Are You Ready For Home Ownership?
There’s nothing quite like the excitement that takes hold when you make the decision to buy your first home. Sure, it’s easy to get carried away by the dream and put the cart before the horse. In the home buying process, the “cart” is looking online, or in person, at homes for sale. The “horse” is the preparation you need to do before ever looking at even one house.
It’s important to understand the process, to know that you’re financially and emotionally prepared for homeownership and to find a lender that is willing to make you a loan.
Owning a home is a lot more expensive than renting one. From what you’ll need in cash to purchase the home to ongoing maintenance, it’s quite a responsibility.
How much can you afford?
First-time buyers typically don’t have a clue as to how much of a loan they can get. This is why it is so important to see a lender to find out exactly how much you can spend. If you look at homes first, there’s a good chance you’ll fall in love with houses that you simply can’t afford.
Then, when you begin looking at homes in your price range, they will pale in comparison. So, avoid the disappointment and see a lender first.
Another reason the experts suggest shopping for a home loan before shopping for a home is that many sellers won’t entertain offers from non-pre-approved buyers. If the market is fast-moving, you may lose the home of your dreams by skipping the pre-approval process.
Finally, without knowing how much you can spend on a home, you’re spinning your wheels and wasting your agent’s time and the seller’s time.
Are you ready to buy?
It’s easy to let your imagination run wild when you begin to entertain thoughts of being a homeowner. You can paint the walls any color you like, rip out the carpet and have that pooch the kids have been begging for.
Remember, though, that the landlord you’re so eager to ditch is the one that pays to maintain the home you live in now. What happens when the toilet is plugged and you own it? Will you have the money to pay for roof leaks or a flooded basement?
Financial experts recommend that you have a savings cushion, equal to at least 1 percent of the purchase price of the home, set aside for maintenance needs.
We Can Help
So, are you ready? Great! The Kris Lindahl Team with Kris Lindahl Real Estate is ready to help you every step of the way down the road to owning your own St. Louis Park home.
Our commitment to our clients is rock solid: We will find you the right home at the best price. We are also equipped to help you locate down payment assistance programs and we offer financial incentives to some clients, depending on occupation. Ask us about these programs.
Don't hesitate to contact us to find out more about how we can make buying your first St. Louis Park home easy.