work, deeds and contracts.
Make the offer. This can be a maze of "buyer", "seller", " escrow deposit", and "inspections". We'll be happy to prepare the paperwork and go through it with you before submitting it. There are several different contracts we use here in Florida and are recognized by the Florida Bar. Don't get you to excited about your purchase yet. 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. Once we have a contract you will be required to escrow a deposit check to the seller's broker that proves the seriousness of your offer.
Get all necessary inspections done. A home inspector is worth their weight in gold. They will check for signs of harmful materials like asbestos, lead paint and mold. They will look at roofs, construction, plumbing and every aspect of the home. They'll also check for evidence of pests, faulty wiring and leaks. This is a crucial part of the home purchase and one that you should not skimp on. Not getting an inspection done means that you could be stuck in a home with a bad roof, a broken A/C or bad drywall. You will have no recourse other than to pay for repairs later. Inspections will cost about $300-$500 hundred dollars and this will include wind mitigation and 4 point inspections. There are several inspectors in the area that we'd be happy to recommend.
Do a final walkthrough before closing the deal. This includes making sure the home is exactly as you saw it when purchasing it. The A/C works, the house has been cleaned and is in good shape. 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. We do it everyday and we know what has to be done to make it smooth for you. 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 purchasing in Boca Raton up to Jupiter Florida.