Top 10 Homebuyer Questions
September 20, 2008
Am I ready to purchase a Tulsa home?
You can answer this question by answering the following 9 questions.
- Do you have a steady income?
- Have you been on the same job for the last two to three years?
- Is your income reliable or does it fluctuate?
- Do you pay bills on time?
- Do you have a few long-term debts such as a car loan?
- Do you have money saved for a down payment?
- Can you pay your mortgage on time along with other additional fees?
- If you answered yes to the above questions, then you are more than likely ready to purchase a home.
- What do I do to purchase a home?
The very first think you must do is weigh how much you are spending every month and how much you are bringing in to learn just how much home you can afford. After you know your budget, then you have to make a list of the size of home you desire, if you desire a certain neighborhood, and any other features you desire. After you have this list, you can then begin to search for your dream home.
Q – What is the difference between renting and owning?
A – Well, the major difference is that your money will be going toward owning a home instead of paying someone for property that you will never be able to call yours. On the other hand, if you own you are then responsible for all repairs and upkeep whereas if you rent it is the landlords problem.
Q – After I find a lender, how do they figure my maximum loan amount?
A – The lending company uses a system that considers your debt to income rate. According to the Federal Housing Association, mortgage payments should not be over 29 percent of a person’s gross income and when the mortgage payment is combined with other expenses that are not housing related the percentage should not be over 41 percent of the gross income.
Q – How do I find a real estate agent?
A – The best way to find a real estate agent is by talking with family members and friends. They can provide you with references and even a list of realtors they thought did a horrible job. Once you have a list of quality real estate agents, you can contact them and choose one that you believe will work with you and that you are comfortable working with along with one that has knowledge in the area you wish to move.
Q – How do I know what I need in terms of housing?
A – You must decide what size home you need to live comfortable, if you need to be in a good school district, if you desire attractions nearby, or if wish to live in town or in the country. You must list your priorities to ensure you find a home with all the features and options you desire.
Q – How do I choose a community?
A – The best way to choose a community is to visit the community and learn what is nearby. If you wish to be near shopping, schools, parks, etc… Learn what is available without a long drive.
Q – How can I learn about a school district or a certain school?
A – Today, learning about schools across America is easy. You can find all kinds of answers on the internet including the schools report card, the grade point average of the students, the race that is prominent and much more.
Q – How can I learn about a specific community?
A – The best way to learn about a community you are considering to call home is by contacting the local chamber of commerce. In most cases, they will have all kinds of information available including information on schools and area maps.
Q – How do I learn about crime in the area?
A – You can talk with the local police department to learn if an area is considered a high crime area. In some cases, you can even do a search online to learn all about the crimes committed in a specific area as long as you have the zip code.
Summary
There is always much to consider when buying a home and you can depend on our Professional RE/MAX Agents to give you straight answers and help you locate the home of your dreams.
One Comment to Top 10 Homebuyer Questions
Comments
Well, the major difference is that your money will be going toward owning a home instead of paying someone for property that you will never be able to call yours. On the other hand, if you own you are then responsible for all repairs and upkeep whereas if you rent it is the landlords problem.
Frequently I hear that it is all the responsibility of the landlord to see to repairs for homes. I feel that this is just not quite the truth. When you actually get down to it the renter is still responsible for doing the leg work on getting a repair to the property. All the landlord is responsible for is the cost and a phone call. I mean the renter has to first contact the landlord then they have to find a time that they can host the repair man and all the landlord had to do is pay the bill and call the repair man. Most renters never think of this until the day comes along where their residence needs a repair. Then they have to battle to get ahold of the landlord which can in some cases take a long time then they end up having to find time in their schedule where they can host the rapair man to make the repair. All the landlord does is make a phone call and pay the bill. And believe me these repair expenses are more than paid for by the renter. This is what usually happens before someone says hey I want to own my own place. And during the time where nothing had to be done to the place they do not think about how there is no reason for their own home to need repairs anymore often than their rental. In fact it is more common for a rental to need repair because they are not usually as well cared for as someones home. Sorry just my .02 but felt like people needed to hear someone say it.
Trackbacks/Pingbacks